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    • Litecoin Risks Decline as It Struggles Below the $59 High

    Litecoin Risks Decline as It Struggles Below the $59 High

    • Posted by DigitalLeonard
    • Categories Litecoin, LTC, LTC/USD, Price Analysis, Trade Ideas, Trading Briefs
    • Date July 20, 2022
    • Comments 0 comment

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    Key Highlights
    LTC has resumed its uptrend
    It battles the initial resistance

    Litecoin (LTC) Current Statistics
    The current price: $59.19
    Market Capitalization: $4,985,308,233
    Trading Volume: $605,746,928
    Major supply zones: $100, $120, $140
    Major demand zones: $60, $40, $20

    Litecoin (LTC) Price Analysis July 20, 2022
    Litecoin’s (LTC) price is trading in the bullish trend zone as it struggles below the $59 high. The cryptocurrency rallied to the high of $59.33 and pulled back. For the past 48 hours, the uptrend has stalled below the $59.33 high. LTC price is now fluctuating below the resistance at $59. In the previous price action, the bulls could not penetrate the resistance at $59 as the altcoin fell to the low of $47. Nonetheless, if the bulls break the current resistance, the market will rally to $66 and $69 price levels. Conversely, if the altcoin faces rejection at the recent high, it will decline above the moving averages or to the low of $47price level.

    Litecoin Risks Decline as It Struggles Below the $59 High
    LTC/USD – Daily Chart

    Litecoin (LTC) Technical Indicators Reading
    The altcoin has risen to level 60 of the Relative Strength Index for period 14. It indicates that the LTC price is in the uptrend zone and capable of a further upward move. Litecoin is above the 80% area of the daily stochastic. The market has reached bullish exhaustion as the market reaches the overbought region of the market. Sellers will emerge in the overbought region of the market. The crypto’s price is above the moving average lines which indicates a further rise in the cryptocurrency.

    Conclusion
    Litecoin has regained bullish momentum as it struggles below the $59 high. The current uptrend has reached the overbought region. Further upward movement of the cryptocurrency is unlikely. On the downside, if Litecoin retraces and breaks below the moving average line, the selling pressure will resume.

    Litecoin Risks Decline as It Struggles Below the $59 High
    LTC/USD – Daily Chart

    You can purchase crypto coins here: Buy LBLOCK

    Note: Learn2.Trade 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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