Litecoin Starts an Upward Correction but Risks Falling to $44 Low

Azeez Mustapha


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Key Highlights
Litecoin risks another decline to $44
The crypto asset is in a range

Litecoin (LTC) Current Statistics
The current price: $67.94
Market Capitalization: $5,708,312,513
Trading Volume: $218,189,317
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis July 11, 2024
The price of Litecoin (LTC) has fallen above the $56 support level but risks falling to $44 low. According to the price signal, Litecoin is likely to fall more to the downside. Meanwhile, the bulls have bought the dips and remained above the $60 support. The altcoin trades above the $60 support but below the moving average lines.

If the altcoin breaks above the 21-day SMA, the bullish momentum will continue to the 50-day SMA high. The altcoin will drop even more if it is rejected at the moving average lines. The cryptocurrency will drop and then start to rise in a range above its $60 current support level. Continuing selling pressure is expected if the $56 support level is broken. Litecoin will continue to decline, maybe hitting a $44 low.

Litecoin Starts an Upward Correction but Risks Falling to $44 Low
LTC/USD – Daily Char

Litecoin (LTC) Technical Indicators Reading
On the 4-hour chart, the price bars are above the moving average lines, but the upward movement is hampered by the $69 resistance level. On the daily chart, the blue line represents the 21-day SMA, which works as a resistance line for the price bars. Litecoin will fall if it is rejected at the 21-day SMA.

The altcoin’s price ranges between $60 and $68 but risks falling to $44 low. The altcoin is rising as it reaches the resistance level of $70. The bullish momentum may encounter resistance near $70 or the 21-day SMA. The crypto signal will be negative in the long term.

Litecoin Starts an Upward Correction but Risks Falling to $44 Low
LTC/USD – 4-hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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