Litecoin is on a three-day winning streak after losing almost 50% in only 8 days. The pair managed to recover some of the losses in the last 3 days. The cryptocurrency sank to its lowest level since November 2020 and found support at $54.
The Bollinger bands are wide enough to expect high volatility in the upcoming sessions. The pair trades closer to the lower band, suggesting that the price is relatively low. Both bands continue expanding and moving downwards which suggests that the downtrend could resume soon.
The relative strength index is at 29% which is oversold, traders might see this as an opportunity to buy the asset at a low price hoping that the price would move upwards very soon. Our parabolic SAR indicator suggests that the price will continue to fall in the short term.
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