Litecoin Falls Rapidly As It Faces Fierce Rejection At $97.50

Mar 07, 2023 at 13:18 // Price
Coin Idol
At the current price level, the market is oversold

Litecoin (LTC) price has fallen below the moving average lines. In the bearish trend zone, the cryptocurrency asset is prone to decline.

Long-term forecast of Litecoin price: bearish

At the time of writing, the Litecoin price had fallen to a low of $85. The decline is likely to continue until it reaches the $80 mark. According to the price indicator, Litecoin will continue to fall after breaking through the breakout level. During the downtrend on February 24, the LTC price corrected upwards, with the candlestick testing the 50% Fibonacci retracement level. As a result of the correction, the LTC price is expected to fall to the 2.0 Fibonacci extension level, or $75.88. On the other hand, the cryptocurrency asset could continue to trade above its current support level of $85. At the current price level, the market is oversold. 

Litecoin indicator analysis

Litecoin has dropped to the level of 37 in the Relative Strength Index for the period 14. It is in a downtrend and is likely to fall further. The price bars are below the moving average line, which is an important downside factor. The cryptocurrency is already oversold, with a daily Stochastic reading of less than 20, and the current selling pressure is expected to subside.

LTCUSD(Daily Chart) - March 7.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next move for Litecoin?

Litecoin is in a downtrend and has reached the oversold zone of the market. If the current support holds, buyers will emerge in the oversold region. The moving average lines are sloping south, indicating a downtrend.

LTCUSD(4 Hour Chart) - March 7.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.

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