Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.
Litecoin price consolidated above $110 on Tuesday after the crypto market crash on December 9 triggered a 20% correction. Derivative markets data shows LTC bulls deployed $10.8 million worth of leverage around the $100 support level. The Relative Strength Index indicator on the LTCUSD 4-hourly chart signals improvement in the market momentum Derivatives markets data show that LTC bulls have deployed considerable leverage around the $100 support level.
But zooming in, the chart shows bulls have mounted over 52% of the current leverage positions around the $100 level. When traders deploy an overwhelming large volume of leverage around a specific price point, it signals that a high number of traders could potentially book significant losses if prices fall below that level.
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