Litecoin’s range movement persists: Will LTC sellers give up control?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Market speculators adopted a cautious approach with a decline in Open Interest.extended its range formation, as its price hovered at the mid-range point of $64. The bullish recovery from the $55 price zone has been stuck below the 23.6% Fib level since 18 August with bulls lacking the buying pressure to break above the dynamic resistance.

Similarly, the On Balance Volume reflected the lack of significant price movement with its flat structure. A bullish revival will require buyers to break above the 23.6% Fib with further gains lying at $78 to $80. For bears, an extension of the flat trading volume could see a drop to $60.Market speculators reacted negatively to LTC’s sideways movement, as the Open Interest continued to drop. Data from1,10,100 LTCs worth todayLikewise, the Spot CVD trended lower with a lack of demand clearly evident in the futures market.

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