Sellers dominate in the short term as Litecoin bulls fail to clear a key price obstacle.
experiencing a correction after hitting $27.4k within the same period, LTC sellers could see more opportunities emerge in the short term.Litecoin’s volatile movement in August led to bears finding the top at the $72 resistance zone, while bulls found the bottom at the $57 support zone. The $65 price zone acted as a dynamic support or resistance, based on buying or selling momentum.
Over the past day, bulls closed a daily trading session above the $65 price zone. This inferred that buyers were willing to use the level as a support zone to push for further gains. However, sellers quickly extinguished the buying momentum with a 7% price drop. As of press time, LTC traded at $63, as sellers quickly re-established a resistance level at $65.
This bearish move drove the Relative Strength Index under the neutral 50 while the Chaikin Money Flow also moved into negative territory. Both were signs of increased selling pressure and exiting capital.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Litecoin holders can expect this at the height of the next bull runWhile some traders have high expectations from LTC, which may not seem realistic, what stays true about the altcoin is its consistent performance and its demand on the whale front.
Read more »
First-Time ESG Bond Sellers Face High Bar as Climate Week Runs OnDebut issuance as a share of the sustainable bond market has dipped to a record low amid rising borrowing costs, dampening companies’ efforts to raise trillions of dollars needed to tackle climate change.
Read more »
Amazon drops planned merchant fee as FTC lawsuit loomsThe reported turnaround in Amazon's plans comes when the e-commerce giant is facing a potential antitrust lawsuit from the U.S. Federal Trade Commission. The move suggests the company is taking a more cautious approach to how much money it can charge online sellers, the Bloomberg report said. Effective Oct. 1, Amazon was planning to impose a new 2% fee on every sale by third-party sellers that ship their products themselves, according to media reports in August.
Read more »
Want a three percent mortgage rate? Give assumable mortgages a lookWith mortgage rates lingering above 7% a lot of potential homebuyers may be tempted to sit on the sidelines and wait for rates to come down. But Roam CEO Raunaq Singh suggests buyers and sellers take a look at assumable loans. Assumable loans, according to Singh, are loans in which the buyers 'take over the interest rate that the seller currently has.' In other words, the rates that the seller paid are the same rates the new buyer will pay. This, according to Singh allow for more affordability and increases opportunities for sellers. Roam takes 1% of purchase price from each sale made through their site.
Read more »
Riverdale house priced low attracts eight offersSellers priced under $2.3-million to encourage numerous offers, with the ultimate bid settled at $611,000 over the asking price
Read more »
LTC rallies 18% in just over a week but here’s why you wouldn’t want to go longSince late August Litecoin's Open Interest chart has been lackluster. Even when the altcoin bounced from $60 on 12 September the OI refused to budge higher.
Read more »