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Hey guys! Looking at the market today, we have a specific setup developing on Litecoin. LTC is entering a bearish correction phase after failing to sustain its recent momentum.
Key Levels
Resistance: The primary hurdles to watch are $58.50 and $59.13.
Support: Immediate support is sitting at $57.40, with a deeper floor at $56.78.
Market Structure
The market structure has shifted after a sharp rejection from the $59.13 high. We are seeing the formation of a lower high, and LTC has slipped below its immediate bullish trendline. It is currently testing the $57.70 level; a clean break here confirms a further drop.
Indicators
Moving Averages: The price is now trading below the MA5 ($58.31) and MA10 ($57.74), which is a classic bearish signal.
Volume: Rising red volume bars indicate that sellers are stepping in with strength.
Market Condition & Outlook
LTC is cooling off from overbought levels. As long as it stays capped under $58.50, the downward pressure will remain high. Given the breakdown of key moving averages, a Short trade looks like the high-probability play for the next move.
Short Setup: LTC/USDT 📉
LTC structure has turned bearish after a rejection at the highs. Indicators confirm a breakdown below key moving averages. 🐻
Entry: $57.78 – $58.10
Target 1: $57.25
Target 2: $56.95
Target 3: $56.70
Stoploss: $58.65
Trade with discipline! 🚀
$LTC #BTCBackAbove80K #DailyPolymarketHotspot #JapanTokenizesGovernmentBonds #CircleMints250MUSDCOnSolana