2024-03-25 23:48:45
- The liquidation levels indicated a bearish signal, but $599,660 might disappear if LTC reaches $91.78.
- The increasing decline and falling price suggested a drop towards $85.40.
According to analyst Rekt Capital, Litecoin [LTC] The price might continue to rise in the coming weeks.
the analyst aware this on X (formerly Twitter), noting that the successful retest of the multi-year macro bearish trend was a sign that the LTC price might rise.
According to the chart he shared, the altcoin might see a 22.72% jump. If this is the case, Litecoin might reach $110. At the time of this publication, LTC changed hands at $89.74, indicating an increase of 27.99% in the last 30 days.
The price of the cryptocurrency also increased in the last 24 hours.
The currency might rise, but first…
However, AMBCrypto decided to check the possibilities of a planned price increase. To get an insight into this, we use the liquidation levels indicator provided by Hyblock.
This indicator shows the estimate price levels where large liquidation events might occur. For a trader, an idea of the possible settlement levels of other traders might offer an advantage.
At press time, there was a liquidity pool of $90 to $93, suggesting that LTC might move towards this region. If the price reaches this point, many short positions might be eliminated.
However, the accumulated settlement level delta (CLLD) showed another signal. If the CCLD is positive, it means there are long liquidations.
On the other hand, a negative CCLD reading suggests short liquidations.
At the time of writing, the CCLD was positive. For the price, this fuels a bearish bias as Litecoin might suffer a complete pullback and erase its recent gains.
If this is the case, the cryptocurrency’s value might hit new lows before heading towards $110.
A big sale is coming
In addition, we also consider the liquidation heat map. According to Coinglass, many positions are at risk of liquidation if LTC continues to rise.
For example, if the price reaches $91.78, contracts worth $599,660 would lose their funds. Furthermore, if the price rises to $93.07, liquidations in that area would be worth $128,200 on the Binance exchange.
As for volume, data on Santiment’s chin. presented which increased. At press time, LTC volume had reached 638.83 million.
However, the price of the altcoin has been falling in the last hour. With the volume increasing and the price decreasing, it means that the previous rally was not as strong as before.
Therefore, the value of Litecoin might decrease. In the short term, the LTC price might fall to $85.40.
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However, the prediction is no guarantee that the currency can avoid rising in the short term. If a wave of buying pressure were to hit LTC, the price might visit once more the region of $100 in a short period.
Otherwise, a crash might be imminent.
Next: BNB can claim $600, IF you navigate this pocket on the charts
This is an automatic translation of our English version.
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