Litecoin (LTC) Reaches Bearish Exhaustion, May Find Support Above $197

Key Highlights
Litecoin has fallen $191 low and pulled back
Litecoin tests historical price level of March 10

Litecoin (LTC) Current Statistics
The current price: $198.16
Market Capitalization: $16,637,070,354
Trading Volume: $6,583,608,342
Major supply zones: $200, $220, $240
Major demand zones: $100, $80, $60

Litecoin (LTC) Price Analysis March 16, 2021
Litecoin has been in a downward move soon after its rejection from the $230 high. Today, the price has fallen to the low of $191 and pulled back. The altcoin has fallen to the previous support levels of March 10, 2021. LTC will resume an uptrend once the $192 support holds. However, if the bears break the current support level, the downtrend will resume. A decline to $168 is likely.

Litecoin (LTC) Technical Indicators Reading
Litecoin has fallen to the oversold region of the market. LTC is below the 20% range of the daily stochastic. The implication is that buyers are likely to emerge in the oversold region. The crypto’s price is above the SMAs which indicates a possible rise in price. However, if price breaks below the support line of the ascending channel, LTC will decline.

Conclusion
Litecoin’s present downtrend has reached bearish exhaustion. On March 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the crypto will fall to level 1.618 Fibonacci extensions or the low of $200.49. The price action has confirmed the present low. LTC is consolidating above the $197 support for a possible upward move.


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