Litecoin Retraces as It Reaches the Overbought Region at $170

Litecoin (LTC) has been trading in the overbought zone for the past 48 hours. Sellers have emerged to push prices lower. Litecoin is falling as it breaks below the 21-day line SMA.

A break below the moving averages will force the altcoin to fall to the $154 low. At the $154 support, the altcoin will resume its upward movement if the support holds. Otherwise, selling pressure will resume and the price will fall to the low of $146. The uptrend will resume if the current support holds.

Litecoin indicator analysis

Despite the recent decline, the crypto price is above the moving averages, which indicates that altcoin is in the uptrend zone. The cryptocurrency is at level 67 of the Relative Strength Index for period 14, which means that the LTC price is approaching the overbought zone at level 70. The 21-day and 50-day SMAs are sloping downward, indicating a downtrend.

LTCUSD(Daily_Chart)_-_AUGUST_10,_2021.png

Technical indicators:

Major Resistance Levels – $500 and $540

Major Support Levels – $120 and $80

What is the next move for Litecoin?

Litecoin is in a downtrend. The altcoin has retraced to the low of $160 to resume consolidation below the recent high. Meanwhile, on August 9 uptrend, a retreating candle tested the 78.6% Fibonacci retracement level. This retracement suggests that the market will rise but reverse at the 1.272 Fibonacci extension level or the $177.42 level.

LTCUSD_(4_Hour_Chart)_-AUGUST_10,_2021.png

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 65,038.43
ethereum
Ethereum (ETH) $ 3,177.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 575.60
solana
Solana (SOL) $ 150.34
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,176.30
xrp
XRP (XRP) $ 0.528848
dogecoin
Dogecoin (DOGE) $ 0.163523
the-open-network
Toncoin (TON) $ 6.20
cardano
Cardano (ADA) $ 0.506774
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.06
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,104.44
bitcoin-cash
Bitcoin Cash (BCH) $ 514.44
polkadot
Polkadot (DOT) $ 7.20
tron
TRON (TRX) $ 0.110952
chainlink
Chainlink (LINK) $ 14.90
internet-computer
Internet Computer (ICP) $ 15.37
matic-network
Polygon (MATIC) $ 0.734947
near
NEAR Protocol (NEAR) $ 6.31
litecoin
Litecoin (LTC) $ 85.44
uniswap
Uniswap (UNI) $ 7.84
leo-token
LEO Token (LEO) $ 5.76
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 10.09
ethereum-classic
Ethereum Classic (ETC) $ 28.18
blockstack
Stacks (STX) $ 2.78
mantle
Mantle (MNT) $ 1.21
filecoin
Filecoin (FIL) $ 6.68
first-digital-usd
First Digital USD (FDUSD) $ 0.998770
crypto-com-chain
Cronos (CRO) $ 0.131026
render-token
Render (RNDR) $ 9.07
cosmos
Cosmos Hub (ATOM) $ 8.65
stellar
Stellar (XLM) $ 0.115644
okb
OKB (OKB) $ 55.77
arbitrum
Arbitrum (ARB) $ 1.22
hedera-hashgraph
Hedera (HBAR) $ 0.089395
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,206.81
immutable-x
Immutable (IMX) $ 2.20
bittensor
Bittensor (TAO) $ 477.16
dogwifcoin
dogwifhat (WIF) $ 3.12
vechain
VeChain (VET) $ 0.042123
maker
Maker (MKR) $ 3,092.88
kaspa
Kaspa (KAS) $ 0.119764
the-graph
The Graph (GRT) $ 0.288335
injective-protocol
Injective (INJ) $ 29.49
optimism
Optimism (OP) $ 2.50
fetch-ai
Fetch.ai (FET) $ 2.45
pepe
Pepe (PEPE) $ 0.000006