Litecoin (LTC) is showing signs of weakness on Thursday as it fails to break above its key resistance level. The price action emerges as a classic dead-cat bounce pattern, which favors bears. The technical outlook suggests that sidelined traders looking to short LTC could consider entry points between $93 and $95 in anticipation of the price resuming its downtrend. Additionally, the bearish sentiment is building among traders, with short positions in the derivatives market reaching their highest point in over a month.
Ethereum (ETH) briefly moved above $2,850 on Wednesday following its futures open interest (OI) rising to an all-time high of 15.21 million ETH. The OI rise is accompanied by major inflows into accumulation addresses in the past week. Ethereum has seen a 12% gain over the past three days, following a surge in its futures open interest, which jumped by 1.57 million ETH to an all-time high of 15.21 million ETH. Coupled with the OI growth, funding rates have also seen a slight uptick, indicating a rising appetite for risk among ETH investors.
Ripple (XRP) is rising marginally to trade at $2.31 at the time of writing on Wednesday, as interest in XRP-related financial products rapidly grows, with Ondo Finance, a tokenization platform, launching its flagship tokenized US treasury fund on the blockchain. Meanwhile, the Bureau of Labor Statistics (BLS) report shows that the United States (US) Consumer Price Index (CPI) data rose slightly to 2.4% in May from 2.3% in April, falling below the market forecast of 2.5%.
