Litecoin Price Stabilizes at $110 as Market Shows Signs of Recovery
Litecoin (LTC) is experiencing support around $110 after a near 10% weekly decline. Key factors include profit-taking as LTC approached $120 and Bitcoin's pullback to $107,000.
Market indicators suggest a potential shift in momentum:
- Bears failed to break the $110 level.
- LTC futures trading volumes decreased by 33.8% to $596 million, with stable open interest at $917 million.
- Long liquidations totaled $496,380, compared to $444,120 for shorts, indicating buyers absorbing downward pressure.
- Short liquidations surpassed long liquidations, hinting at a market bottoming phase.
If the current trend continues, bulls may push prices towards $115, avoiding a drop below $110. The golden cross formed on August 4 provides additional support, indicating potential bullish momentum.
However, failure to maintain above $109 could lead to further declines towards $100. The RSI remains neutral at 49, suggesting no strong buying or selling signals currently.
In light of Litecoin's performance, some traders are exploring new projects like SUBBD ($SUBBD), which has raised $1.05 million in its presale, targeting $1.26 million. The platform focuses on enhancing creator-fan engagement with AI features.