Last week Litecoin fell to its lowest level since July 2021, now the price is consolidating in the 160s level, we could see sideways movements in the short term before the price can break out a resistance or support level.
The Bollinger bands are opening up and volatility could increase, the pair trades closer to the lower band, indicating that the price is relatively low, we could see a small recovery for the pair in the upcoming sessions as investors would likely start buying at a low rate.
The relative strength index is at 33% which will allow the pair to move up in the short term, there is plenty of room on the RSI for the price to increase aggressively, although this is not likely to happen in the short term as it entered a consolidation period.
The short and long-term moving averages crossed recently indicating a downtrend, but we could have already seen the worst part of it and we expect a slow pace recovery for litecoin in the short term.
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