Medium-term Highs in the LTC Market were Reached

The trading week in the LTC market ended with an attempt by buyers to take control of the mark $83. As early as the third week, buyers are fighting at local highs for the right to accelerate the growth trend. This fight takes place at abnormally high volumes. Sellers try not to give a range of $75-80 because this range has historical value. The fact is that it is from this range that sellers began aggressive pressure on the price and reached $24.1 in March 2020. Therefore, continuing to clarify the relationship between sellers and buyers in the consolidation at local highs - the most likely scenario.

Although, the last 7 days on the LTC chart are obvious factors that indicate the weakness of buyers.

Buyers’ weakness in the price range of $83-88

On 1 December, the LTC market recorded the highest trading volume in recent times. The daily candle closed below the opening price, showing the beginning of the long-term profit record.

After this culmination of growth, the next two days of buyers' efforts to continue growth provoked a sharp price fall by more than 10%. Thus, in the LTC narrow range of $83-88, a strong liquidity sales zone was formed. Looking at the last three daily candles, which are traded at significantly lower volumes and with less volatility - the probability of a new falling momentum to the range of $73-76 is high.

The main buyers’ support for LTC price growth continuation

If the LTC sales zone was formed in the range of $83-88, then the range of attractive prices for buyers was formed in $73-76.

This range is the last hope of LTC buyers to accelerate the growth trend. Otherwise, the risk of a medium-term fall wave up to $53 will increase. Therefore, the results of trading this week will be decisive for the future price trend. It only remains to follow critical price points.