Litecoin Moves Above $93 As It Reaches Bearish Exhaustion

Feb 21, 2023 at 09:51 // Price
Coin Idol
Litecoin is approaching the oversold area and is in a downtrend

The price of Litecoin (LTC) is falling as a result of selling pressure at its recent high of $105.

Long-term forecast of Litecoin price: bearish

The price of the cryptocurrency has fallen below the 21-day line SMA and resumed its downward movement. The oversold zone of the market has been reached by the current decline. Above the $93 support, the selling pressure should ease. However, for a few days, the cryptocurrency value will have to move in a range between the moving averages. However, if the price falls below the $90 support or the 50-day moving average line, the downtrend could resume. Litecoin's price will resume its uptrend if it rises above the 21-day line SMA. At the time of writing, the Litecoin price is $94.44. 

Litecoin indicator analysis

For the period 14, the Relative Strength Index has decreased to the value 49. The price of the cryptocurrency has fallen to its equilibrium level. The price bars are currently between the moving average lines, which indicates that Litecoin might be moving within a range. Below the 20 mark of the daily stochastic, the trend is bearish.

LTCUSD(Daily Chart) - February 21.23.jpg

Technical indicators

Resistance levels: $140, $180, $220

Support levels: $100, $60, $20

What is the next move for Litecoin?

Litecoin is approaching the oversold area and is in a downtrend. When the market approaches the oversold area, the selling pressure will ease. In order to push the price of the cryptocurrency higher, buyers will likely be attracted to the lower price levels. Litecoin is currently trading above the $93 support level.

LTCUSD(4 Hour Chart) - February 21.23.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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