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Litecoin recovery derails as prices take U-turn at $93

2min Read

Litecoin was forced to contend with bull and bear traps amidst persistent BTC wavering near $28k.

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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.

Litecoin [LTC] has put traders in a fix lately. The bullish rally from mid-May was interrupted at $95 before hitting the $100 likely target.

Similarly, the drop on 24 May turned into a bear trap, as over $800k in short positions were wrecked on 26 May after LTC rebounded from $84. 

At press time, the recovery hit $93 and made a U-turn, putting bulls that targeted $95 or $100 into another fix. 

In the meantime, Bitcoin [BTC] continues to face price rejection at $28k as long-term investors locked gains at the level. With this in mind, what are some levels to consider for LTC in the next few hours/days?

Will sellers extend gains?

Source: LTC/USDT on TradingView

LTC has been oscillating between $75 and $100 since mid-March. This allowed traders to target range extremes. However, lately this has become impossible, with BTC unable to move beyond $28k. 

Although the 4-hour chart’s market structure was bearish, the higher-timeframe charts were neutral. That means the price could go in either direction at the current $89 level. 

If BTC holds on to $27k and surges, Litecoin could rebound from $89 and bounce slightly to $93 or $95 price levels. A strong move to $100 (red supply zone) could be likely if BTC moves into $28k decisively. 

On the contrary, LTC sellers could extend for gains at $84 or the range low near $75 if BTC drops to $26k again. 

Meanwhile, the RSI fell below the median 50-mark, denoting heightened selling pressure. However, the OBV edged higher, suggesting increased demand for LTC. 

Long positions in a dilemma

Source: Coinglass

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

Over $800k worth of short positions were wrecked in four hours as of press time. However, short positions suffered less than $400 liquidations in the same period. 

This underscores the increasingly bearish bias at press time, which could give sellers more leverage to extend extra gains beyond $89. However, if BTC doesn’t drop below $27k, LTC’s rebound could be likely. Hence, it would be worth tracing this front before making moves. 


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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