THELOGICALINDIAN - The amount of Litecoin LTC is currently accumulation afterwards a baby pullback from the welloverbought levels apparent backward aftermost anniversary Is there added upside for the altcoin in the actual future
After arch the marketwide allegation backward aftermost week, the amount of Litecoin (LTC) has cooled off and is attractive set for addition move. Odds are, that move will be to the upside — at atomic adjoin Bitcoin (BTC).
Daily Exponential Moving Averages
Litecoin’s three exponential affective averages (EMA) are attractive rather bullish adjoin its big brother, Bitcoin.
The 50-day EMA has beyond over both the 100-day and 200-day EMAs, suggesting the accepted altcoin is accessible to abide a full-fledged trend reversal.
200-Week Moving Average
Adding added abutment to that approach is the 200-week simple affective boilerplate (MA), as apparent below:
Litecoin’s breach aloft the 200-week MA aftermost anniversary was absolutely bullish.
It will be alike added bullish if the amount can abide aloft the abiding indicator, which is advantageous for anecdotic back a agenda asset is in a bearish trend or a bullish trend.
Stochastic Relative Strength Index (RSI)
The Stochastic Relative Strength Index for LTCBTC is additionally suggesting that the ‘silver to Bitcoin’s gold’ is cooling off afterwards actuality overbought afterward the advertisement of arcane affairs possibly advancing to the LTC blockchain in the future.
The indicator is branch bottomward appear oversold area while amount charcoal almost stable. Those attractive to continued Litecoin or accrue afore the altcoin’s block accolade halving on Aug 8 may be encouraged to do so back the Stochastic RSI alcove oversold area — depending on bazaar altitude at the time, of course.
Litecoin’s dollar appraisal will, naturally, depend abundantly on Bitcoin’s amount movement in the advancing canicule and weeks. That said, with axiological developments and a halving on the not-so-distant horizon, action adjoin BTC may be a solid bet in the average term.
What do you anticipate of the Litecoin price? Let us apperceive your thoughts in the comments below!
Images address of TradingView.
Disclaimer: The capacity of this commodity are not advised to be construed as advance admonition and should not be taken as such. Consistently argue a accomplished banking able afore authoritative any advance decisions and be able to lose your absolute investment. The cryptocurrency bazaar is decidedly airy — consistently do your own research.
Full Disclosure: The columnist of this commodity holds Litecoin (LTC) and Bitcoin (BTC).
