Litecoin Price Drops to $97.8 Amid Increased Selling Pressure
Litecoin's price has decreased to $97.8 following an inability to maintain its recent uptrend amidst rising selling pressure. This decline raises concerns about whether it is a temporary correction or the beginning of a deeper drop.
Key Factors Behind the Pullback
- LTC faced strong resistance at $113, leading to profit-taking among traders.
- Declining buying momentum allowed sellers to gain control, resulting in downward pressure on the price.
- Broader market uncertainty and external macroeconomic conditions influenced trader sentiment.
- Technical indicators fell below average, prompting a correction.
Possible Future Scenarios
- If LTC holds above $97.8, buyers may drive the price toward resistance levels, potentially reaching $113 and targeting $131.6.
- Failure to maintain above $97.8 could lead to further declines towards support levels at $89.7 and $76.8.
