Must-read for holding $LIT ! Another junk coin? Selling pressure hasn't stopped, do not blindly bottom fish!
Recently, the overall market sentiment is leaning towards risk aversion, with significant fund outflows in the sector. The track that LIT belongs to lacks positive news recently, failing to attract new funds. At the same time, market attention has shifted to other hot spots, leading to a continuous weakening of its buying support.
LIT has shown a series of consecutive bearish candlesticks and is accompanied by volume release, indicating that short-term selling pressure is quite persistent. Key minor support levels have been continuously broken, triggering programmed sell orders and some stop-loss orders, forming a technical downward cycle.
I believe LIT is currently in a short-term trend dominated by bears. The price is showing a gradual decline in lows on the 15-minute level, with weak rebound strength. Although the current price has moved away from high levels, there is still no clear structure for stopping the decline and stabilizing. Overall, the market is still digesting selling pressure, and in the short term, we must wait for the exhaustion of bearish forces and the emergence of new buying signals.
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