Litecoin’s worth managed to document double-digit positive factors over the previous week. What’s the explanation behind the value enhance, and what’s subsequent for LTC?
Fundamentals and previous worth efficiency
Litecoin has been in an uptrend ever since late January, with its worth slowly rising to as excessive as $230. Nevertheless, a current pullback introduced its worth to a low of $186.50 earlier than bouncing again up. Litecoin is now fairly secure and getting ready for the following transfer because it approaches its current excessive.
Litecoin’s general outlook is kind of bullish, each from a elementary and technical standpoint. Technical analysts akin to NebraskanGooner noticed the correlation between BTC and LTC, and checked out their previous efficiency to find out LTC’s subsequent transfer:
As quickly as LTC will get above the $235 space I anticipate it to observe BTC’s trajectory and head above $1,000. pic.twitter.com/n0plFqXxN9
— NebraskanGooner📈 (@nebraskangooner) February 13, 2021
Looking at its weekly efficiency, LTC has posted week-over-week positive factors of 13.22%, outperforming BTC’s achieve of 9.02% and ETH’s 0.68% loss.
On the time of writing, Litecoin is buying and selling for $218, which represents a 79.08% achieve when in comparison with its earlier month’s worth. Litecoin is presently the eighth-largest cryptocurrency by market cap, boasting a price of $14.45 billion.
LTC/USD day by day chart worth evaluation
Looking on the day by day chart, Litecoin has been on a gentle uptick ever since 28 January. The cryptocurrency managed to achieve $230 earlier than having a wholesome pullback which seemingly ended on the 23.6% Fib retracement mark.
After posting a Doji candle (a pattern reversal indicator) yesterday, LTC pushed up, and is now contesting the $220 stage.
The technical overview exhibits Litecoin’s day by day RSI has simply entered the overbought territory, with its worth presently sitting at 70.40.
LTC/USD hourly chart worth evaluation
Zooming in to Litecoin’s hourly timeframe exhibits us the power of the 23.6% Fib retracement stage of $205, which held in opposition to all earlier pullbacks. Nevertheless, LTC now faces quick resistance close to the $220 stage, which it has to go if it desires to achieve $230 or above.
The zone round $220 ought to be thought-about a “pivot zone,” as it’s essential for LTC to go it so as to push additional up. If the cryptocurrency doesn’t make it, it’s pretty seemingly it would then push to the draw back.