After 25% Rebound, Can LTC Flip $60 Resistance?
The post After 25% Rebound, Can LTC Flip $60 Resistance? appeared on BitcoinEthereumNews.com.
Litecoin price rally halted at $60 on Aug 9, having rebounded 25% from the Monday historic crash, however, a key resistance sell-wall now threatens to halt the LTC recovery phase. LTC Price Hits $60 Roadblock after 25% Rally Litecoin (LTC) has witnessed a sharp recovery over the past four days, rebounding by nearly 25% from the August 5th market crash. The initial plunge saw LTC prices dip below $50, marking one of the steepest declines in recent weeks. However, a series of bullish catalysts provided significant support, driving the price back up to the $60 range. The most prominent factor boosting LTC’s price was the renewed interest in cryptocurrency ETFs, which led to fresh inflows into the market. Additionally, the $125 million fine imposed on Ripple by the SEC, though initially perceived as bearish for the broader crypto market, spurred confidence among Litecoin investors, interpreting it as a sign of regulatory clarity. Litecoin Price Action LTCUSD | TradingView Furthermore, Russia’s decision to legalize crypto mining added to the positive sentiment, providing a favorable macro backdrop that encouraged buying activity. However, as LTC approached the $60 level, it encountered significant resistance, as seen in the TradingView chart. The price struggled to break above this level, and bearish pressure began to reassert itself, leading to a minor pullback. This resistance zone has proven to be a formidable barrier, halting the momentum of the recent rally and leaving traders cautious. Negative LTC Funding Rate Nullifying Bullish Sentiment While the recent rally has been encouraging, the negative funding rate for LTC is a concerning signal that could undermine the bullish sentiment. The Funding Rate chart shows that on August 9th, the Open Interest-Weighted (OI-Weighted) funding rate dipped into negative territory at -0.0013%, coinciding with LTC’s price stalling around the $60 mark. Historically, when a…
Filed under: News - @ August 10, 2024 10:10 am