After the Litecoin bulls fell short in capitalizing on the recent halving event, a surge in bearish sentiment has taken hold.
Noted analyst Crypto Tony anticipates that Litecoin’s price could find a temporary support level around $65, presenting an attractive short-entry opportunity.
It’s worth noting that this setup might be invalidated if the LTC price manages to rebound above $90 in the coming days.
Just days after the third Litecoin (LTC) halving event, recent price trends point towards a more bearish outlook in the short term.
During the mid-morning London session on Monday, Litecoin was trading at around $82.77, marking a roughly 12 percent decrease over the past week. Of significance, the daily traded volume for Litecoin has dwindled significantly in the last few days, dropping from nearly $1 billion to approximately $260 million on Monday.
Consequently, the number of short trades on Litecoin has surpassed long trades, with the ratio standing at about 0.9, as reported by Coinglass’s crypto open interest.
Litecoin Price Action
Analyst Crypto Tony, boasting over 327k followers on the X platform, now predicts a continued decline in Litecoin’s price in the short term. After initially projecting a bullish forecast for Litecoin last month, driven by the halving narrative, Crypto Tony now believes that bears have gained the upper hand.
This could potentially drive the third-largest Proof-of-Work-secured coin towards the next significant support zone at approximately $65. Consequently, He acknowledges that his previous long position is no longer valid, and he is currently awaiting an entry point around the aforementioned support zone.
Crypto Tony emphasizes that any retest of the $65 level as a resistance zone must be confirmed before considering a future short position.
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