Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- A pointy plunge from $100 flipped the market construction to bearish.
- The assist zone of round $82 was revered.
The each day bearish order block on the $104 zone from Might 2022 remained unbroken. Litecoin fashioned a spread in current months that prolonged from $65 to $102. The bulls confronted one other wave of promoting on the vary highs final week.
How a lot are 1, 10, or 100 LTC price at the moment?
Bitcoin noticed a bounce from the $27k space previously two days however the king’s momentum was bearish on the each day timeframe. LTC additionally exhibited bearish momentum, so the bears seemed poised to take management quickly. However the place?
The $97 resistance had confluence with a each day imbalance
Supply: LTC/USDT on TradingView
On the decrease timeframes such because the 4-hour, Litecoin nonetheless had a bearish market construction. On each the each day timeframe and the 4-hour chart, there was a good worth hole within the $95-$97 area. From 24 March to 12 April, the $94.4 stage acted as stern resistance.
The confluence of the truthful worth hole on the each day timeframe at $97 had confluence with the $97.47 resistance on the charts. Due to this fact, LTC may bounce to the $95-$97 area earlier than the sellers flood the market once more.
Sensible or not, right here’s LTC’s market cap in BTC phrases
The MACD confirmed bearish momentum and fashioned a bearish crossover on 20 April, following the rejection at $102. The CMF was defiantly above +0.05 to point out robust capital influx into the market.
This confirmed that some extra beneficial properties had been a risk, but the worth motion of LTC confirmed bears had been prone to drive LTC on one other leg downward.
The CVD noticed a bounce previously 24 hours however sentiment favored the sellers
Supply: Coinalyze
The 1-hour Coinalyze knowledge introduced above was in settlement with the findings from the upper timeframe value motion. The OI noticed a meek rise since 24 April, when LTC bounced from the $84 stage. Nevertheless, the beneficial properties on the OI had been within the strategy of being worn out in current hours.
This signaled discouraged bulls and bearish sentiment out there. The spot CVD, alternatively, started to climb upward on 25 April.
If the consumers can preserve this stress, it was doable that LTC may witness one other bounce. Nevertheless, short-term bullish merchants should be cautious because the market has flipped bearish.
