A look at Litecoin's performance of the last few days displayed some disappointment. The altcoin continued witnessing a strengthening selling pressure took LTC below $95.
rapid price rally between 30 June to 2 July experiencing stiff bearish pressure at the $113.7 resistance level.This reversed LTC’s momentum on the 12-hour timeframe with sellers dominating its current price movements. With the LTCPrice movement points to worrying signs for bullsFollowing the bullish price rejection at the $103.4 resistance level on 13 July, bulls have struggled to find an entry point back into the market.
Meanwhile, the trend remained bearish with the price forming higher lows on the downward movement. The on-chart indicators highlighted insufficient bullish conviction for a significant price move. Despite the Relative Strength Index making a notable push, it stayed under the neutral 50 to signal a lack of strong buying pressure. The Moving Average Convergence Divergence was also bearish, although it looked primed for a bullish crossover. Together the volume indicators showed that while demand was present for LTC, it wasn’t enough for a sustained rally after the bearish retracement.The $12.
showed that shorts controlled 54.47% of all open LTC contracts in the four-hour timeframe. This hinted that market speculators were actively betting on further price dips for LTC.This was also reflected in the liquidation data within the same period. Longs suffered 94.75% of the total liquidations. While bears seemingly held the upper hand, a rebound from bulls could keep price in a consolidation phase before the next major move.
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