Litecoin(LTC) Consolidates Above $190 Support as Bears Threaten to Short

Updated:

Key Highlights
LTC price targets the previous high of $232
Litecoin bulls face rejection at $210

Litecoin (LTC) Current Statistics
The current price: $194.38
Market Capitalization: $16,347,717,042
Trading Volume: $1,935,325,007
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis October 26, 2021
Since October 21, Litecoin has been fluctuating below the $210 resistance level. Also, it is consolidating above the $190 support. Buyers attempted to reach the previous high of $232 but were repelled. They will continue to retest the previous high as long as the current support holds. However, if the bears break below the current support, the market will decline. The cryptocurrency will decline to $170 low.

LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 57 of the Relative Strength Index period 14. The market is in the bullish trend zone and capable of further upsides. The altcoin is above 75% area of the daily stochastic. The stochastic bands are sloping horizontally indicating the sideways trend.

Conclusion
On the 4 –hour chart, Litecoin is in an upward move. The LTC price is consolidating above the moving averages. The crypto is resuming upward after finding support above the moving averages. Meanwhile, on October 25 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the crypto will rise to level 1.272 Fibonacci extension level or level $199.67.

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.