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Layer-1 (L1) coin LTC is today’s top gainer, climbing 10% in the past 24 hours. The double-digit surge comes following a regulatory setback, as the US SEC delayed its decision on Canary Capital’s application for a spot Litecoin ETF.
However, the current LTC token upward momentum may be on shaky ground as technical indicators suggest a potential bearish reversal.
On Tuesday, after the SEC called for public comments on Canary Capital’s application for a spot Litecoin ETF, LTC plunged to a two-week low of $81.03.
However, the resurgence in trading activity across the broader crypto market over the past day has helped LTC rebound from this dip. It now trades at $91.68, with daily trading volume exceeding $850 million.
But, there is a catch. Key technical and on-chain indicators suggest a potential bearish reversal in the short term, as buyer exhaustion appears on the horizon.
For example, despite LTC’s rally, its Chaikin Money Flow (CMF), which measures buying and selling pressure, has declined, forming a bearish divergence. Readings from the daily chart show that this momentum indicator is declining and poised to breach the center line.
A CMF bearish divergence occurs when the price of an asset makes higher highs while the indicator makes lower highs. This suggests that buying pressure is weakening despite rising prices. The trend indicates a potential reversal or loss of upward momentum in the LTC market.
Moreover, on-chain readings show that LTC’s Network Realized Profit/Loss (NPL) is rising, indicating that coin holders are sitting on unrealized gains and may be tempted to sell. At press time, the NPL sits at 1.7 million.
This metric reflects the net profit or loss of all coins moved on-chain, based on the price at which they were last moved. A rising NPL suggests increasing profitability across the network.
This, in combination with LTC’s weakening buy pressure as reflected by its CMF, heightens the risk of short-term selling pressure as traders look to lock in profits.
Can Litecoin Hold Its Gains?
With strengthening bearish pressure, LTC buyers risk facing exhaustion soon. If new demand fails to come into the spot markets to support the LTC token rally, it could lose its current gains and fall to $82.88.
However, a bullish shift in market sentiment could prevent this. If buying activity soars, it could drive LTC’s price to $95.13. A breach of this resistance could catapult the altcoin toward $105.04.
The Solana price is on the verge of rising over the bearish captivity while the bears are utilizing all their strength to push back the levels below $100. The global markets faced a dreadful weekend following Trump’s Liberation Day. The global crypto market cap plunged by over $300 billion but with the beginning of the American trading session, things seem to have turned in favor of the bulls. Bitcoin price reclaims $78,000 while Solana climbs above $100 after marking lows around $95. This suggests the traders utilized the buy-the-dip opportunity, which could pave the way for a decent recovery.
Solana price has been facing massive upward pressure since the start of the year that has dragged the price lower by more than 60%. The token formed constant lower highs and lows, hinting towards the bears holding a tight grip over the rally. In such a scenario, a slight rise in the price may not be considered as a rise above the bearish influence until the pivotal resistance is secured.
Presently, the SOL price is juggling at a threshold, and hence a slight drop below the range could squash the bullish possibilities.
The bears dragged the price below the crucial support levels but the bulls have managed to lift the levels within the range. Despite this, the bearish impact on the rally continues to persist as the Ichimoku cloud has not confirmed a bullish reversal, as the base line and conversion line continue to descend. Meanwhile, the RSI is trying for a rebound, which is yet to be validated and once done, the rebound could be confirmed.
In case of a rebound, the SOL price is required to rise to secure levels above $118, which could squash the bearish possibilities. Otherwise, the possibility of a continued descending trend may drag the levels to the 2024 lows below $80. However, one of the smartest plays during this sell-off is to accumulate a Solana position in anticipation of the SOL ETF later this year.
The post Solana Back Above $100 as Bulls Gain Control—Will SOL Price Reclaim $110? appeared first on Coinpedia Fintech News
The Solana price is on the verge of rising over the bearish captivity while the bears are utilizing all their strength to push back the levels below $100. The global markets faced a dreadful weekend following Trump’s Liberation Day. The global crypto market cap plunged by over $300 billion but with the beginning of the …
