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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
The crypto market continues to reel from market uncertainty. Over the weekend (6 – 7 May), Litecoin [LTC] saw elevated short-term selling pressure. It dropped from $89.7 and was close to falling below the $80 psychological level at press time.
Is your portfolio green? Check LTC Profit Calculator
Meanwhile, Bitcoin [BTC] hovered in the $27k zone after losing the $28k price range. The drop could expose LTC to more price slumps.
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Source: LTC/USDT on TradingView
On the four-hour chart, the Relative Strength Index (RSI) retreated to the oversold zone after attempting to rise on Saturday (6 May). It indicated a slight improvement in demand but with an increase in selling pressure.
Moreover, the Chaikin Money Flow (CMF) hovered below the zero mark – indicating LTC’s limited capital inflows – a bearish outlook in the derivatives market.
As such, near-term bears could attempt to crack the support zone at $73.99 – $80.3. Below the support, LTC could see more aggressive selling and sink toward March lows of $65.
However, a rebound could be likely if the bulls defend the $80 support. Such an upswing, especially if BTC reclaims upper price ranges, could force LTC to rally to $103 (supply zone, red).
But the Fair Value Gap (FVG) also exists at $95.7 – $99.7 (white) and could offer some resistance.
Source: Coinglass
How much are 1,10,100 LTCs worth today?
According to Coinglass, LTC’s open interest rates wavered within $340 – $350 million in the past few days. At press time, the OI dropped to $337 million – a bearish sentiment in the futures market.
Similarly, the exchange LTC long/short ratio revealed short positions dominated 50.55% in the past four hours. Although the spread was little, short-sellers still had the upper hand at press time and could attempt to crack the $80 support.
Source: Coinglass
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