Disclaimer: The findings of the following analysis are the authors’ sole opinions and should not be considered investment advice.
Litecoin has been rejected several times in recent weeks with a resistance of $53.8. A move below $50 could encourage bears
The USDT Dominance statistic saw a sharp drop on Oct. 13 but has quickly caught up. This showed that in recent days, market participants preferred to stick with Tether. During October, this statistic has been on the rise. At the same time, Litecoin [LTC] has shown little to no significant trend in the price charts.
Here’s AMBCrypto’s Litecoin Price Prediction [LTC] in 2022
On the lower timeframes, LTC was able to climb past $54 for a few days, but failed to stay there. More recently, the price has fallen below $52 and appears to have flipped into resistance as well. Where will LTC bulls make an appearance next?
Litecoin Doesn’t Offer a Great Opportunity to Buy or Sell Yet
Since May, Litecoin has been trading between the $64.5 resistance and the $43.4 support. The middle of this range was at $53.9. In recent weeks, Litecoin has been chained to this mid-range value. LTC has failed to climb above $55, nor fall below $51 convincingly.
Finally, the market may have made a decision. Selling pressure on October 13 forced the price to $49. At the time of writing, the key lower level of $52.3 was converted into resistance. If the bears can sustain this, LTC could drop again to the range lows near $44. Around $45, Litecoin can be examined again to see if it presented a buying opportunity.
LTC’s Social Dominance Cannot Break the 0.4% Ceiling
The 180-day dormant circulation peaked in August and again in mid-September. That latest rise almost exactly coincided with a local top for LTC. While this doesn’t always have to be the case, a swell in this stat may be something to watch out for.
Social dominance has also been something that Litecoin has struggled with in recent months. The dominance has not risen above 0.5% since July. In recent weeks, it has repeatedly peaked near 0.41%. This showed that, compared to the dozens of other assets on the market, LTC was not among the most popular.
If Bitcoin were to fall below $19k again, the $18.5k region would be retested. If this also gave way to the bears, Litecoin BTC would likely follow downward on the price charts.
This post With Litecoin failing to break the $54 resistance, a 10% drop is imminent
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