Litecoin falls -16% in flash crash before rebounding.

As things started to improve, the market suddenly took a downward turn, but while some are concerned, others are seeing an opportunity to add to their positions. There doesn’t seem to be any news specifically leading to a decline.

The sell-off occurred following a sharp drop of -3.6% in one minute at 21:59 UTC, lowering support in the previous trading channel. The next 10 minutes looked weak and eventually led to selling of another 10% of market value within 5 minutes. According to data from coingecko, a total of $330 million worth of Litecoin was traded in the first move, with an additional $1 billion traded upon surrender.

The market bounced back quickly, with high levels of volatility, bouncing 9% within an hour. Although the price has slightly broken the previous low at $62, it is currently trading at ~$67, closing -6% on the session.

For now, the final support at $60 holds, and if this breaks, the price could fall to the previous support at $40. However, there is no clear deal in price equalization and this action can easily be completely reversed through market buying from similar large market participants, forming a pattern known as the ‘Baht pattern’ on the charts.

The indicator remains somewhat neutral, with a slight downward trend due to the sharp decline. The current $60 to $80 price range serves as a virtual purgatory until we break one way or another.

Additionally, prices fell across the entire cryptocurrency market yesterday, reducing the value of $5 billion in the ecosystem from $260 billion to $255 billion. Total value has remained steadily above $240 billion since May 2019, and a drop below this level could signal a further lack of confidence in the overall market, while a break in the trend would provide valuable insight into longer-term trends. You can.