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

2min Read

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

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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

  • At the time of writing, LTC  was bearish on the four-hour chart 
  • Open interest rates fluctuated in the past few days and dipped at press time

The crypto market continues to reel from market uncertainty. Over the weekend (6 – 7 May), Litecoin [LTC] saw elevated short-term selling pressure. It dropped from $89.7 and was close to falling below the $80 psychological level at press time. 

Is your portfolio green? Check LTC Profit Calculator

Meanwhile, Bitcoin [BTC] hovered in the $27k zone after losing the $28k price range. The drop could expose LTC to more price slumps. 

Will the support check the price dump?

Source: LTC/USDT on TradingView

On the four-hour chart, the Relative Strength Index (RSI) retreated to the oversold zone after attempting to rise on Saturday (6 May). It indicated a slight improvement in demand but with an increase in selling pressure. 

Moreover, the Chaikin Money Flow (CMF) 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 (supply zone, red). 

But the Fair Value Gap (FVG) also exists at $95.7 – $99.7 (white) and could offer some resistance. 

Open interest rates dipped slightly

Source: Coinglass

How much are 1,10,100 LTCs worth today? 

According 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. 

Source: Coinglass


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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