Litecoin Struggles Below $58 Resistance as It Targets $64 High

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Key Highlights
Litecoin is confined between the moving average lines
Litecoin reaches the overbought region


Litecoin (LTC) Current Statistics
The current price: $57.30
Market Capitalization: $4,813,541,007
Trading Volume: $562,897,379
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis September 8, 2022
Litecoin’s (LTC) price is trading between the moving average lines as it targets $64 high. The crypto’s upward or downward move will depend on breaking the moving average lines. For instance, Litecoin will further rise if buyers breach the 50-day line SMA or the resistances at $62 and $64. Nonetheless, a further rise of the cryptocurrency is doubtful as the market approaches the overbought region of the market. On the downside, if Litecoin declines and breaks below the 21-day line moving average , LTC/USD will revisit the previous low at $52.

Litecoin Struggles Below $58 Resistance as It Targets $64 High
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The crypto’s price bars are between the moving average lines indicating a possible range-bound move. The crypto is above the 50% area of the daily stochastic. Litecoin is in a bullish momentum as it approaches the overbought region.

Conclusion
Litecoin’s upward correction has run into resistance indicating a possible decline as it targets $64 high. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that the LTC price will fall but reverse at level 1.272 Fibonacci extension or $39.44.

Litecoin Struggles Below $58 Resistance as It Targets $64 High
LTC/USD – Weekly 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.