The cryptocurrency suffered a big hit that dropped the price below the $100 mark. The price now recovered some ground and trades at 107. It's likely for the price to start a recovery soon, but we want to wait for stronger confirmations.
The Bollinger bands are opening up and since the pair is trading closer to the lower band, the price is considered relatively low, this suggests that the price could rebound a bit until the price is more stable. Our parabolic SAR indicated that the price will continue to fall, we are getting mixed signals, so we want to wait for stronger confirmation of an uptrend.
The relative strength index is at 30% which is the oversold status, this might incentivize traders to place long positions to enter in the potential dip. This RSI level would allow Litecoin to start a recovery in the short to mid-term as there is plenty of room before reaching the 70% overbought status.
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