Litecoin Holds as the Market Reaches Existing Support at $75

Key Highlights
Litecoin is making an upward move
LTC/USD is consolidating above the $75 support

Litecoin (LTC) Current Statistics
The current price: $77.39
Market Capitalization: $6,515,171,277
Trading Volume: $803,456,737
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80

Litecoin (LTC) Price Analysis March 16, 2023
Litecoin (LTC) loses ground failing to surpass the 21-day SMA as it reaches existing support at $75. The altcoin is now trading at $77 but could go as low as $65. To the upside, Litecoin will resume positive momentum if it breaks above the moving average lines or the resistance at $90. The altcoin is being rejected on March 15 at its most recent high. If the selling pressure continues, Litecoin will experience a further slide to a low of $65 On the other hand, the cryptocurrency will be forced to move in a range if the decline is postponed.

Litecoin (LTC) Technical Indicators Reading
Litecoin is currently decreasing at level 40 as per the Relative Strength Index for period 14. Litecoin is likely to fall when the trend is unfavorable. The price bars are below the moving average lines, which causes the altcoin to decline. Litecoin is in positive momentum over the daily Stochastic Level 25.

Conclusion
Litecoin continues to fall but holds as the market reaches existing support at $75. The slide has reached bearish tiredness. According to the Fibonacci tool analysis, the price of LTC will fall to level 2.0 Fibonacci extension, or $74.53. According to price fluctuation, Litecoin reached a low of $75 before climbing. When the market reaches oversold territory, existing support is likely to hold.

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