• 12. April 2024

Litecoin [LTC] Bears Take Control: Price Consolidates Below $90

• Litecoin’s price has been on a downward trajectory and fell below $95.
• Bearish pressure is dominating the market with short positions being at an advantage in the long/short ratio.
• Market speculators are actively betting on further price dips, which signals bearish sentiment in the futures market.

Litecoin’s Price Drops Below $95

Litecoin has continued to see a strengthening selling pressure as it falls below $95. Despite BTC’s faltering price action from the $31k zone, LTC was unable to form any sustained rally between 30 June and 2 July when bearish pressure rejected its momentum at the $113.7 resistance level. This has set in motion a downward trajectory for LTC that bears are taking advantage of.

Bulls Struggling to Gain Momentum

With bulls having difficulty finding an entry point back into the market, there is now worrying signs for them as higher lows are formed on downward movements and insufficient buying pressure indicated by RSI under 50 signals lack of strong conviction. Even though some demand is present for LTC, it wasn’t enough to break out of its current consolidation between $88-$90.

Bears Dominating Futures Market

Data from Coinglass showed that shorts control 54.47% of all open LTC contracts in the four-hour timeframe, signaling strong bearish sentiment among market speculators who are actively betting on further price dips. This puts bears at an advantage in terms of their influence over future prices given this current trend setting in motion.

Traders Adopting Cautious Approach Ahead of Halving

With Litecoin’s halving just 12 days away, traders seem to be adopting a more cautious approach so far rather than bullish ones despite some indications that bulls could gain momentum again soon if they find an entry point back into the market successfully with sufficient buying pressure behind them.

Conclusion

The current downwards trend seen with Litecoin suggests that bears have taken over from bulls as this trajectory sets in motion ahead of its upcoming halving event due soon and potential future gains remain uncertain while demand is present but not sufficient enough for any significant breakout just yet despite some potential for it happening soon if certain conditions are met moving forward .