Key Highlights
Litecoin declines and finds support above $75
LTC price regains bullish trend
Litecoin (LTC) Current Statistics
Market Capitalization: $6,600,514,309
Trading Volume: $635,259,264
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80
Litecoin (LTC) Price Analysis May 9, 2023
Litecoin (LTC) has entered the bearish trend zone as it attempts to hold above $75. The crypto asset fell to a low of $75 before increasing once more. The current support was still in place after the pullback. The price indicator suggests that Litecoin could drop as low as $73. LTC is now as much as $78 more expensive than yesterday. If the upward momentum continues, buyers will attempt to retest the $92 barrier. However, if there is more selling pressure, Litecoin will lose ground and pass through the $75 support level. After that, the market will drop below its previous low of $68. The cryptocurrency’s price is currently looping above the $75 level of support.
Litecoin (LTC) Technical Indicators Reading
The altcoin has climbed to level 33 of the Relative Strength Index for Period 14. The oversold section of the market is approaching its breaking point. In the bearish trend zone, the altcoin is vulnerable to additional depreciation. As long as the price bars are below the moving average lines, the value of Litecoin will decrease. The oversold zone has been reached by Litecoin. Currently, it is higher than the daily Stochastic level of 25.
Conclusion
Litecoin’s bear market has ended as it attempts to hold above $75. The altcoin would tumble to its previous low at $68 if the bears manage to breach the $75 support. On the other hand, the bullish trend will keep moving upward.
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