Litecoin Sustains Its Downhill Movement Below The $70 Barrier

Key Highlights
Litecoin trades in a narrow range between $60 and $70
LTC is trading marginally above the $60 support

Litecoin (LTC) Current Statistics
The current price: $67.67
Market Capitalization: $5,686,079,563
Trading Volume: $276,168,482
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis August 30, 2023
Litecoin (LTC) price rises above the $70 high but resumes its downhill movement below the $70 barrier. The consolidation was caused by Doji candlesticks, which indicate traders’ disinterest in the market’s direction. On August 29, LTC reached a high of $70 before the upward trend came to an end.

The bullish momentum could not be maintained due to resistance from the 21-day SMA. Litecoin is now trading at $68 at the time of writing. Following the price recovery, the altcoin is retracing to the present support level of $60. If the current support holds, the price of LTC will be forced to trade in a limited range between $60 and $70.

The market will drop above its previous low of $53 if the current support is compromised. On the plus side, the altcoin will resume its upward trajectory if the $70 barrier level is broken.

Litecoin (LTC) Technical Indicators Reading
The cryptocurrency asset returned to level 37 of the Relative Strength Index. The coin is likely to decline while trading in the bullish trend zone. The price bar is repelled by the 21-day moving average line. As a result, the altcoin will further decline to the previous low.

The downward momentum has stopped below the daily Stochastic threshold of 50.

Conclusion
Following the rejection at the latest high, Litecoin has begun its downhill movement below the $70 barrier. Buyers were unable to maintain their bullish momentum above the $70 barrier level. Most likely, the altcoin is trading in a constrained band between $60 and $70.

Doji candlesticks are present, hence the price movement is currently static.

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