Litecoin/Tether Market Overview

• Price surged from $116.3 to $119.12 before retreating to $118.62 amid fluctuating volume.
• RSI indicates overbought conditions at 70+, suggesting potential pullback.
• Bollinger Band expansion highlights increased volatility late in the session.
• Volume spiked during key bullish moves but failed to confirm strong follow-through.
• Key resistance around $119.00–119.13 and support near $117.09–118.15 identified.

LTCUSDT opened at $116.3 on 2025-10-08 at 12:00 ET and reached a high of $119.12 before closing at $118.62 on 2025-10-09 at the same time. Total 24-hour volume was 311,031.3 LTC, with notional turnover at $36,807,530 (USD equivalents).

The price action formed a bullish impulse wave from $116.30 to $119.12, followed by a moderate pullback. Key support levels emerged near $118.15–118.45, with $117.09 as a critical psychological floor. Resistance is now at $119.00–119.13, with a breakout likely needing confirmation above that range. Notable candlestick patterns include a bullish engulfing at $118.37–118.59 and a hanging man at $118.97–118.48, suggesting indecision.

Structure & Formations

Price tested and retested the $118.50–118.70 range multiple times, forming a consolidation pattern. A doji at $118.59–118.41 signals waning bullish momentum. The bearish divergence in RSI versus price during the late-ET hours may indicate a near-term reversal.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs converged around $118.30–118.40, while the 50-period SMA on the daily chart remains above $117.60. The price currently sits above both 20 and 50 SMAs, indicating a bullish bias in the short-term.

MACD & RSI

The RSI reached overbought territory at ~71.5, with a bearish crossover into the 60–70 range. MACD lines showed a bullish crossover in the early hours but flattened as momentum weakened. The MACD histogram contracted, suggesting fading buying pressure.

Bollinger Bands

Volatility expanded sharply during the early morning hours, pushing prices beyond the upper band at $119.12. Prices have since retracted into the middle band, indicating a potential consolidation phase. A sustained move back into the upper band would reaffirm bullish sentiment.

Volume & Turnover

Volume spiked significantly during the $118.37–118.72 leg, with a peak of $119.12 on $16,542,451 notional value. However, volume during the pullback was relatively muted, raising questions about follow-through buying. A volume confirmation above $119.13 would be needed to validate a breakout.

Fibonacci Retracements

On the 15-minute chart, the $118.70–119.12 swing retracted to key levels at 61.8% ($118.41) and 50% ($118.56). On the daily chart, the $116.3–119.12 move retracted to 50% at $117.71, a potential support level to watch.

The 24-hour period saw a strong initial rally, a consolidation phase, and a moderate pullback. A continuation of the bullish trend would likely require a break above $119.13 with increasing volume. Traders should be cautious of overbought conditions and the potential for a bearish reversal.

Backtest Hypothesis

Using the 20-period and 50-period SMAs on the 15-minute chart, a backtest strategy could involve entering long on a bullish crossover (20 SMA above 50 SMA) when RSI is above 50, and exiting on a bearish divergence or RSI overbought condition. During the observed 24-hour window, such a strategy would have entered long around $117.19 at 17:00 ET and exited near $118.50–118.60 during the late-ET consolidation. This approach could have captured a 1.45% gain, though drawdowns would likely occur during false breakouts.