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Litecoin Reaches an Overbought Region at $170 as Sellers Threaten To Short

Litecoin (LTC) Key Highlights

Litecoin rallied to $170 as sellers threaten to short
The market has reached overhead region as sellers emerge

Litecoin (LTC) Current Statistics

The current price: $162.68
Market Capitalization:$13,665,539,633
Trading Volume: $2,607,736,800
Major supply zonens: $160, $180, $200
Major demand zones: $140, $130, $120

Litecoin Price Long-Term Prediction: Bullish

Today, Litecoin (LTC) rebounded above the $146 support as sellers threaten to short. The altcoin price rallied to $165 high after breaking the $155 resistance level. The $146 support was previously a resistance level that was broken. The LTC price retested the $146 support before a resumption of upside momentum. The current bullish move is facing rejection at the $170 high.

In May, buyers faced similar rejections as they attempted to push LTC prices above $170 high. Today, the bulls are facing rejection at the high of $170. Litecoin will rally to $230 high if the current resistance is breached. However, the LTC price is falling after it was repelled from the recent. The current retracement may extend to the low of $155 if the selling pressure persists. Presently, crypto is trading in the overbought region of the market. The crypto upward move is doubtful.

LTC/USD – Daily Chart

Litecoin Indicator Analysis-Sellers Threaten to Short

The altcoin is at level 70 of the Relative Strength Index period 14. It indicates that the market has reached the overbought region. Similarly, it is also above the 80% range of the daily stochastic. The stochastic bands are sloping down indicating bearish momentum. The 21-day and the 50-day SMAs are sloping upward indicating the uptrend.

What Is the Next Move for Litecoin As Sellers Threaten to Short

Litecoin is an upward move as sellers threaten to short. On the 4- hour chart, Litecoin rebounded above the current support. Meanwhile, on August 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.0 Fibonacci extensions or level $178.25.

LTC/USD – 4 Hour Chart

Note: Crypto-academy.org 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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