Litecoin Price Movement Analysis for 7th March, 2021

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The cryptocurrency industry has recovered from the sudden sales pressure that it faced a few days ago. Litecoin [LTC] has been struggling to reach a steady price range on the exchange at the moment, but there have been recurring sell-offs driving the coin even lower.

At the time of publication, the digital commodity was traded at $182.68 with a market capitalisation of $12.16 billion.

LTC one-hour chart

The above map of Ltiecoin illustrated the price rise and decline. While the importance of a minor spike was higher, the selling pressure has now replaced it. The price tested the aid at $182.13.

If the price struggles to hang on to this help, we can see another sale on the LTC market.

Reasoning 

The Bollinger Bands have been diverging, which has been an indication of rising market uncertainty. As the price uncertainty grows, there is a risk of a reversal in trends. However, the signal axis, along with the 50 moving average, remained below the candlesticks, noting that a certain degree of bullishness still remains.

However, the momentum was on the decline as sales pressure continued. The momentum has moved to the seller’s side and will fall into the negative zone if the price breaks the support.

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Meanwhile, the relative strength index has also shifted away from the balance zone. However, amid the strain of sales, the sellers tried to level the demand as the RSI was moving closer to the over-purchased region.

 

Crucial levels

Entry-level: $181.89
Stop-level: $184.50
Take profit: $179.14
Risk to Reward: 1.06

Conclusion

Present patterns in the Litecoin industry have become more bearish than bullish. As the coin measures help, there is a possible fall that is looming high. It could fall to $176 in the short term, but the market may see a further retrace from this stage if the bullish pattern turnaround does not materialise.

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