Over the past three weeks, the crypto market has seen reduced volatility, coinciding with fluctuating Bitcoin prices around the $70,000 mark. This period of uncertainty has resulted in a sideways trend across most major altcoins but Litecoin has faced increased selling pressure. After reaching a recent high of $89.6, the LTC price dropped 11.78% to $79. Will this correction deepen if the broader market continues its consolidation phase?

The mid-term trend in Litecoin is bullish supported by an ascending trendline in the daily chart. The dynamic support assisting buyers with higher low formation indicates the buyers continue to accumulate the asset at market dip— a key sign of a sustainable uptrend.

However, in recent insights shared by Trader Kamikaze, significant movements within the Litecoin (LTC) market have been highlighted. According to data from IntoTheBlock, approximately 432,070 addresses have accumulated 6.67 million LTC at an average price of $82, with the buying range spanning between $81 and $83. This accumulation indicates a substantial investment at these levels.

Trader Kamikaze points out that if LTC prices return to this range, it is likely that some investors will sell to break even, potentially creating selling pressure. Therefore, a consolidation below $82 is expected this week. If the ascending trend manages to stabilize Litecoin, a potential rebound of 11% is possible to hit $88.7 resistance.

The coin price reverted twice from this resistance in five weeks indicating a high supply pressure for buyers. A bullish breakout from this barrier will signal a change in market sentiment from selling on rallies to buying on dips.