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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.
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