Litecoin Stalls Above $60 Amid Further Drops in Value

Key Highlights

Litecoin has fallen to the bottom of the chart
Litecoin risks further decline to $42 low

Litecoin (LTC) Current Statistics

The current price: $60.67
Market Capitalization: $5,080,752,835
Trading Volume: $283,541,762
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis August 8, 2024

Litecoin’s (LTC) price falls below the moving average lines amid further drops in value. The selling pressure has eased as bulls have bought the dips. The altcoin has corrected upward, however its price movement has paused around $62.50.

Litecoin is currently trading around $55 but below the moving average lines. On the negative, the altcoin may experience additional declines. Following the July 1 price drop, the altcoin corrected upward, with a retraced candle body testing the 78.6% Fibonacci retracement line.

It predicts that LTC will decrease but reverse at the 1.272 Fibonacci extension, or $42.89. Meanwhile, the altcoin is worth $60, and its upward trend has paused. 

Litecoin (LTC) Technical Indicators Reading

Litecoin has dropped to the bottom of the charts. The altcoin has entered the oversold territory of the market. On August 5, a long candlestick pointed directly to the $50 support. Long candlestick tails imply significant buying pressure at the current support level.

What Is the Next Move for Litecoin

Litecoin trades between $55 and below the moving average lines amid further drops in value. On the downside, if the bears break the $50 support, Litecoin will fall to the forecasted price level of 1.272 Fibonacci extension, or $42.89. The crypto signal is negative as it faces further rejection at $62.50.

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