LTC Sell Pressure Wanes Golden Cross Support Halts $100 Reversal

Litecoin Price finds fixed support at $ 110 on Saturday, August 30, with a bullfighting killer to contain weekly losses of less than 10 %. Achieving continuous profits with the approaching LTC price approaching $ 120, and the sharp decline of Bitcoin was 50 days low of $ 107,000 on Friday, and they were a major motivation that raised a declining work this week.

However, market standards over the past 24 hours indicate a possible directional swing in the Litecoin price momentum as the bears warn after failing to break the psychological level of $ 110.

Coinglass derivative data shows that the LTC trading sizes decreased by 33.8 % to $ 596 million, while the open interest remained stable at $ 917 million. Flowing of open attention reflects the hesitation in entering new positions, a promoted feeling of a significant decrease in daily trading sizes.

The liquidation data also emphasizes the cautious situation between the short trainees. Over the course of 24 hours, the total long rank reached $ 496,380, compared to $ 44,120 in short pants, indicating that buyers are still absorbing negative pressure. But the momentum turned in the last 12 hours, with short qualifiers at $ 49,590 more than long -term dual licenses of $ 22,120.

This trend indicates that the bears close the places at a faster rate, indicating the potential market bottom stage.

If this dynamic continues during the trading on the weekend, the bulls can restore the price of momentum and edge towards safer levels about $ 115, to avoid the risk of collapse less than $ 110.

Litecoin flexibility is consistent with the day that exceeds $ 109 with the golden cross style formed on August 4, as it crossed the moving average for 5 days over the averages for 8 days and 13 days. Regardless of referring to the start of the upscale market cycle, Golden Crosses also provides supported support during short -term sales.

The lower composition within the day and the short traders can raise the closure of short positions with an immediate recovery of about $ 115 to $ 118. However, the decisive collapse of less than $ 109 will invalidate the golden cross signal, exposing Litecoin with a deeper recovery of $ 100.

The momentum indicators remain neutral, as RSI hovering at 49 years, indicating that LTC is not in its arrest or excessive sale. The ongoing activity in the purchase aspect is about $ 110 can be momentum to the top, but the lack of trading volume indicates that making a side price to September is a more likely scenario.

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Read the original story for Litecoin price expectations: LTC selling golden support pressure, stops $ 100 in reverse by Ibrahim Ajibad in Coinspeaker.com