Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Litecoin [LTC] surged to $66 last week but faced a brutal rejection above the range highs.
At the time of writing, the price had slipped below the mid-range mark at $53.9 as well. In other news, Litecoin’s hash rate has actually benefited in recent days.Ethereum [ETH]’s move to Proof of Stake (PoS) could have had a positive effect.
On lower timeframes, this positive effect might not translate to price gains over the next day or two. Coinglass data showed that the Long vs Shorts ratio was slightly in favor of the shorts over the past 24 hours.Source: LTC/USDT on TradingViewThe short positions had strong technical evidence behind them.
The price saw a rejection at the range (yellow) highs near $65. The mid-range (dashed yellow) was overwhelmed by selling pressure as well.The $53-$52 zone witnessed multiple candlewicks reach toward it in late August and early September.Read more on ambcrypto.com