Litecoin Is Oversold as It Trades Above $82

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Key Highlights
Litecoin reaches bearish exhaustion
LTC/USD hovers above the $82 low

Litecoin (LTC) Current Statistics
The current price: $83.33
Market Capitalization: $7,002,588,118
Trading Volume: $508,763,405
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80

Litecoin (LTC) Price Analysis March 7, 2023
The price of Litecoin (LTC) is falling below the moving average lines as it trades above $82. At $85, the selling pressure is at its lowest point. The drop will go all the way down to $75. But right now it is trading above the historical price level of January 18, which was $82. If the LTC price remains above the $82 price level, the upward movement will continue. However, the price indicator indicated that the cryptocurrency would continue to decline. It predicts that LTC will decrease to level 2.0 of the Fibonacci extension, or $75.88. The market has now entered the oversold area of the market in the interim. The decline is unlikely to continue.

Litecoin (LTC) Technical Indicators Reading
According to the Relative Strength Index for period 14, Litecoin has fallen to level 37. It is in a downward trend and is probably going to keep falling. One of the main factors leading to a decline is that the price bars are below the moving average line. With a daily Stochastic reading of under 20, the crypto asset is already oversold. It is anticipated that the selling pressure will lessen.

Conclusion
Litecoin enters the oversold area of the market as it trades above $82. Buyers will start to show up in the oversold area if the current support holds. There is a bearish crossover between the moving average lines. A bearish signal is indicated when the 21-day SMA crosses below the 50-day SMA.

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