Litecoin retests key support – Are bears running out of opportunities?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Litecoin [LTC] depreciated 20% since mid-February after price rejection at $103. The increasing market uncertainty since mid-February has increased selling pressure on LTC. 

The U.S. Employment Report on Friday (March 10) could offer definite price action over the next few days/weeks and is worth tracking, especially for macro-investors.

A better-than-expected job report could lead to a market rally and boost LTC’s recovery, while dismal results would exert more selling pressure. 

Read Litecoin [LTC] Price Prediction 2023-24

Source: LTC/USDT on TradingView

The $103 has been a key resistance level in February, preventing further upward LTC movement. LTC consolidated in the $103 – $90.7 range throughout February but broke the sideway structure on 3 March after bears breached the $90.7 support. 

Bears cleared the hurdles at the 50-day MA (Moving Average), $90.7, and 100-day EMA (exponential moving average). At press time, the price rebounded from the immediate crucial support at $81.89 and could come to the bulls’ rescue if the jobs report is impressive.  

Long-term bulls must defend the $81.89 support to keep bears off the market. The next hurdle for bulls would be the 100-day EMA ($84.73) to enable them to reach the target of $90.7. 

Alternatively, LTC could face aggressive selling if bears dent the mild bullish sentiment by sinking it below $81.89. However, bears must clear the 200-day EMA to gain the leverage to devalue LTC toward $64. 

The daily chart’s RSI (Relative Strength Index) was in the lower range, indicating intense selling pressure. In addition, the OBV