Litecoin Stabilizes above $64 but May Return To Past Lows

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Key Highlights
Litecoin consolidates above the $64 support
LTC price risks further decline

Litecoin (LTC) Current Statistics
The current price: $64.57
Market Capitalization: $5,424,664,869
Trading Volume: $208,956,173
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis September 24, 2023
The price of Litecoin (LTC) is pinned between the moving average lines as it may return to past lows. The altcoin was on an uptrend on September 19 but stopped at the high of $68.44. The positive momentum had to stop since the coin was overbought.

LTC price is currently trading below the 50-day SMA but has retraced and found support above the 21-day SMA. The coin will trend as long as the moving average lines are not broken. The price movement has been restrained by the presence of Doji candlesticks.

Buyers and sellers are uncertain of the market’s direction, as seen by the Doji candlesticks.

Litecoin (LTC) Technical Indicators Reading
LTC price is stabilizing above Relative Strength Index period 14 level 47. The coin has entered the bearish trend zone and may continue to plummet. The cryptocurrency’s price bar is trapped between the moving average lines, forcing it to resume a horizontal trend.

The horizontal slant of the moving average lines reflects the sideways trend. Beyond the daily Stochastic barrier of 40, the coin is currently in a negative trend.

Conclusion
Litecoin approaches the market’s oversold region as it may return to past lows. According to the price indication, the altcoin will drop even more to its prior low. LTC price reversed upward on the October 20 decline, and a candle body tested the 78.6% Fibonacci retracement level.

The correction suggests that LTC will decline but then reverse at the 1.272 Fibonacci extension level, or $61.88.

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