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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.
Litecoin [LTC] saw an increase in accumulation on-chain. Yet, the price chart showed that there was a downtrend in progress on the higher timeframe. After the halving, the price fell past multiple support levels.
Read Litecoin’s [LTC] Price Prediction 2023-24
The inability of the buyers to defend these demand zones signaled bears were dominant. Over the coming week, it was likely that further losses could ensue for Litecoin. Where can traders look to enter positions?
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Source: LTC/USDT on TradingView
Source: LTC/USDT on TradingView
Moreover, there was a fair value gap around the $70 area highlighted in white. LTC witnessed a downward move that began on 8 August. It went from $85.47 to $56, and the 50% mark for this move stood at $70.74. This coincided with the low from 14 June that made the bearish breaker block from mid-June.
Hence, a bounce toward the $70.75 level was a possibility in the coming days. It would partially fill the imbalance and also retest the 50% level of the previous drop. The OBV did not support the idea of such a bounce as it has been in a firm downtrend since July.
The RSI was also below neutral 50 since July, showing a downtrend in progress on the 1-day chart. Hence, a shorting opportunity could present itself near the $70 mark but hasn’t materialized yet.
Source: Santiment
Source: Santiment
Is your portfolio green? Check the Litecoin Profit Calculator
The age-consumed metric did not see a noticeable spike after 18 August, which showed another wave of intense selling did not occur. Overall, the metrics showed that sellers could be exhausted temporarily and LTC could register some gains. The findings from the price chart showed traders can be bearishly biased in the coming weeks.
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