Key Highlights
- LTC market traded and reached the previous demand zone of $71
- The coin may further depreciate if the demand zone of $70 gets broken
- The price of Litecoin may likely hold at the current demand zone if the bears respect the historical price zone
Litecoin (LTC) Current Statistics
The current price: $74
Market Capitalization: $4,673,511,503
Trading Volume: $2,267,964,005
Major supply zones: $100, $110, $120
Major demand zones: $50, $40, $30
Litecoin (LTC) Price Analysis August 24, 2019
The coin had been trading above the $ 70 demand zone for the past few days. The current Litecoin price zone of $71 was the previous low in April. If the bears break the $70 demand zone, the coin will resume a downward trend.
In retrospect, on April 28, the market was trading above the $70 demand zone. The price of the cryptocurrency was in an uptrend between April, May, and June. The crypto’s price was making a series of higher highs, and higher lows as the crypto reached a high of $140 supply zone.
On June 23, the market dropped to a low at $110 demand zone. The bearish impulse continued to a low at $80 demand zone. The bulls pulled back price and traded below the $100 supply zone.
Today, the coin is trading above the demand zone of $70. If the demand zone holds, the crypto’s price will rise and retest the previous highs. However, if the demand zone is breached, LTC price will continue its fall.
LTC Technical Indicators Reading
The cryptocurrency is now in the oversold region of the daily stochastic indicator below 25% range. This gives us the impression that the market is in a strong bearish momentum. In other words, we should sell Litecin (LTC).
The crypto’s price is testing the lower trend line, and if the trend line is broken, the market will further depreciate. The two colored lines of the exponential moving averages are below the LTC price. This explains that the market is in a bearish trend zone.
Conclusion
The price of Litecoin is likely to continue its fall. The daily stochastic indicated that the market fell below the 25% range. This shows a strong bearish move. The sellers will continue selling in the oversold region of the market. If the bearish trend continues, the coin will depreciate to the low of $60 demand zone.
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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