Litecoin’s Price Fluctuates as It Faces Rejection at $89

Key Highlights
 LTC returns to the bearish trend zone
The crypto asset may continue its range a few days

Litecoin (LTC) Current Statistics
The current price: $85.72
 Market Capitalization: $7,200,282,992
Trading Volume: $452,433,158
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis May 23, 2024
Litecoin’s (LTC) price is retracing below the moving average lines as it faces rejection at $89. Since April 13, Litecoin has been trading between the $73 support level and below the moving average lines. The bulls failed to maintain a bullish trend above the moving average lines. However, on May 20, the bulls sought to break above the moving average lines.

The altcoin peaked at $89.62 before being pushed back down. Litecoin is retracing and could reach a low of $82 or above the 21-day SMA support. On the downside, the range-bound trend will continue as buyers defend the $73 support. The long candlestick tails pointing to the current support level imply significant buying at lower prices. Litecoin is currently worth $86 at the time of writing.

Litecoin (LTC) Technical Indicators Reading
LTC price has retraced above the 50-day SMA, but the slide is expected to continue to the low of the 21-day SMA support. The crypto’s upward movement is unlikely to continue as the altcoin falls to its range. On the 4-hour chart, the price bars are situated between the moving average lines. This causes the cryptocurrency to vary within its range.

Conclusion 
Litecoin rebounds to the previous high as it faces rejection at $89. The bulls were unable to sustain their bullish momentum above the recent high. The recent peak has not been surpassed since April 26. Litecoin is declining and may revisit the previous low of $82.

However, if the current support of $82 is broken, the market will fall to the prior low of $73.  The crypto signal is negative as the altcoin resumes decline.

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