Litecoin May Fall as It Breaches the Current Support Level of $90

Key Highlights
Litecoin resumes selling pressure
LTC/USD may slide to the low of $77

Litecoin (LTC) Current Statistics
The current price: $89.26
Market Capitalization: $7,494,894,265
Trading Volume: $361,892,621
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis July 25, 2023
Litecoin (LTC) price has decreased from a high of $115, although it is still above the $87 support level as it breaches the current support level of $90. After being trapped for a week, the LTC price broke below the 50-day SMA yesterday.

According to all indications, the decline will resume once the price falls below the existing support and moving average lines. On July 18, the altcoin fell to a low of $91 as bulls pounced on dips. A candle body tested the 61.8% Fibonacci retracement line during the upward correction.

The pullback means that selling pressure will remain at the 1.618 Fibonacci extension level, or $77.31. At the time of writing, Litecoin had plummeted to a low of $89.18. On the upside, the bullish momentum is weakened as the price falls below the 50-day simple moving average.

Litecoin (LTC) Technical Indicators Reading
Litecoin has dropped to the Relative Strength Index period 14 level 42. While in the bearish trend zone, the crypto asset has the potential for further downward move. As the price bars fall below the moving average lines, the downward trend will be accelerated. The bearish momentum has now eased below 40 on the daily Stochastic.

Conclusion
Litecoin consolidates above the $87 low as it breaches the current support level of $90. The bearish momentum has been slowed by the Doji candlesticks. If the current support is broken, the cryptocurrency will plummet. The price indicator has indicated that it will continue to fall beyond the existing support. The cryptocurrency is also entering the market’s oversold zone.

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