Litecoin Reaches Oversold Region as It Aims for the $77 Low

Key Highlights
Litecoin is likely to reach the $77 low
LTC/USD has reached bearish exhaustion

Litecoin (LTC) Current Statistics
The current price: $82.28
Market Capitalization: $6,911,407,883
Trading Volume: $459,784,636
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis August 5, 2023
Litecoin (LTC) price is falling, reaching a low of $82 as it aims for the $77 low. This was the previous low on June 28. On June 29, the price of LTC recovered and reached a high of $115. LTC is now trading at $82.42 at the time of writing.

According to the price prediction, the slide will reach a low of $77. On June 14, the market touched a low of $72 before resuming its upward trend. The cryptocurrency asset has plummeted and is reaching the market’s oversold territory.

Litecoin (LTC) Technical Indicators Reading
Litecoin has dropped below the Relative Strength Index level of 34 for period 14. The altcoin has already entered the market’s oversold zone. The present fall was caused by price bars that were below the moving average lines.

When price bars are above the moving average lines, the market will increase. The altcoin is in a negative trend below the daily Stochastic threshold of 20. The present downward trend has achieved bearish exhaustion.

Conclusion
Litecoin approaches the market’s oversold region as it aims for the $77 low. The coin dropped to a low of more than $80 when it started consolidating once more. The coin will rise if the existing support holds. If not, the altcoin will hit a new low of $77.

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