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January 11 – Latest News, Breaking News, Top News Headlines

The impact of the market downturn is being felt in Litecoin [LTC] also market. Even as the long-term care market consolidated, falling prices broke sideways momentum. The digital asset slipped through multiple levels of support at $ 163, $ 145. It was currently at the support level of $ 133.

At the time of writing, LTC is trading at $ 133.98.

One hour chart in Litecoin

Source: LTCUSD on TradingView

The above chart of the digital asset indicated that the price is falling into a descending channel. The sudden drop did not allow the price to find support below $ 163. The price slipped to the $ 130 level. Currently the lowest local region.

This price level posed as a point of return for the value of the asset and traders can extend it.

Reasoning

Selling pressure in the market pushed LTC into the oversold zone, as indicated by the relative strength index. The indicator was signaling that the SLD has been oversold for a long time now. The time might have come for a reversal. Although the asset has been oversold, it strives to achieve a stable value when buyers enter the market.

Being a strong altcoin in the market, LTC has seen strong momentum. Although currently, it has experienced considerable momentum on the side of sellers. It was a bearish indicator, however, it is also a good time for traders to buy the bearish.

Important levels

Admission: $ 135
Stop-Loss: $ 129
Cash in: $ 148
Risk-reward: 2.15

Conclusion

The Litecoin market has a drop in its price. Although the decline has entered the market, it can be reversed as traders capitalize on the opportunity to purchase the digital asset. The short term market can come under great pressure from traders who can enter $ 135 and take $ benefiactucrypto.

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