Litecoin may have hit fresh 2018 lows Wednesday, but could be in for corrective rally courtesy of oversold conditions.

The world's sixth-largest cryptocurrency fell to $93 at 15:10 UTC, the lowest level since Dec. 8, and is currently trading at at $95.80 on Bitfinex, down 9 percent in the last 24 hours.

The 48 percent drop from the May high of $182 has turned the tide in favor of the bears. 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.

Hence, LTC could revisit $100 (major psychological hurdle) in the short-run before resuming the drop towards $80.