Litecoin’s Upward Correction Faces Rejection at $57 as It Declines

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Key Highlights
Litecoin declines to $53 Low
Litecoin upward correction terminates

Litecoin (LTC) Current Statistics
The current price: $56.81
Market Capitalization: $4,770,586,153
Trading Volume: $440,827,563
Major supply zones: $200, $220, $240
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis August 25, 2022
Litecoin’s (LTC) price is in a downtrend as price faces rejection at $57. The upward move is facing rejection at the 50-day line SMA. This implies that the altcoin will further decline to the downside. Litecoin will decline if it retraces and breaks below the $53 support. The market will decline to the $47 or $41 price level. However, if the current support holds, LTC price will be compelled to a range-bound move between $53 and $64 price levels. Meanwhile, LTC/USD is trading at $56.71 at the time of writing.

Litecoin’s Upward Correction Faces Rejection at $57 as It Declines
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Litecoin is at level 45 of the Relative Strength for period 14. It indicates that the LTC price is in the downtrend zone and may further decline. The cryptocurrency will further decline if the price bars are below the moving average lines. The crypto is below 40% area of the daily stochastic. LTC price is in a bearish momentum.


Conclusion
Litecoin is in an upward correction as price faces rejection at $57. 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 level or $0.40. From the price action, the LTC price has retested the 1.272 Fibonacci extensions and resumed upward. The coin is retracing to revisit the previous low.

Litecoin’s Upward Correction Faces Rejection at $57 as It Declines
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.