After enjoying a bullish outlook over the past two weeks, the Litecoin (LTC) market suddenly turned bearish over the weekend. Notably, Litecoin’s weekly close on Sunday was below the 200 moving average (MA) and key support/resistance levels around $100.
Trading at around $93.2 in early London trading on Monday, Litecoin market volume remains high at around $577.69 million compared to most altcoins. With over 9.5 million holders and a hash rate of around 778.84 (TH/s), the Litecoin market is undoubtedly bullish in the long term.
Litecoin Price Analysis
According to Kaleo (@CryptoKaleo), a popular cryptocurrency analyst with over 593,000 followers on Twitter, there are more reasons to short the Litecoin market at current levels than before. Kaleo believes the main reason is that Litecoin macro price has been rejected due to falling logarithmic resistance and is now facing more bearish pressure. When comparing the recent rejection to price action in 2021, Kaleo noted that Litecoin is likely to make new lows.
From a short-term perspective, Kaleo emphasized that Litecoin prices have been declining relative to Bitcoin and that hourly support levels on USD derivatives cannot be relied upon.
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With much hype surrounding the bullish outlook for Litecoin’s third halving event, expected to occur within 23 days starting on Monday, Kaleo expects the underlying value to fall as in previous events.