Technical Analysis for LTCUSD for 10th March 2023
Litecoin Drops 40% as LTC Sellers Aim for $60
Past Performance of LTC
Litecoin Technical Analysis
The immediate trend is bearish, and sellers are pressing on the liquidation pedal at the driving seat. At this pace, not only can LTC bears reverse gains of the better part of Q1 2023, but if the momentum is strong, the coin might drop to retest December lows at around $60. As it is, the March 8 bear bar is wide-ranging, with rising volumes, meaning the momentum is high. Traders can liquidate on every attempt higher below $90 setting sights on $60 in the near term.
What to Expect from LTC
Unless otherwise there is a counter bar with equally rising volumes rewinding yesterday's losses, the downtrend remains. Therefore, sellers may search for entries to liquidate with targets at crucial support lines in the short term.
Resistance level to watch: $90
Support level to watch: $60
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