Litecoin Reaches Oversold Region and May Hold above $80

Key Highlights
Litecoin declines as it reaches the low of $80
LTC price is now in the oversold region of the market

Litecoin (LTC) Current Statistics
Market Capitalization:$7,168,689,167
Trading Volume: $774,302,971
Major supply zones: $140, $160, $180
Major demand zones: $120, $100, $80

Litecoin (LTC) Price Analysis May 23, 2023
The price of Litecoin (LTC) is currently falling below the moving average lines and may hold above $80. The cryptocurrency asset was earlier above moving average lines. The upward corrective came to an end at $95. The price of the cryptocurrency has deviated below the moving average, indicating a further decline. The downward trend is probably going to go all the way to the low of $80. The market stretched to a low of $76 in the previous price action. A bullish trend will resume if the LTC price bounces again over the $80 barrier.

Litecoin (LTC) Technical Indicators Reading
The Relative Strength Index for Period 14 shows that Litecoin has dropped to the negative trend zone at level 44. In the bearish trend zone, there will probably be more selling pressure. When the price bars are below the moving average lines, the cryptocurrency will decline. Litecoin is now trading in an oversold area of the market. It alludes to the imminent release of the selling pressure.

Conclusion
Litecoin is now heading downward after an unsuccessful upward reversal and may hold above $80. The altcoin is presently trading at $85.07, and it is expected to further decline to $80. The altcoin will resume its range-bound movement between $80 and $105 per unit if the $80 support holds.

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