Litecoin Stages Revival Amid Bitcoin’s Bull Run
Litecoin (CRYPTO: LTC), an early Bitcoin (CRYPT: BTC) spinoff and peer-to-peer cryptocurrency was consolidating on Saturday morning after rising over 12% on Thursday and Friday. Many cryptocurrencies have seen a revival not too long ago from their mid-summer lows which is due, partly, to seasonality.
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The Litecoin Chart: Between Aug. 13 and 15 Litecoin’s relative energy index (RSI) was measuring up into overbought territory above the 70% degree. Sellers then got here into the crypto, and took their earnings out on the excessive, dropping Litecoin’s worth down 13% which prompted the RSI to fall towards a way more snug 57%.
Litecoin’s month-long decline adopted by its rise northward has prompted the crypto to settle right into a rounded backside sample. The crypto has examined the curved trendline on 12 separate events and held above it.
On Saturday morning Litecoin was buying and selling comparatively flat on very low quantity indicating the crypto was in a interval of consolidation. As of about 11:00 a.m. Litecoin’s quantity was at about 85,000 in comparison with its common 10-day quantity of 232,212.
Litecoin is buying and selling above the eight-day and 21-day exponential shifting averages (EMAs) with the eight-day EMA trending above the 21-day, each of that are bullish indicators. The crypto is buying and selling beneath the 200-day easy shifting common, nonetheless, which signifies total sentiment is bearish.
- Bulls wish to see large bullish quantity are available and drive Litecoin up over the $189 degree which might be a every day larger excessive to verify the uptrend remains to be intact. There’s a worth historical past resistance above on the $193 degree and if Litecoin can rise above the extent it has room to maneuver up towards $208.
- Bears wish to see large bearish quantity are available and drop the crypto down beneath the curve of the rounded backside sample. If Litecoin loses the realm as assist it might fall towards $162.
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