Litecoin (LTC) Might Retest $85 Lows – Price Analysis
- The past 24hrs had Litecoin’s price navigating the lows of $92.61.
- The alt trades near January-end lows at $101.9.
- Litecoin’s volatile market sees bearish dominance.
Litecoin’s price remained bearish on Friday as the last day’s session saw the price touching 52-week lows at $92.61. Bears rule to overall marketplace amid war breakout between Ukraine and Russia. That can see Litecoin plunging towards the support region around $85. The 24hr trading volume gained 127% as the price dropped over 2%, highlighting bearish conditions for Litecoin. The current support level stands beyond the $85 – $101 range. Meanwhile, the upward cap sat at $112 – $117.
The broad crypto market displayed positive actions early today as Bitcoin gained over 5% towards the $39K level. Ethereum followed with a 4% increase to $2,600. Meanwhile, the altcoin market saw upturns. Ripple and Cardano gained 2% each to $0.70 and $0.86, respectively. Dogecoin noted a brief drop to $0.12, whereas Solana and Terra surged 9% and 17%, respectively.
LTC 24Hr Timeframe – Low Market Valuation Highlights Bearish Sentiment
The 24hr candle chart shows the price significantly plunging within the past day, approaching 52-week lows of $92.61. The decline saw LTC leaving the 25-day EMA at $110.2, the level capping Litecoin’s upside following the downward retracement. Meanwhile, the Relative Strength Index at 37.68 sees continued plunges, suggesting a low market valuation for LTC.
Moreover, the 127% trading volume increase suggests market stagnancy for Litecoin. Also, the MACD stays beneath the neutral zone, flashing bearish peaks to authorize Litecoin’s bearish outlook.
For now, analysts expect Litecoin to test the bottom support level in the $85 – $101 range. That comes after the alt lost the barrier of $112 in the day. However, the lows will attract buyers to stabilize LTC’s fall and trigger an uptrend.
For now, the crypto market rebounds from the latest crash. Escalated tensions between Ukraine and Russia plus Fed’s hawkish stance saw the cryptocurrency industry in turmoil. While publishing this content, the global market cap stood on a 10% gain of around $1.72 trillion. Nevertheless, most assets remain prone to downswings before steady surges, backing LTC’s anticipated drop to $85.
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