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Litecoin (LTC) Drops Sharply as Bulls Sustain Recent Rallies

Litecoin (LTC) Drops Sharply as Bulls Sustain Recent Rallies

Litecoin (LTC) Key Highlights as Bulls Sustain Recent Rallies

  • Litecoin rallies to $189 but faces strong rejection as bulls sustain recent rallies
  • The altcoin reaches previous low at $173
  • The crypto has resumed consolidation above $170

Litecoin (LTC) Current Statistics

The current price: $176.99
Market Capitalization:$14,868,823,361
Trading Volume: $2,218,981,646
Major supply zonens: $160, $180, $200
Major demand zones: $140, $130, $120

Litecoin (LTC) Price Long-Term Prediction: Bullish

Yesterday, Litecoin (LTC) made positive moves as bulls sustain recent rallies. Incidentally, the crypto has been in an overbought condition for the past three days. Buyers could not sustain the bullish momentum above the recent high. Consequently, LTC/USD faced rejection at the recent high. The crypto plunged to $173 low as bulls bought the dips. LTC price corrected upward but the correction was stalled at $184.

Buyers have an uphill task to break the $184 and $189 resistance levels. On the upside, if buyers breach the current resistance levels, Litecoin will further rise to $220. However, the upward move is doubtful as the market is still in the overbought region. On the downside, if the selling pressure persists, the crypto will revisit the previous low at $173.

Litecoin (LTC) Drops Sharply as Bulls Sustain Recent Rallies
LTC/USD – Daily Chart

Litecoin (LTC) Indicator Analysis

The crypto has fallen to level 68 of the Relative Strength Index period 14. Litecoin is trading in the overbought region of the market. The coin has not enough room to rally on the upside. Also, the crypto is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day and the 50-day SMAs are sloping upward indicating the uptrend.

What Is the Next Move for Litecoin as Bulls Sustain Recent Rallies

Presently, Litecoin is in a downward move after the rejection at the $189 high. The crypto has already fallen to $173 low. However, the selling pressure has resumed as the upward correction was terminated.Meanwhile, on the August 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extensions or level $174.35.

LTC/USD – 1 Hour Chart

Read More:  Litecoin Price Prediction 2021 and for the Next 5 years – Is LTC Worth Investing in?

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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