Litecoin Reaches Bearish Exhaustion And Holds Above $75

May 10, 2023 at 09:19 // Price
Coin Idol
Litecoin is losing value and has reached bearish exhaustion

Litecoin (LTC) is losing value and has reached bearish exhaustion.

Long-term forecast of Litecoin price: bearish

On May 8, the cryptocurrency's value fell to a low of $75 before recovering. The altcoin is expected to fall to $73. Today, the value of LTC is rising and has gone up to $78. However, the bears will try to break the $75 support level if the downtrend continues. Litecoin will then fall back to its previous low of $68. Another decline will occur if the market moves towards the oversold region. On the other hand, if the $75 support holds, Litecoin will experience a new upswing. Buyers will try to push the cryptocurrency's value above the $92 resistance level. 

Litecoin indicators analysis

Litecoin is at level 33 in the Relative Strength Index for the period 14. The oversold area of the market has been reached by the cryptocurrency value. As the price bars are below the moving average lines, the cryptocurrency is bearish. It has also reached the oversold area of the market. It is currently above the 25 level of the daily stochastic.

LTCUSD_(Daily Chart) – May 9.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next step for Litecoin?

Litecoin has been in a decline since April 19. The decline has brought the oversold area of the market into focus. The cryptocurrency could regain momentum above the $70 level. While the altcoin is currently moving forward, it could face resistance near $84.

LTCUSD_(4 –Hour Chart) - May 9.23.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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