$LTC just saw a significant short liquidation of $7,030 at the price level of $89.37. This sharp move signals that sellers faced unexpected pressure, potentially setting the stage for a market shift.
Analysis Zone:
The key support zone lies between $88.00 and $90.50. This range has proven to be a battleground where shorts got squeezed, indicating strong buying interest around these levels. Watch for price action here — a hold above $90 could mark the start of a bullish rebound.
Target:
If $LTC manages to hold above this zone and builds momentum, the next critical upside target is $95.00 to $98.50. Breaking this range convincingly may push LTC toward $100, a psychological level that could attract fresh buyers.
Stop Loss:
For traders entering long positions near the support zone, a prudent stop loss would be below $86.50. Falling beneath this level could invalidate the bullish thesis and open the door for further downside pressure.
This liquidation event highlights how quickly market sentiment can change. Watch for confirmation around the support zone before making any decisive moves. The key lies in respecting risk and identifying clear zones where momentum can shift. Stay alert and trade smart.
