Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bears halted bullish momentum with a break of key trendline support.
- Shorts held a 51.4% advantage on the long/short ratio.
Litecoin’s [LTC] month-long bullish streak was halted by bears over the past 48 hours with a break of the trendline support. This saw LTC close under the $80 psychological level with price trading at $77, as of press time.
Read Litecoin’s [LTC] Price Prediction 2023-24
With Bitcoin [BTC] ranging between the $25.6k and $26.2k levels, LTC could experience further downside in the coming days.
Price rejection at $97 resistance level ushered intense selling wave
Examining Litecoin’s price action in the 12-hour timeframe revealed an interesting price war between bulls and bears. Bulls held the upper hand from 14 May using the $80 psychological level to rally. The significant buying pressure saw bulls claim the minor resistance at $85 with successive bullish candles.
However, the $97 resistance level proved to be a major stumbling block. Price was swiftly rejected at the level with bears immediately seizing control. Three bearish candles in a row saw the price quickly drop to the $85 support level. A brief bullish rebound from the $85 support level was again curtailed by bears. Sustained selling pressure on 10 June saw bears claim the $85 and $80 support levels, breaking the lower high of the bullish uptrend and smashing the support confluence at $80.
The on-chart indicators highlighted the bearish dominance. The Relative Strength Index (RSI) dropped into the oversold zone and stood at 2
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Author: Suzuki Shillsalot
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