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The sudden and perplexing plunge in Bitcoin’s value remains shrouded in uncertainty. Yet, the subsequent nosedive to $25k induced a sweeping wave of selling, impacting not only Bitcoin but other cryptocurrencies like Litecoin (LTC), which stooped under $60 briefly before finding some footing at $65 during the latest update.
BTC has managed to retake the $26k mark; however, its breach of crucial trendline support suggests increased vulnerability for the leading cryptocurrency. Disturbingly, Coinglass data reveals the significant aftermath of the crypto downturn, with over $1 billion in position liquidations occurring within the 24 hours leading up to the current moment.
At March’s low, LTC Recovers Partially
Utilizing the Fibonacci retracement tool (highlighted in yellow), an analysis was conducted between the peak in July and the most recent trough. An extended lower wick on the chart signifies the ascendancy of sellers, momentarily tipping the balance. Yet, the intervention of buyers was evident, staunchly curbing an extended decline. LTC is exchanging hands at $65, mirroring the valuation observed during the nadir in March, thereby underlining a potential reversion to earlier price levels.
The Balance Volume (OBV) traced a downward path, mirroring waning demand for the asset. Meanwhile, the Relative Strength Index (RSI) remained entrenched in oversold terrain, indicating no impending turnaround. These combined signals underscore the bearish sentiment surrounding the asset’s performance.
In the coming hours or days, there’s a potential for LTC to recover its losses, finding a consolidation zone within the range of $56 to $70. However, this outcome might depend on BTC’s performance, as further losses for Bitcoin could hinder LTC’s consolidation efforts. Traders will closely monitor these price levels for insights into the short-term market trend.
A surge beyond $70 could signal a bullish stance, but a breakthrough past $75 would empower the bulls. Notably, the price points at $70 and $78.5 are pivotal resistance levels, while maintaining above $50.5 and $42 is critical for key support.
Discourage Longs
Today, how much are 1,10,100 LTCs worth?
Engaging in a hasty rush to acquire LTC at its reduced rates was strongly advised against. According to information from Coinglass regarding liquidation trends, a staggering sum exceeding $300,000 linked to long positions had been obliterated within the mere span of the last four hours leading up to the present moment. This is a stark reminder of the volatile nature of the cryptocurrency market, urging caution and strategic decision-making among investors.
The market can be unpredictable and volatile, so it is important to consider the risks associated with any investment. If asset prices drop, it is important to have an exit strategy in place. That way, you can minimize your losses.
Before this event, an astonishing sum exceeding $16 million, tied to long positions, experienced liquidation. The prevailing short-term pessimistic outlook emphasizes the need for cautious optimism among bullish investors, prompting vigilant monitoring of Bitcoin’s intricate price dynamics.
The liquidation of such a large amount of long positions indicates a decrease in confidence in Bitcoin, meaning that investors who remain bullish need to be aware of the potential risks associated with current market conditions and adjust their strategies accordingly.
Pikamoon ($PIKA) is Displaying Price Explosion Potential
Pikamoon ($PIKA) is an innovative crypto venture blending gaming excitement with profit-boosting opportunities. Tailored to cater to passionate gamers and savvy investors, it has swiftly captured the crypto community’s attention.
The project’s presale phase has attracted significant support, primarily from gaming aficionados enticed by its novel attributes. As the boundaries of GameFi (game finance) in the crypto sector are pushed, Pikamoon emerges as a promising game hub to redefine how entertainment and profitability intertwine in this evolving landscape.
Pikamoon is a unique play-to-earn crypto venture, harnessing the power of two distinguished blockchains, Ethereum and MultiverseX. This innovative amalgamation defines Pikamoon’s identity, fostering an ecosystem where players can earn while engaging.
By leveraging its multi-blockchain foundation, Pikamoon ensures airtight security measures and an uninterrupted streaming experience within its expansive metaverse. Moreover, the project’s lightning-fast payment processing speed sets a new benchmark for efficiency, underlining its commitment to revolutionizing the gaming and crypto landscape.
The project’s founders prioritize transparency and trust by implementing a rigorous verification process through CoinSniper. This step ensures the security and credibility of the team, underlining their commitment to building a reliable venture. Such dedication to transparency significantly boosts investor and user confidence in the project’s success.
Furthermore, the project undergoes rigorous audits by Consult, a prominent blockchain audit platform. This practice not only safeguards stakeholders’ investments but also reinforces the credibility of cryptocurrency ventures.
The dedicated Pikamoon team is unwavering in enhancing the token’s prominence. Their Twitter X updates reveal their proactive approach, highlighted by orchestrating a $50 giveaway to entice potential investors. This demonstration of commitment underscores their drive to establish the token within the market, showcasing their strategic thinking and determination.
Pikamoon’s journey took a significant leap forward as prominent YouTube influencers rallied behind it, extending their influential reach to the token’s mission. This collaboration signifies a powerful endorsement and promises to propel Pikamoon’s adoption to new heights.
By harnessing the vast viewership of the renowned video-sharing platform, the project is poised to witness a surge in public awareness, ushering in a wave of fresh participants eager to join the Pikamoon ecosystem. With influencers’ backing, the token’s potential to reshape the digital landscape gains momentum, illuminating a path toward widespread recognition and utility.
The project’s presale continues to surge, achieving remarkable milestones driven by growing adoption and unwavering investor support. A significant accomplishment was recently marked as the presale successfully garnered an impressive $3 million, highlighting the project’s immense potential and investor confidence.
Pikamoon’s founders have allocated 30% of the entire token supply for public acquisition, opening doors for eager investors. Those who secure these tokens not only gain access to rare NFTs but also stand to reap rewards from an array of captivating in-game events hosted on the platform. Embrace the opportunity to be part of an innovative fusion of blockchain technology and gaming excitement.
In March 2023, an eagerly anticipated presale kicked off, featuring three rounds before its anticipated listing on decentralized and centralized crypto exchanges. With each phase, the excitement within the online investment community grew palpable.
As the presale enters its final stage, enthusiasm has reached a crescendo, fueled by the remarkable achievement of amassing over $3.8 million in funding. All this has been achieved at an impressive selling price of $0.0006, highlighting the significant potential that has captured the attention of investors.
The anticipated listing price of $0.0007 has garnered attention from analysts who predict potential ROI ranging from 16.6% to an impressive 250%. This promising outlook is sparking interest in the investment community.
$PIKA is not just any cryptocurrency project; it operates as a deflationary force, systematically decreasing token supply over time to drive up its market value in response to growing demand. For potential investors aiming to capitalize on this unique approach, participation starts at the presale stage.
By accessing the dedicated presale website, connecting a crypto wallet, and leveraging ETH, investors can acquire $PIKA tokens, positioning themselves for potential profits. This innovative strategy merges scarcity and value, inviting those who seek strategic opportunities within the crypto market to explore the world of $PIKA.
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