Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- Litecoin prolonged its vary formation, with the worth heading in the direction of a variety low
- Market speculators remained unsure with little motion in Open Curiosity
Litecoin’s [LTC] bullish rebound from the $57-support degree faltered across the $68-price zone. This prolonged LTC’s range-bound motion between $57 and $70. The 5.4% drop during the last 24 hours noticed Litecoin commerce at $60, as of press time.
Learn Litecoin’s [LTC] Value Prediction 2023-24
With Bitcoin [BTC] dropping from $27.2k to $26.7k throughout the identical interval, a retest of the $57-support degree might be a risk within the close to time period.
Sellers saved bulls suppressed
Supply: LTC/USDT on Buying and selling View
The 12H timeframe revealed the prolonged Litecoin worth vary which started in mid-August. Bears and bulls alike have been unsuccessful in attempting to interrupt out of the vary.
Nevertheless, LTC’s latest worth motion hinted at a retest of the $57-support degree. This might result in both a bearish break of the extent or a sustained bullish rally. Both end result would result in a breakout from the vary.
A have a look at the on-chart indicators instructed momentum might be with the sellers in the long run. The RSI (Relative Power Index) remained below neutral-50 and stood on the fringe of the oversold zone.
The bearish benefit might’ve additionally been helped by the destructive capital inflows over the previous few days, as demonstrated by the CMF’s (Chaikin Cash Circulation) studying of -0.13.
Muted response in derivatives market
Supply: Coinalyze,
Knowledge from Coinalyze revealed an absence of dedication by market speculators. The OI (Open Curiosity) remained across the $205 million-zone, with no vital motion in open contract positions.
How a lot are 1,10,100 LTCs price as we speak?
Equally, the spot CVD continued to development decrease. This underlined an absence of demand for Litecoin which might additional help sellers in the long run.
