$LIT đ just got rejected hard!
Lighter pushed toward $5.50 following Bitwiseâs launch of the Lighter Staking ETP, but the breakout couldnât hold. Sellers stepped in aggressively, sending LIT back below the key $5 level.
The result? An 11.2% daily drop, with price trading around $4.87.
The chart is starting to show cracks too. LIT slipped below its 9-day moving average, while MACD printed a bearish crossover â signs that the short-term momentum is cooling after a massive 60%+ monthly rally.
But hereâs the interesting part đ
Around 46% of circulating LIT is reportedly staked, while more than 6% has been repurchased. That could reduce available supply over time.
However, Bitwiseâs new ETP hasnât started staking yet. Staking is expected only after the product reaches sufficient AUM, meaning the potential supply-demand catalyst isnât fully active yet.
Now watch the levels:
đĽ $5.00 â reclaim = bulls regain control
đŻ $5.40 â next resistance
â ď¸ $4.60 â key MA support
đĽ $4.00 â downside level if $4.60 breaks
LIT is at a critical decision zone. The next reaction around $4.60â$5 could reveal whether this is simply profit-taking or the start of a deeper correction.
#lit
Lighter pushed toward $5.50 following Bitwiseâs launch of the Lighter Staking ETP, but the breakout couldnât hold. Sellers stepped in aggressively, sending LIT back below the key $5 level.
The result? An 11.2% daily drop, with price trading around $4.87.
The chart is starting to show cracks too. LIT slipped below its 9-day moving average, while MACD printed a bearish crossover â signs that the short-term momentum is cooling after a massive 60%+ monthly rally.
But hereâs the interesting part đ
Around 46% of circulating LIT is reportedly staked, while more than 6% has been repurchased. That could reduce available supply over time.
However, Bitwiseâs new ETP hasnât started staking yet. Staking is expected only after the product reaches sufficient AUM, meaning the potential supply-demand catalyst isnât fully active yet.
Now watch the levels:
đĽ $5.00 â reclaim = bulls regain control
đŻ $5.40 â next resistance
â ď¸ $4.60 â key MA support
đĽ $4.00 â downside level if $4.60 breaks
LIT is at a critical decision zone. The next reaction around $4.60â$5 could reveal whether this is simply profit-taking or the start of a deeper correction.
#lit
