Following the March 12 breakdown, Litecoin slumped to $28 low. Shortly after that, the bulls pulled back to trade above $38. The bulls have earlier bought at the recent low to push Litecoin to the previous highs.
On March 12, Litecoin dropped sharply from a high of $50 to a low of $28. The bulls subsequently pulled back but were resisted at $38. The pair was compelled to a sideways move between the low of $28 and the high of $38.
For the past two days, Litecoin has been fluctuating between $50 and $48 before the downward move. Currently, the market has dropped to a low of $28 as of March 12. The price makes a sharp drop and breaks the $40 horizontal line to close below it.
Surprisingly, after an impressive upward move to a high of $64, the bears struck and a breakdown occurred. From a high of $64, the downward move extended to a low of $48. At the low of $48, the bulls pulled back above $50.
Litecoin has taken positive moves to reach a high of $62. It’s downward move from a high of $84 to a $56 low has ended. At the low of $56, the market slumped into the oversold region. In other words, selling pressure has been exhausted.
Litecoin traded to a low of $57 and pulled back. In its final downward move, LTC fell to the low of $57 after a retest at $65. It is presumed that the selling pressure has been terminated because LTC has fallen to the oversold region of the market. That explains that selling has been overdone.