Litecoin expected to bounce to this level before another leg downward

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

• The Fibonacci retracement ranges can be utilized to take a good short-trade alternative.
• The upper timeframe construction additionally favored the sellers.

Bitcoin took a fast tumble on the worth charts as soon as extra and spurred the bears within the altcoin market to drive costs decrease. Litecoin carried out properly early in 2023 however its bullishness pale in Q1.

How a lot are 1, 10, or 100 LTC price right now?

On the time of writing, the chart confirmed a agency bearish bias for the twelfth largest crypto by market cap. It additionally highlighted a shorting alternative across the corner- however risk-averse merchants would possibly need to keep away from it. With the halving lower than two months away, has LTC already reached its highest worth for the yr 2023?

The faint push towards $100 in early June was smacked backward

Supply: LTC/USDT on TradingView

Whereas the market construction was bullish on the every day timeframe, the uptrend died in mid-April. On the time of writing, the plunge beneath $75.27 highlighted the construction was bearish on the 1-day timeframe. The H4 construction was flipped bearish on 5 June when LTC dived beneath the upper low at $87.5.

After that transfer southward, LTC bounced to $91.3 earlier than embarking on one other journey decrease on the worth chart. The Fibonacci retracement ranges (yellow) highlighted that this downturn adopted the retest of the 50% retracement stage.

Equally, the latest transfer downward has its 50% retracement stage at $75.2. This stage was very near the $75.27 stage, vital on greater timeframes. Therefore, a bounce into this space can be utilized to brief Litecoin. Bearish targets embody the March low at $65 and December 2022 low at $61.04.

The RSI was beneath impartial 50 over the previous ten days to spotlight a robust downtrend in progress. The Directional Motion Index concurred with the RSI’s discovering, with the -DI (pink) and ADX (yellow) each above the 20 worth.

The huge hunch in Open Curiosity confirmed discouraged bidders

Supply: Coinalyze

The sentiment has been dominated by the sellers over the previous week. Not simply in Litecoin costs however throughout the market, the development was not in favor of the consumers.

This was comprehensible given the uncertainty within the crypto sphere. The spot CVD of Litecoin was steadily falling to point out earnest promoting exercise.

Life like or not, right here’s LTC’s market cap in BTC’s phrases

Prior to now week, the minor bounce from $74 to $78 was accompanied by a slight enhance in Open Curiosity. This paled compared to the autumn in OI that accompanied the sharp drop in costs. Subsequently, Litecoin costs continued to be pushed by the sellers.