Litecoin [LTC]: Bears gained ground – Will bulls defend the $80 support?

Litecoin [LTC] is stuck in a bearish structure as BTC faces elevated short-term selling pressure.

hovered in the $27k zone after losing the $28k price range. The drop could expose LTC to more price slumps.On the four-hour chart, the Relative Strength Index retreated to the oversold zone after attempting to rise on Saturday . It indicated a slight improvement in demand but with an increase in selling pressure.

Moreover, the Chaikin Money Flow 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 .Open interest rates dipped slightlyAccording 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.

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