Litecoin’s Value May Fall As It Meets Rejection At $72

Key Highlights
LTC price has fallen above the critical support at $70
The crypto asset risks further decline

Litecoin (LTC) Current Statistics
The current price: $71.24
Market Capitalization: $5,986,709,015
Trading Volume: $333,816,554
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis December 21, 2023
Litecoin (LTC) is losing value as it faces rejection at $72. The crypto’s price has slipped below the moving average lines as a result of the rejection from the recent high. The altcoin rose above the $68 support level as bulls bought dips.

LTC/USD is currently trading above the $70 support level. The altcoin will try to break above the moving average lines as it returns to its price range of $70 to $80. If the bears break through the current support, the LTC price will plummet to the bottom of the chart.

The price of the altcoin will range between $60 and $70. Today, the altcoin is on the rise, reaching a high of $70.88.

Litecoin (LTC) Technical Indicators Reading
Following the current decrease, the price bars of Litecoin are below the moving average lines. The candlestick on December 18 featured a lengthy tail, indicating significant purchasing at the lower price level. Since the beginning of the sideways trend, the moving average lines have been sloping horizontally.

Conclusion
Litecoin will trade in the bearish trend zone as it meets rejection at $72. The cryptocurrency is in risk of dropping to the lower part of the chart since the price bars are below the moving average lines. The decrease will resume if the cryptocurrency is rejected at the moving average lines.

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