LTC Points to a Consolidation in the Short Term

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   Key Highlights

  • Litecoin (LTC)’s market consolidates above the $68 demand zone
  • Currently, the coin fluctuates between the levels of $64 and $72 demand zones
  • The price of Litecoin is presently facing resistance at the $72 demand zone; a breakout will make LTC rally above $90 supply zone

   Litecoin (LTC) Current Statistics

 The current price: $70

Market Capitalization: $4,447,808,502

Trading Volume: $2,262,409,969

Major supply zones: $90,$110,$130

Major demand zones: $50, $30, $10

Litecoin (LTC) Price Analysis September 16, 2019

On August 28, the price of Litecoin reached a low of $63 and made an upward move. The price correction was short-lived as the bulls were resisted at the $72 resistance zone. In the last five days, the price has been hovering above the $68 demand zone.

On the upside, if the bulls break the $72 resistance zone, the cryptocurrency’s price will rise and reach the supply zones of $80 and $90. Conversely, if the bulls fail to overcome the $72 resistance zone, the downtrend will resume, and the price will reach a low of $60 demand zone.

LTC/USD Pair Daily Chart – September 16, 2019.

 LTC Technical Indicators Reading

  Another Fibonacci tool is drawn on Litecoin to determine the extent of the bearish trend. On July 17, the price corrected and the body of a bullish candlestick tested the 0.786 Fibonacci retracement level. This explains that as the market resumes its bearish impulse, it is likely that the price will reach the 1.272 Fibonacci extension level.

At the 1.272 Fib. extension level, the bearish pressure would have been exhausted. The bulls may take control of price, or buyers will emerge. The price of Litecoin is in a sideways move according to the Relative Strength Index period 14 level 43. The blue and red lines exponential moving averages are sloping horizontally as the market consolidates above the $68 demand zone.

 Conclusion

The downward trend is likely to continue as the price of 5th most significant cryptocurrency stands below the EMAs, indicating that LTC price is in the bearish trend zone.

The Fibonacci tool indicates that the market will fall to the 1.272 Fib.extension level. In other words, Litecoin will depreciate to the low of $58 or $60 demand zone. This analysis will be invalidated if the bulls break the upper trend line, and Litecoin’s price resumes its uptrend.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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