Litecoin Faces Significant Resistance: Market Shift Ahead?
Litecoin (LTC) is currently facing a bearish trend on the one-day chart, slipping below $67.38 and encountering resistance at $70.5.
The lack of strong bullish signals suggests insufficient buying momentum to surpass key resistance levels. Despite this, subtle indicators hint at a potential short-term shift.
Since November, LTC has struggled to breach the $77-$79.5 resistance zone, reaching a low of $57.71 in early January.
The mid-range point now acts as formidable resistance, with both the price and On-Balance Volume (OBV) showing a range-bound pattern.
The Relative Strength Index (RSI) indicates bearish momentum, but crossing $72.7 could reverse this trend, warranting a bearish outlook with a potential drop to $63.19 and $61 levels.
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While the OBV on higher timeframes remains range-bound, the spot Cumulative Volume Delta (CVD) shows a subtle increase in the past three days.
Open Interest stays stable, coinciding with a modest LTC uptick from $64 to $66.7 (nearly 4%).
Despite this, both spot buyers and futures traders lack the strength for a Litecoin reversal. The uptick in spot buying signals a gradual entry of buyers into the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
