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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] spent a good portion of April and May retracing the gains it made in March. June did not start well for the bulls as LTC dropped to $71 but the bulls have driven an incredible rally since then.
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In the 1-day timeframe, the market structure of Litecoin remained bullish. Yet the dip below $100 raised concerns that sellers were beginning to seize the initiative. The $90-$92 region could be vital in determining whether the bulls or the bears win this battle.
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Source: LTC/USDT on TradingView
Source: LTC/USDT on TradingView
The OBV was in an uptrend, and alongside it, the CMF also showed capital flow into the market. Together the volume indicators showed that demand was still present behind Litecoin. Yet, the bearish order block it formed on 18 April was not defended as a support zone upon a retest.
The Fibonacci retracement levels (yellow) were plotted based on the swing move from $70.75 to $115. The 50% and 61.8% retracement levels at $92.88 and $87.65 were not yet tested as support. It remained likely that these levels could provide a bullish reaction from Litecoin.
Source: Coinglass
Source: Coinglass
Source: Santiment
Source: Santiment
How much are 1, 10, or 100 LTC worth today?
Together with the price action in the 1-day timeframe, the bias remained bullish. The bears would be in the driving seat upon a drop in Litecoin prices below the $87.65 mark.
It was possible that the price action could be choppy but above $90 in the coming days. This would point toward a consolidation phase before the next major move.
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