The stubborn Litecoin’s shoots cooled down, and the price dropped to USD 97.8 after the fight to maintain the last action up. Withdrawal appears among the growing sales pressure, increasing the concerns about whether it is a short-lived correction or the beginning of a deeper inheritance. While LTC previously showed strength, the inability to maintain higher levels suggests that market moods are changing, leaving traders questioning another coin movement.
When the price is approaching key support levels, traders strictly monitor market signals to determine the next traffic. Will the buyers come in to defend LTC and cause a reflection, or will the pressure of bears ask the price even lower?
Litecoin Drop up to USD 97.8: What caused withdrawal?
Replying Litecoin to USD 97.8 appears after it does not maintain the last upward trend, because the growing sales pressure has reduced the price. After the initial pushing, LTC encountered robust resistance at the key level of 113 USD, preventing further profits and release of withdrawal. This rejection of resistance resulted in gaining profits among traders, because many decided to secure their profits, not to maintain potential variability.
In addition, the drop in buying played a key role in a decrease in prices. When stubborn enthusiasm disappeared, the buyers fought to maintain control, enabling sellers to take over. The weakening of demand led to increased pressure down, accelerating the descent of Litecoin towards the support level of 97.8 USD.
Wider market uncertainty also contributed to the deterioration of the economic situation. The combination of external factors, including macroeconomic conditions and Bitcoin price activities, probably influenced the appetite for the risk of traders, which leads to a cautious approach to altcoins such as LTC.
Technical indicators also experienced a decrease below the average, which prompted the correction when traders again assess their positions. If Litecoin does not hold over USD 97.8, you can expect further declines. However, possible recovery may take place on the horizon if the buyers are at this level.
Potential scenarios: reflection or further decline?
Litecoin price movement around USD 97.8 will be crucial for determining the next direction. Two possible scenarios can develop – a robust reflection if buyers regain control or a deeper decline if sales pressure is maintained.
In a stubborn scenario, in which LTC manages to have over USD 97.8, buyers can enter, increasing the price towards direct resistance. A successful reflection can push Litecoin above USD 113, with the next goal amounted to USD 131.6. After that, stubborn shoots can grow by paving the way to the rally to 146 USD.
However, in a bear, where Litecoin does not maintain above USD 97.8, the price can be shortened for additional inheritance pressure. Breaking below this key support indicates a decrease in the direction of 89.7 and 76.8 USD, and even lower support zones, which makes Bulls to defend key levels.
