Litecoin Holds Ground Above $80 After Losses Consolidation

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In the wake of its bleeding out in early August, Litecoin [LTC] found itself in a phase of potential consolidation above the $80 mark for the immediate future. The coin’s halving event, which took place on 2 August and effectively cut the block reward in half from 12.5 to 6.25 LTC, was executed without a hitch. Nonetheless, the period surrounding this halving saw a substantial market bleed-out, characterized by an influx of sellers that ultimately overwhelmed the market sentiment.

On the eve of the halving event on August 1st, LTC showcased a modest gain of 1.8%, only to be met with a stark contrast as it plummeted by 6.81% on the D-date of August 2nd. The downward spiral was exacerbated by Bitcoin’s loss of the $30k mark on the very same day, compounding the market’s turmoil.

On August 3rd, LTC extended its decline, dropping an additional 5.7% and slipping below the $85 mark.

Is LTC Capable of Clearing the $85 Resistance?

Following the significant drop on August 3rd, Litecoin (LTC) has struggled to breach the $85 mark, depicting a subdued price movement. Over recent days, the altcoin’s value has exhibited a tight consolidation pattern within the range of $80 to $85, indicating a period of loss stabilization and potential market indecision.

The application of Fibonacci retracement levels (yellow) between July’s peak ($104.4) and the most recent August trough ($73) has revealed key insights. This analysis highlights that LTC’s recent period of price consolidation has primarily occurred within a tight range, confined between the 0% retracement level ($73) and the 23.6% Fib level ($85), underscoring these thresholds as significant points of interest.

The Relative Strength Index (RSI) exhibited a positive stance, albeit with sideways movement, hovering slightly above the neutral threshold, which pointed to subdued buying momentum. Conversely, the Chain Money Flow (CMF) displayed a modest increase yet was positioned significantly below zero, highlighting a notable lack of robust capital inflows. These contrasting signals underscore a market with tepid buying interest and limited investment enthusiasm.

The prospect of Litecoin facing resistance at the $85 mark in the coming hours/days is reinforced by its weak metrics. A short-term trading scenario within a range of 0%-23.6% Fibonacci levels seems probable unless BTC surpasses the $29.5k threshold.

The pivotal levels of $89 and $76 are essential, dictating potential breakouts above or below the confined price range.

Generally, Neutral Sentiment Prevailed

As captured by CryptoMeter’s live trading volume ratio, the equilibrium between buy and sell volumes, standing at 50% each, underscores a neutral sentiment. This delicate balance leaves the price’s next move open to diverse possibilities.

Despite a 20% dip in LTC’s derivative trading volume, there’s a silver lining, with Open Interest rates showing a modest uptick of +1.30%, according to Coinglass data.

Analyzing the liquidation data revealed a significant number of long positions being liquidated, indicating substantial losses. The difference was minimal when comparing the liquidation figures for both short and long positions across various timeframes. This underscores a prevailing short-term neutral outlook and suggests the likelihood of the market continuing within its current range.

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