The Litecoin (LTC) market, which had been having fun with a bullish development over the previous two weeks, took an sudden downturn in the course of the weekend. The weekly bar closed beneath the essential assist/resistance degree of $100 and the 200 Shifting Common (MA), signaling a shift in market sentiment.
This prompts a deeper evaluation of the market dynamics and knowledgeable opinions on what lies forward.
Bearish Outlook Emerges
Regardless of opening at $93.2 on Monday in the course of the early London market, Litecoin’s buying and selling quantity remained comparatively excessive at round $577.69 million, surpassing that of most altcoins. The market’s long-term potential is additional bolstered by its substantial person base, with over 9.5 million holders, and a strong hash charge of roughly 778.84 TH/s.
Learn Extra: Litecoin Halving is a Month Away; Will LTC Worth Regain Bullish Momentum?
Litecoin Worth Evaluation
Famend crypto analyst Kaleo, who instructions a following of greater than 593k on Twitter (@CryptoKaleo), presents compelling causes to think about shorting the Litecoin market at its present ranges. Kaleo factors out that Litecoin’s macro worth has not too long ago been rejected at a falling logarithmic resistance, indicating the presence of elevated bearish stress. Drawing a parallel to the value motion noticed in 2021, Kaleo means that Litecoin could also be poised for a brand new low.
Kaleo additional highlights Litecoin’s struggles within the short-term, significantly in relation to Bitcoin. The Litecoin worth has been steadily declining towards Bitcoin, and the hourly assist degree within the USD by-product is not dependable.
The Third Halving is Shut!
With the Litecoin halving occasion scheduled in 23 days from Monday, a lot hypothesis has surrounded its potential influence available on the market. Nevertheless, Kaleo expects the underlying worth of Litecoin to lower, much like earlier halving occasions, opposite to the prevailing bullish sentiment.
Now that you simply’re on top of things, we need to hear from you. What are your ideas on Litecoin’s bearish shift and the analyst’s predictions?
