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Litecoin (LTC) continues to dominate the Altcoin market with a recent desire to establish an even higher level of support and to sustain trading in a new product line against Bitcoin (BTC).
The weekly chart of Litecoin
When trading against Bitcoin (BTC), Litecoin (LTC) respected each level and each zone created by a simple Fibonacci retracement measure.
Chart provided by TradingView.
Litecoin broke out in February after the announcement that the altcoin project provided for the implementation of confidential transactions at some point. This news pushed the valuation of LTC by the BTC above the level of 0.236, which it respected up to exceed the level of 0.382.
As the hype slowly increased around the doubling Litecoin block reward in August, the BTC price of LTC has crossed the 0.5 mark in recent days – while trying to go directly from 0.618 to 0.786. However, the CTLCT has found a rejection at this level and it is likely that the Litecoin will have to calm down a bit by consolidating in the lower range.
That being said, the bullish trend and FOMO (fear of running out) can throw the guide out the window. We can not rule out an imminent surge of Litecoin bulls to bring the price to 0.02 satoshis per litecoin.
Stochastic Weekly RSI from Litecoin
Like its big brother, Bitcoin, Litecoin has been dragging for too long into overbought territory – especially according to the weekly schedule – according to the Stochastic Relative Index indicator.
For momentum indicators such as stochastic RSI, the rule is that what goes up must go down. The LTCBTC may have to be reduced, but the difficulty will depend on many factors.
The fact that Litecoin's half-liter will occur at the end of the summer leads us to believe that a correction will not be too strong – at least as long as we do not get close to half of the total reward. A consolidation greater than 0.016 satoshis would be particularly healthy.
What do you think of the price of litecoin (LTC) compared to bitcoin (BTC)? Let us know your thoughts in the comments below!
Images courtesy of TradingView.
Commercial Litecoin (LTC), Bitcoin (BTC) and other cryptographic currencies on the online trading platform Bitcoin forex evolve.markets.
Disclaimer: The opinions expressed in this article are not intended to serve as investment advice.
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