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Litecoin Faces Potential Trend Reversal Amid Bearish Market Momentum

Litecoin Price Forecast: Reversal in Sight

The recent price forecast for Litecoin suggests an imminent trend reversal. After a ten-day downward movement, which followed a price increase to $77, a move towards $60 seems likely due to the price action and the average resistance.

Bearish Market Structure

Litecoin [LTC] is showing a bearish market structure on the daily chart. Furthermore, it fell below the $67.38 mark and tested it again as resistance at the time of reporting. To the north, $70.5 represented another level of resistance. The technical indicators did not yet support a bullish trend. The buying pressure was not enough to push Litecoin above the key resistance levels in the north. However, a short-term change is emerging.

Price Action in the Range

Since November, LTC has struggled to break through the resistance zone of $77-$79.5. In early January, it fell to as low as $57.71, almost perfectly testing the low of September 11th. At the time of reporting, the median mark served as strong resistance. In addition to the price, the OBV (On-Balance-Volume) also remained within a range. The RSI (Relative Strength Index) reflected the bearish momentum alongside the market structure. A rise above $72.7 would tip the market structure in the opposite direction. Therefore, a bearish trend was justified.

Increased Demand for Litecoin

Although the OBV on the higher timeframe showed that it was stuck within a range and recorded a decline in the past week, the Spot-CVD showed a slight increase in the last three days. The open interest has remained flat for the last three days, while Litecoin has risen slightly from $64 to $66.7. This corresponds to an increase of almost 4%, but the sentiment was still lukewarm.

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Conclusion

Neither the spot buyers nor the futures traders were strong enough to force a trend reversal for Litecoin. However, the small increase in spot buying was an early signal that buyers are gradually entering the market.

Note: The information presented here does not constitute financial, investment-specific, trading-related, or any other type of advice and is solely the opinion of the author.

Sources: AMBCrypto, TradingView, Coinalyze

Casinos: 48
Profile Litecoin
Symbol LTC
Coin type Alt Coin
Transaction Speed Medium
Pros
  • High availability (max. 84 million coins)
  • Uncomplicated and fast transactions
Cons
  • Copy of Bitcoin without a unique selling point
Price $62.77
24h % -1.94 %
7d % -6.63 %
30d % -3.18 %
60d % -0.63 %
1y % -4.35 %
Market Cap $4,713,988,267.00
Max. Supply 84,000,000.00
Official Links
Socials Reddit | X | Message Board
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Last update: 25. September 2024

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