Published on June 13th, 2018 | by bitcoin0
Litecoin Looks Oversold Below $100 – Is there Rally Relief Ahead?
Litecoin may have hit fresh 2018 lows Wednesday, but could be in for corrective rally courtesy of oversold conditions.
However, the sell-off looks overdone as the daily relative strength index (RSI) has nosedived into oversold territory (below 30.00) for the first time in over two months.
Daily chart: RSI
Currently, the RSI is hovering at 26.00, indicating oversold conditions.
So, in the long-run LTC will likely test $80.12 (78.6 percent Fibonacci retracement of the rally from 2015’s low to 2017’s high).
The short-term oversold conditions could pave way for a minor corrective rally to $100 (psychological hurdle) and possibly to $106.