{"id":38548,"date":"2022-12-18T23:36:41","date_gmt":"2022-12-18T23:36:41","guid":{"rendered":"http:\/\/egrowonline.com\/?p=38548"},"modified":"2022-12-18T23:36:41","modified_gmt":"2022-12-18T23:36:41","slug":"as-litecoin-fails-to-hold-onto-november-gains-here-is-what-traders-can-expect","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=38548","title":{"rendered":"As Litecoin fails to hold onto November gains, here is what traders can expect"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"mvp-content-main\">\n<p><em>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion<\/em><\/p>\n<ul>\n<li><em>Litecoin fell into a zone of strong support from the mid-range, bullish order block and a high-volume node<\/em><\/li>\n<li><em>This could still fail if Bitcoin stumbles beneath $16.2k in the next couple of days<\/em><\/li>\n<\/ul>\n<p><a target=\"_blank\" href=\"https:\/\/ambcrypto.com\/?s=litecoin\" data-wpel-link=\"internal\" rel=\"noopener\">Litecoin [LTC]<\/a> presented a slightly risky buying opportunity on the price charts. Risk-averse traders should wait for 19 December\u2019s trading to set a direction for Litecoin in the coming week. However, the trend has been bearish in recent days.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read <a target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/litecoin-price-prediction\" data-wpel-link=\"internal\" rel=\"noopener\">Litecoin\u2019s [LTC] Price Prediction<\/a> for 2023-24<\/p>\n<hr \/>\n<p>Late in November, Litecoin retested the former range highs as support and bulls sought to push the prices back above $80.65. Their efforts were met with greater selling pressure. The weakness of <a target=\"_blank\" href=\"https:\/\/ambcrypto.com\/?s=bitcoin\" data-wpel-link=\"internal\" rel=\"noopener\">Bitcoin [BTC]<\/a> saw Litecoin lose $73.4 as support.<\/p>\n<h4>Litecoin falls back into the range: can the bulls defend $60?<\/h4>\n<div id=\"attachment_278376\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price.png\" data-wpel-link=\"internal\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-278376\" class=\"size-full wp-image-278376\" alt=\"Litecoin's fails to hold onto November gains, here is what traders can expect\" width=\"1940\" height=\"1103\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-1536x873.png 1536w\" data-lazy-sizes=\"(max-width: 1940px) 100vw, 1940px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-278376\" class=\"size-full wp-image-278376\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price.png\" alt=\"Litecoin's fails to hold onto November gains, here is what traders can expect\" width=\"1940\" height=\"1103\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-price-1536x873.png 1536w\" \/><\/a><\/p>\n<p id=\"caption-attachment-278376\" class=\"wp-caption-text\">Source: LTC\/USDT on TradingView<\/p>\n<\/div>\n<p>Since June, Litecoin has traded within a range from $73.4 to $50.2. The mid-point of this range lay at $60.5. This level also has confluence with a bullish order block on the daily timeframe that LTC formed on 21 November.<\/p>\n<p>Therefore, a bullish trader can look for entries to a long position in the $60-$64 region. A lower timeframe swing failure pattern and a bullish reversal could be one such trigger to look out for.<\/p>\n<p>The idea that buyers still have some strength came from the On-Balance Volume (OBV). This indicator formed higher lows since mid-June. However, the recent wave of selling forced the OBV to break its structure. It remains to be seen if demand arrives once more. Invalidation of the idea of a bounce from the mid-range value would be a daily session close beneath $59.4. In that scenario, the bias would have flipped to a bearish one.<\/p>\n<p>The Relative Strength Index (RSI) also dropped sharply beneath neutral 50 to indicate bears were dominant. The VPVR tool showed the Point of Control at $54, marking it as a support level should LTC fall beneath $59.4. The Value Area High at $70 can serve as resistance in the event of a bounce. The $61.7 area was a high-volume node, making it a support zone alongside the mid-range and the bullish order block.<\/p>\n<h4>The funding rate was negative in response to the steep drop, and MVRV also took a hit<\/h4>\n<div id=\"attachment_278377\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a target=\"_blank\" href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment.png\" data-wpel-link=\"internal\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-278377\" class=\"size-full wp-image-278377\" alt=\"Litecoin's fails to hold onto November gains, here is what traders can expect\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-278377\" class=\"size-full wp-image-278377\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment.png\" alt=\"Litecoin's fails to hold onto November gains, here is what traders can expect\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/12\/PP-2-LTC-santiment-2048x693.png 2048w\" \/><\/a><\/p>\n<p id=\"caption-attachment-278377\" class=\"wp-caption-text\">Source: <a target=\"_blank\" href=\"https:\/\/app.santiment.net\/s\/zGzjuy3q\" data-wpel-link=\"external\" rel=\"nofollow external noopener noreferrer\">Santiment<\/a><\/p>\n<\/div>\n<p>The Market Value to Realized Value (MVRV) ratio (30-day) had been well above the zero mark since 17 November, following Litecoin\u2019s surge from $60 to $70.44. In the weeks that followed, the MVRV slowly tailed off, and the recent losses forced the metric into negative territory. This showed short-term holders at a loss once more. The funding rate was also deeply negative, showing sentiment was bearish toward the asset in the futures markets.<\/p>\n<p>Meanwhile, there was no large spike on the age consumed metric. The age consumed was greater during the December 10 retest of $73.4 as support. The inference from this metric alone was that a recovery could be possible, as selling was not as intense as it appeared on the price charts.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiZGh0dHBzOi8vYW1iY3J5cHRvLmNvbS9hcy1saXRlY29pbi1mYWlscy10by1ob2xkLW9udG8tbm92ZW1iZXItZ2FpbnMtaGVyZS1pcy13aGF0LXRyYWRlcnMtY2FuLWV4cGVjdC_SAWhodHRwczovL2FtYmNyeXB0by5jb20vYXMtbGl0ZWNvaW4tZmFpbHMtdG8taG9sZC1vbnRvLW5vdmVtYmVyLWdhaW5zLWhlcmUtaXMtd2hhdC10cmFkZXJzLWNhbi1leHBlY3QvYW1wLw?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion Litecoin fell into a zone of strong support from the mid-range, bullish order block and a high-volume node This could still fail if Bitcoin stumbles beneath $16.2k in the next couple of days Litecoin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[1048,755,615,1003,199,314,180],"class_list":["post-38548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-expect","tag-fails","tag-gains","tag-hold","tag-litecoin","tag-november","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/12\/ltc-1-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38548"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38548\/revisions"}],"predecessor-version":[{"id":38550,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38548\/revisions\/38550"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/38549"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38548"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}