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Litecoin traders going short must consider LTC’s inability to break past this level

Litecoin traders going short must consider LTC’s inability to break past this level

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Disclaimer: The findings of the following analysis are the sole opinions of the author and should not be considered investment advice.

Litecoin [LTC] has not seen much volatility in recent weeks relative to other altcoin markets. Over the past month, LTC has fluctuated between $52 and $64, a modest 22% price difference from the bottom.

Meanwhile, Bitcoin [BTC] fell below the $20.8K support after a tight rejection at $24K in mid-August. The USDT Dominance gauge has also risen over the past month, indicating investors are taking control of Tether and fleeing the crypto market.

Fear may rise further in the coming weeks, and Litecoin traders may benefit from the resulting price movement.

LTC- 1 day chart

Source: LTC/USDT on TradingView

The Volume Profile Visible Range showed the Control Point (red) at $55.07. The low and high of the range were $42.68 and $69.3, respectively. The volume tool highlighted that much of the trading activity since June has been within the extremes marked on the chart.

Since June, the price has formed between $65 and $43.4, values ​​that are quite close to VAH and VAL. At press time, LTC was changing hands at $61.26 per coin, with some upward momentum based on the past few days of trading.

It was likely that the $65-$69 range would strongly resist bullish intentions, and a test of this area could provide opportunities to sell or short Litecoin. A stop-loss above $70 can be considered, with a profit of $55.1 (PoC) and $42.6 (VAL).

Reasoning

Litecoin Approaches June Top, Could The Coin Offer A Selling Opportunity?

Source: LTC/USDT on TradingView

The Relative Strength Index (RSI) has remained within 60 and 40 and has been since July. This was indicative of the formation of a range in the asset. At the time of writing, the RSI was approaching 60 and could face rejection in the 60-65 range. Stochastic RSI also approached overbought territory.

The Directional Movement Index (DMI) also supported the idea of ​​forming a range. The Average Directional Index (ADX) was unable to rise above 20 and stay there for the past few months. This indicated the absence of a strong trend behind Litecoin. Chaik’s Money Flow (CMF) has also remained in the neutral zone near zero, i.e. below -0.05.

Conclusion

Overall, the indicators showed a lack of a strong trend behind Litecoin and also some selling pressure in recent weeks. It did not look likely yet that LTC would be able to break above the $69 resistance. Bitcoin was in a dangerous place for the bulls as well. Hence, a steep fall in LTC cannot be ruled out in the coming weeks.

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