Connect with us
Active Currencies 14739
Market Cap $2,551,131,363,846.72
Bitcoin Share 51.56%
24h Market Cap Change $-4.25

Litecoin [LTC] retests recent price floor; here’s where you can enter

2min Read

Litecoin [LTC] has fallen to the $85 support level with bears aiming to push its price even lower.

Litecoin [LTC] retests recent price floor; here's where you can enter

Share this article

  • Bearish order block at the $91 level reversed bullish rally.
  • LTC shorts retained a 54.1% advantage in the longs/shorts ratio.

Litecoin’s massive volatility has seen it record large price swings in 2023. LTC began the year on a bull run, rising from $65 to a year-high of $102 in just two months. A large dip followed immediately with LTC declining to $65 again in March.

The bullish order block at the $65 mark propelled it to the year-high again. However, the general market correction has seen LTC settle at $86.47, as of press time. 

With BTC dipping by 4.7% within the last 24 hours, more price fluctuations might lie ahead for LTC.

Realistic or not, here’s LTC’s market cap in BTC terms

Litecoin bulls meet stiff resistance at $91

Source: LTC/USDT on Trading View

LTC’s second dip saw the coin fall from $102 to $84.85 between 18 April to 22 April. This invalidated the bullish market structure, as the dip broke the coin’s higher low trajectory. 

Bulls were able to steam the bearish tide briefly, finding support at $85 to push the price back up to $91. However, the bearish order block and resistance at the $91 level thwarted the bullish rally. 

A daily candle close below $85 could see further selling pressure, pushing LTC toward the $80 mark. A look at the indicators showed a slight edge for the bears. 

The RSI indicator stood at the 34 mark, approaching the oversold zone. The AO also posted five red bars in a row under the zero mark. This suggested that bears held a slight advantage.

An important area for bulls will be the bullish order block just above the $80 support level. If bears break past $85, it could be an area where bulls look to reverse the bearish trend. 

Read Litecoin [LTC] Price Prediction 2023-24

Market sentiment remained neutral with mixed signals 

Source: Coinalyze

Data from Coinalyze showed that the funding rate for LTC has been positive throughout April. However, the spot CVD posted a steady decline over the same period. 

LTC shorts retained a 54.1% advantage over longs in the long/short ratio, at the time of writing. This was also reflected in the liquidation data. $1.86M worth of long positions were liquidated in the past four days with most of the liquidation happening around the $90 mark. 

Source: Coinglass

Due to LTC’s tendency for huge volatility, traders should exercise caution and monitor new developments around LTC that could impact the coin’s price.


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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.