LTC Price Trapped in Dead Zone, Flush to $47.66 Before Bulls Take Control

LTC price is stuck in a state of stagnation, unable to break through resistance levels. The cryptocurrency is currently trading below its 200-day moving average, with sellers aggressively pushing down the price.

The taker buy/sell ratio is heavily skewed towards selling, with sell volume outpacing buy volume by 57%. This suggests that the market is being controlled by sellers, rather than buyers. Open interest has also decreased by 1.76% in the past 24 hours, indicating that positions are being unwound.

The setup for a washout to $47.66 before bulls get their chance to buy is high probability according to Rebeca Moen. The immediate support at $48.29 is the first line of defense, and if it breaks, $47.66 will become the target. Below that, the SMA 50 at $46.74 will be the last meaningful technical backstop.