The Litecoin Bulls can Reverse Recent losses - Here's how

Join Our Telegram channel to stay up to date on breaking news coverage

After experiencing an impressive surge of 41% in late June, propelling its value from $81 to $115 within a mere week, Litecoin (LTC) encountered a shift in momentum during July and August. These months witnessed a growing influence of bearish sentiment, gradually overshadowing its earlier gains. Currently, LTC finds itself within a crucial support zone, underlining the significance of the ongoing trading dynamics.

Continued losses for LTC could lead to a shift in its overall bias to bearish on higher timeframes. The noticeable decline in network hash rate following Litecoin’s halving has raised worries about its security and performance. The post-halving price downtrend echoes the potential for a scenario akin to 2019, sparking caution among investors and observers alike.

Bullish order Blocks offered Buyers Redemption

The 1-day price chart depicted a persistent bearish sentiment as the RSI remained below the neutral 50 mark since July 15th, signifying a prevailing downward momentum. This bearish outlook gained credibility on July 20th as the Awesome Oscillator exhibited a bearish crossover, aligning with the RSI’s indication. As August unfolded, the declining trend of the OBV underscored escalating selling pressure in the market, painting a comprehensive picture of the prevailing negative sentiment.

The price action’s decisive drop below $91.6 signaled a bearish market structure, reinforced by the rejection upon retesting the $100 resistance level, firmly establishing the bears’ dominance. LTC has descended to the marked bullish order block at $81.4-$88 in a shade of cyan, indicating a critical zone for potential recovery.

As the market’s attention turned towards Litecoin (LTC), the significance of the 78.6% Fibonacci retracement level (yellow) loomed prominently, adding weight to the scenario. Emphasizing this, LTC bulls needed to secure the critical $80 support zone, rallying for an upward price push. Faltering here could potentially open the door to extended downward movement, accentuating the importance of their defensive stance.

Despite low Prices, LTC buyers could be on the Rise

The price action reflected a critical juncture for long-term bullish investors, yet reassuringly, on-chain metrics illuminated a robust bullish sentiment. Throughout July, the upward trend in the 90-day mean coin age underscored ongoing accumulation across the network. Equally promising, the absence of notable surges in the dormant circulation metric indicated a lack of substantial sell-offs during the same period.

The MVRV ratio’s observation of LTC as undervalued following its price dip suggests potential, though no assured rebound, yet it enhances prospects for bullish momentum ahead.
The 2019 halving of Litecoin was preceded by a notable rally about a month before the event, reflecting the anticipation and excitement among investors.

This was succeeded by a prolonged decline and consolidation lasting around 500 days after the halving occurred. Eventually, Litecoin surpassed the price level it had been trading at during the halving, marking a significant breakthrough in its post-halving journey.

Alternative to Litecoin (LTC)

yPredict is making significant strides during its early pre-sale, a testament to the dedicated efforts of both the community and the team. The presale has already amassed an impressive $3.37 million, showcasing strong investor confidence. As the project garners increasing attention in preparation for its launch, its popularity continues to surge. Notably, the project’s distinct token, YPRED, currently priced affordably, is poised for an imminent 11% surge, adding to its appeal to potential investors.

Currently priced at $0.1, the token holds promise for early investors. Anticipate a subsequent rise to $0.11, but it’s at the pinnacle of $0.12 that the token becomes a compelling investment opportunity. Timing your purchase strategically could yield significant gains as the token’s value continues to ascend.

yPredict stands out by delivering remarkable benefits through its utilization of cutting-edge technology.

Primarily catering to traders and investors, especially within cryptocurrency, yPredict’s innovative system has undergone rigorous testing, consistently demonstrating its effectiveness. In an arena where novel technological advancements are steadily emerging, predicting pioneering crypto technology early on emerges as a strategic and prudent choice, potentially leading to substantial gains for those who seize the opportunity.

🚀📊 Empowering traders with comprehensive market analysis and AI-driven insights for informed crypto investment strategies. Trade smart with yPredict's predictive modeling and custom execution options. #YPRED #CryptoAI #SmartTrading https://t.co/xO9suqHbwF

— yPredict.ai (@yPredict_ai) August 7, 2023

Discover the extra perks that yPredict brings to its supporters! Delve into their platform and find practical features, including cutting-edge charts and innovative tools that enhance your experience. The best part? All this comes at a minimal cost, thanks to the token system.

As the platform’s growing popularity could escalate the token’s value, brace for potential benefits, presenting investors with an enticing bonus opportunity. Join yPredict not just for what it offers now but for its promising future.

In addition to its merits, there are other appealing aspects to becoming a part of yPredict’s platform. For further insights, detailed information is available on their dedicated page for the early sale. To explore further, kindly visit yPredict’s platform here.

Most Searched Crypto Launch - Pepe Unchained

Rating