The Litecoin (LTC) market suddenly turned bearish over the weekend after enjoying a bullish outlook for the past two weeks. Notably, the weekly Litecoin bar closed below the 200 moving average (MA) and a crucial support/resistance level near $100 on Sunday.
The Litecoin market traded around $93.2 during the early London market on Monday and still had a high trading volume of 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 undeniably bullish in the long run.
Litecoin Price Analysis
According to a popular crypto analyst with more than 593,000 followers on Twitter, Kaleo (@CryptoKaleo), there are more reasons to short the Litecoin market at the current level than before. The main reason is that Kaleo believes Litecoin’s macro price was rejected amid falling logarithmic resistance and is now facing more bearish pressure. While comparing the recent rejection to the 2021 price action, Kaleo noted that Litecoin has a high probability of creating a new low.
In the short term, Kaleo stressed that the Litecoin price was bleeding against Bitcoin and that the hourly support level in the USD derivative cannot be relied upon.
Sell the news event
With Litecoin’s third halving event, expected 23 days from Monday, significantly hyped for a bullish outlook, Kaleo expects the underlying asset to decline as it did in previous events.
