Litecoin price analysis

Litecoin

LTC

tickers down

$75.01

tumbled and closed below the strong support at $81.36 on Aug. 15, indicating that the bears are in command.

LTC/USDT daily chart. Source: TradingView

The RSI is in the oversold territory, indicating that a consolidation or a bounce may be around the corner. The bulls may try to defend the uptrend line. If the price snaps back from this level, it could face selling at $81.36 and then again at the downtrend line.

If the LTC/USDT pair turns down from the overhead obstacle, it will indicate that the sentiment remains negative and traders are selling on rallies. That will increase the possibility of a drop to $70.

The first sign of strength will be a break and close above the downtrend line. That could clear the path for a possible rally to the 50-day SMA ($91.70).