Are LTC bears replacing the bulls as this trajectory sets in motion?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• Sustained promoting stress noticed LTC type increased lows on the 12-hour timeframe.
• Brief positions stood at a larger benefit on the trade lengthy/quick ratio.

Bitcoin’s [BTC] faltering value motion from the $31k value zone echoed throughout the markets. This was mirrored in Litecoin’s [LTC] speedy value rally between 30 June to 2 July experiencing stiff bearish stress on the $113.7 resistance degree.

Learn Litecoin’s [LTC] Worth Prediction 2023-24

This reversed LTC’s momentum on the 12-hour timeframe with sellers dominating its present value actions. With the LTC halving simply 12 days away, merchants appear to be adopting a cautious strategy.

Worth motion factors to worrying indicators for bulls

Supply: LTC/USDT on Buying and selling View

Following the bullish value rejection on the $103.4 resistance degree on 13 July, bulls have struggled to seek out an entry level again into the market. A value consolidation on the decrease timeframes between $88-$90 may give bulls a shot at some sustained features.

In the meantime, the development remained bearish with the value forming increased lows on the downward motion. The on-chart indicators highlighted inadequate bullish conviction for a major value transfer.

Regardless of the Relative Energy Index (RSI) making a notable push, it stayed underneath the impartial 50 to sign an absence of robust shopping for stress. The Shifting Common Convergence Divergence (MACD) was additionally bearish, though it seemed primed for a bullish crossover. Collectively the amount indicators confirmed that whereas demand was current for LTC, it wasn’t sufficient for a sustained rally after the bearish retracement.

Bearish sentiment within the futures market

Supply: Coinglass

The $12.2 million distinction between patrons and sellers on the lengthy/quick ratio revealed robust bearish sentiment within the futures market. Knowledge from Coinglass confirmed that shorts managed 54.47% of all open LTC contracts within the four-hour timeframe. This hinted that market speculators have been actively betting on additional value dips for LTC.

How a lot are 1,10,100 LTCs value in the present day?

This was additionally mirrored within the liquidation information throughout the similar interval. Longs suffered 94.75% of the whole liquidations. Whereas bears seemingly held the higher hand, a rebound from bulls may preserve value in a consolidation section earlier than the subsequent main transfer.

Supply: Coinglass