After reaching a new peak, Litecoin has entered a consolidation phase, hinting at a possible continuation of the trend. Overview of current LTC's technical prospects.
Litecoin Price Situation
After consolidating in an ascending triangle at the support of $55.8, the Litecoin price has sparked buyer interest, leading to a 125% rise to $147. This, unfortunately, caused a pullback, reflecting the emergence of selling pressure. At the time of writing, Litecoin is trading at the upper part of its range, around $131, above the 50-day moving average. Although the short-term trend seems upward, the medium-term remains neutral, and the long-term trend is bullish, evidenced by the direction of the 200-day moving average. The bullish momentum has weakened, but there's a slight rebound underway, suggesting continued movement.
Focus on Derivatives (LTC/USDT)
The increase in open interest and underlying price indicates growing interest in LTC/USDT perpetual contracts. The recent decline led to a decrease in open interest, suggesting liquidation of speculative positions, but the situation might reverse. After stabilization, the CVD has accelerated downwards, indicating a dominance of seller orders. The trend seems to stabilize, suggesting a slowdown in selling pressure.
Forecasts for Litecoin Price
If Litecoin maintains above $106, it could break the resistance at $140, moving towards $147 and beyond to $170, $210. Conversely, failing $106 support could find support at $100, risking correction below $90.
Litecoin shows hesitation after its recent rise and pullback, with recovery in question. Its permanence will depend on the market's ability to sustain momentum. It's crucial to monitor price reactions to strategic levels for confirmation or adjustment of forecasts.
