Litecoin price analysis (Bullish) — 94.06 USDT (-3.41% 24h)

Litecoin is showing significant technical weakness as it trades at $94.06, down over 3.4% in the past 24 hours. The current price sits below both the 20-day SMA ($98.20) and 50-day SMA ($97.90), indicating sustained bearish momentum. Most notably, the RSI reading of 26.47 has plunged into deeply oversold territory, suggesting potential for a near-term relief rally. Trading volume remains substantial at $128 million, indicating active participation despite the downward pressure. The elevated volatility near 9.75% reflects heightened market uncertainty. For traders, this presents a classic contrarian opportunity – the extreme oversold conditions combined with support near current levels could trigger a technical bounce. Consider scaling into long positions with tight stops below $92, targeting initial resistance around the $97-98 SMA confluence. Risk management remains crucial given the prevailing downtrend.