LTC faces elevated short-term bearish pressure ahead of FOMC minutes and a considerable chunk of BTC options expiring on 26 May.
Despite signs of declining correlation, LTC still succumbed to BTC’s whipsawing. At press time, sellers depreciated the asset below $90 but could face some resistance.. As such, overall market volatility could increase this week.Sellers gained entry at the $95 price level, a sticky resistance level in late March and early April. However, price action approached another key support level of $85, and bulls could have a chance if it doesn’t crack.
Meanwhile, the Relative Strength Index headed to the oversold zone while On Balance Volume dropped significantly. This highlighted that selling pressure increased while demand and volume for LTC declined. As such, sellers could attempt to crack the $85 support, especially if BTC remains below $27k. LTC could be devalued to the bullish order block and next support zone near $74 if the support cracks.
Conversely, bulls could secure the $85 support and reverse recent losses. However, they will only gain the upper hand if they push LTC above $95. Crossing the $100 mark could be feasible if they successfully clear the hurdle.
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