Litecoin’s Range Remains as It Faces Rejection at $72

Key Highlights
LTC price faces rejection at $72
LTC/USD resumes range-bound move

Litecoin (LTC) Current Statistics
The current price: $67.79
Market Capitalization: $5,693,299,755
Trading Volume: $304,005,169
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis October 27, 2023
Litecoin (LTC) has returned to its range as it faces rejection at $72. The cryptocurrency’s price rose to a high of $72 before falling to a low of $68. The cryptocurrency has returned to its range-bound territory. LTC/USD has been trading in a range between $60 and $70 since August 17.

The LTC price will retrace to its range each time the resistance is retested or broken. This will be the fourth occurrence of the price action. At the time of writing, the altcoin is worth $68. On the downside, the coin’s price might fall to as low as $64 or $60.

Price movement is currently constrained as the altcoin maintains its range-bound movement.

Litecoin (LTC) Technical Indicators Reading
The moving average lines have been parallel since October 4. The price bars are below and above the moving average, indicating that the price is going sideways. The price bars are currently above the moving average lines but are being rejected at the resistance level.

Meanwhile, the LTC price is caught between the moving average lines in the lower period. This also implies that market volatility will continue.

Conclusion
The cryptocurrency asset is now steadily declining as it faces rejection at $72. The altcoin might drop as low as $63. At the moment, its price ranges from $60 to $70. The altcoin will decrease if it breaks through the lower price range.

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