• LTC’s market structure was bearish in mid-February after price rejection at $103.
• U.S. Employment Report on Friday (March 10) could offer definite price action over the next few days/weeks and is worth tracking.
• Bears cleared the hurdles at the 50-day MA, $90.7, and 100-day EMA, putting selling pressure on Litecoin [LTC].
Litecoin [LTC] Price Analysis
The market structure of Litecoin [LTC] was bearish in mid-February after a price rejection at $103. This caused LTC to depreciate by 20% since then and increased selling pressure on the cryptocurrency.
Impact of U.S. Employment Report
The U.S. Employment Report on Friday (March 10) could offer definite price action over the next few days/weeks and is worth tracking, especially for macro-investors.
A better-than-expected job report could lead to a market rally and boost LTC’s recovery, while dismal results would exert more selling pressure.
Price Action Outlook
At press time, Litecoin’s price rebounded from the immediate crucial support at $81.89 and could come to the bulls‘ rescue if the jobs report is impressive.
Long-term bulls must defend this support level in order to keep bears off the market; otherwise, LTC could face aggressive selling if bears break below it.
The daily chart’s RSI (Relative Strength Index) was in the lower range, indicating intense selling pressure while On Balance Volume declined significantly.
Read: Litecoin [LTC] Price Prediction 2023–24 | Can The Bulls Defend $81?
Market Value to Realized Value Ratio Flipped Negative
According to Santiment, Litecoin saw unstable demand in the derivatives market since early March as shown by fluctuating Funding Rates.
Furthermore ,the 90 – day MVRV ( Market Value to Realized Value) ratio declined and flipped negative , meaning that quarterly holders of LTC were suffering losses .
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