The bullish Litecoin momentum has been cooled, as the price returned to $ 97.8 after struggling to maintain its last upward direction. The withdrawal comes amid increased pressure pressure, which raises concerns about whether this is a temporary correction or a deeper decline. Although LTC has previously demonstrated strength, the inability to maintain higher levels indicates that the market morale turns, leaving traders questioning the next step of the currency.
As the price approaches the main support levels, traders closely monitor the market signals to determine the next step. Will buyers intervene to defend LTC and stir a recovery, or does the pressure on pressure pay the price to a decrease?
Litecoin drop to $ 97.8: What sparked withdrawal?
Litecoin’s decline comes to $ 97.8 after failing to maintain the last upward trend, as the increase in sale pressure has led to a decrease in the price. After a higher payment, LTC faced strong resistance at the level of the key of $ 113, preventing more gains and leading to withdrawal. The refusal of this resistance pushed this profit between merchants, as many chose to secure gains instead of sticking through possible fluctuations.
Moreover, the decrease in the purchase of momentum played a decisive role in low prices. As the bullish enthusiasm faded, buyers struggled to maintain control, allowing sellers to take over. Weak demand increased the declining pressure, which faster Litecoin’s descent towards the support level 97.8 dollars.
The uncertainty in the broader market also contributed to the shrinkage. A combination of external factors, including macroeconomic conditions and Bitcoin, probably affects the appetite of the risks for merchants, leading to a cautious approach to altcoins such as LTC.
Technical indicators also witnessed a less than average, which prompted a correction as traders reassessed their sites. If Litecoin fails to seize $ 97.8, an additional side can be expected. However, a possible recovery may be on the horizon if buyers enter this level.
Possible scenarios: a decrease or decline in a further decline?
Litecoin price movement will be about 97.8 decisive in setting its next direction. A possible scenario can reveal – a strong recovery if buyers regain control or a deeper decrease if the pressure continues.
In a bullish scenario where LTC managed to stick to more than $ 97.8, buyers can intervene, pushing the price towards immediate resistance levels. A successful bounce may lead to litecoin to above $ 113, as the next goal was $ 131.6. After that, the bullish momentum may grow, which paves the way for a purpose to $ 146.
However, in a declining scenario where Litecoin failed to seize $ 97.8, the price may face additional pressure on the negative side. This basic support alludes to a decrease to a decrease of $ 89.7 and $ 76.8, and even low support areas, making it necessary to defend the main levels.
