Litecoin, like Bitcoin, hasn’t registered a surge of word over the previous week. In actual fact, the other has been the case, with Litecoin’s weekly worth change noticed to be damaging 7.15%. Though not stunning, the identical sample could be seen for the highest 15 altcoins [by market cap].
Litecoin 1-week chart
The one-week chart for Litecoin could be cut up up into 3 elements – sample, necessary ranges, and bias.
Proper now, we’re witnessing Litecoin consolidate in a symmetrical triangle. Litecoin has been forming decrease highs since 2017 and the identical is the case even now. It has additionally been forming excessive lows because the similar time. So, this multi-year consolidation, every time it breaks out, shall be a sight to witness, and hopefully, will probably be a bullish one.
Necessary ranges are as proven on the chart. Nevertheless, on the time of writing, LTC was nicely above the $50-level after failing to succeed in $64. If LTC continues to move decrease, then we’d see the cryptocurrency check $50 earlier than the breakout.
Moreover, the crimson line seen on the chart has supported the weekly wicks for the final 3 weeks. Therefore, this may stop the value from heading any decrease on the charts.
Shifting on to the bias, on the time of writing, the bearish divergence [pink] shaped between the value and OBV from early 2020 to mid-2020 was over and there existed no such divergence [yellow] since mid-2020. In actual fact, the OBV has been forming larger lows, indicating a gradual improve in quantity. The RSI famous an analogous transfer and prompt a gradual improve in bulls, with the momentum being supported by the white line.
Litecoin was picturing a weekly crimson candle at press time, nonetheless, it must construct extra steam for a multi-year breakout. Proper now, it’s too quickly to resolve if the value will head larger or decrease. Nevertheless, $50 looks as if a stage to look out for within the days to return. Furthermore, Bitcoin too appeared caught in a excessive timeframe sample which was bearish. Therefore, care must be suggested to not take any long run trades with out correct affirmation or reasoning.