The price of Litecoin (LTC) is consolidating after a tiny pullback through the well-overbought levels seen week that is late last. Is there more upside for the altcoin in the future that is immediate?
After leading the marketwide charge belated week that is last the price of Litecoin (LTC) has cooled off and is looking set for another move. Odds are, that move will be to the— that is upside minimum against Bitcoin (BTC).
Litecoin’s three exponential moving averages (EMA) searching for instead bullish against its brother that is big,**************************************************************************************************).
The 50-day EMA has crossed over both the 100-day and 200-day EMAs, suggesting the altcoin that is popular willing to go through a full-fledged trend reversal.
Adding additional help compared to that concept may be the 200-week simple moving average (MA), as shown below:
Litecoin’s break above the 200-week MA week that is last certainly bullish.
It will likely to be more bullish in the event that cost can stay over the indicator that is long-term that is helpful for determining whenever an electronic asset is in a bearish trend or a bullish trend.
The Stochastic Relative Strength Index for LTCBTC can also be suggesting that the ‘silver to Bitcoin’s silver’ is cool down after being overbought following statement of private deals perhaps arriving at the LTC blockchain as time goes by.
The indicator is heading down towards oversold territory while cost stays reasonably stable. Those seeking to long Litecoin or accumulate before the altcoin’s block reward halving on Aug 8 could be motivated to take action whenever Stochastic RSI reaches territory that is oversold according to market conditions at that time, needless to say.
Litecoin’s dollar valuation will, naturally, rely mostly on Bitcoin’s cost motion within the coming days and days. That stated, with fundamental developments and a halving on the horizon that is not-so-distant wagering against BTC could be a good bet within the moderate term.
What do you consider associated with the Litecoin cost? Let us understand your ideas within the commentary below!
Images courtesy of TradingView.
Disclaimer: The contents of the article aren’t designed to be construed as investment advice and may never be taken as a result. Always consult an experienced financial professional before you make any investment choices and stay willing to lose your whole investment. The cryptocurrency marketplace is specially volatile — constantly do your research that is own.*****************)
Full Disclosure: The composer of this informative article holds Litecoin (LTC) and Bitcoin (BTC).
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