Gate Square “Creator Certification Incentive Program” — Recruiting Outstanding Creators!
Join now, share quality content, and compete for over $10,000 in monthly rewards.
How to Apply:
1️⃣ Open the App → Tap [Square] at the bottom → Click your [avatar] in the top right.
2️⃣ Tap [Get Certified], submit your application, and wait for approval.
Apply Now: https://www.gate.com/questionnaire/7159
Token rewards, exclusive Gate merch, and traffic exposure await you!
Details: https://www.gate.com/announcements/article/47889
Litecoin's recent rebound looks quite fierce, but a careful look at the 1-hour chart reveals some tricks. The price touched 82.07 and then quickly retreated, now holding at 81.06, having already broken below the support of the MA5, MA10, and MA20 moving averages.
RSI(6) is only 43.18, clearly indicating a bearish bias; MACD green bars are starting to appear, with DIF and DEA both sticking at -0.04, which suggests that the bullish momentum is weakening. The market behavior resembles a main force pushing the price up to sell off.
From a technical perspective, a bearish approach can be considered. Opening a short position around the current price of 81.06 is relatively safe, with a stop-loss set just above the previous high of 82.07. The first target below is 79.89 (the 24-hour low), and if the price breaks further, you can chase down to the previous low of 79.88.
If you are trading trend-following positions, hold firmly; for short-term trading, remember to take partial profits at key support levels. Lastly, be aware that in this kind of weak rebound pattern, the main force can easily play the reverse hand to smash the price down, so be sure to guard against the risk of key support levels being broken again.