Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds 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 day by day bearish order block on the $104 zone from Might 2022 remained unbroken. Litecoin shaped 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 as we speak?
Bitcoin noticed a bounce from the $27k space up to now two days however the king’s momentum was bearish on the day by 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 day by 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 day by 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 day by day timeframe at $97 had confluence with the $97.47 resistance on the charts. Subsequently, LTC may bounce to the $95-$97 area earlier than the sellers flood the market once more.
Life like or not, right here’s LTC’s market cap in BTC phrases
The MACD confirmed bearish momentum and shaped a bearish crossover on 20 April, following the rejection at $102. The CMF was defiantly above +0.05 to indicate sturdy capital influx into the market.
This confirmed that some extra beneficial properties had been a risk, but the value motion of LTC confirmed bears had been more likely to pressure LTC on one other leg downward.
The CVD noticed a bounce up to now 24 hours however sentiment favored the sellers
The 1-hour Coinalyze knowledge offered above was in settlement with the findings from the upper timeframe worth 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 technique of being worn out in current hours.
This signaled discouraged bulls and bearish sentiment available in the market. The spot CVD, alternatively, started to climb upward on 25 April.
If the consumers can preserve this stress, it was potential that LTC may witness one other bounce. Nevertheless, short-term bullish merchants must be cautious because the market has flipped bearish.