Litecoin (LTC) continues to guide the altcoin market with a latest push to determine a fair greater stage of help and maintain buying and selling in a brand new vary towards Bitcoin (BTC). 

Litecoin’s Weekly Chart

When buying and selling towards Bitcoin (BTC), Litecoin (LTC) has revered every stage and zone created by a easy Fibonacci Retracement measure.

litecoin weekly fib levels

Chart courtesy of TradingView.

Litecoin broke out in February following information that the altcoin project plans on implementing confidential transactions as some level sooner or later. This information pushed the BTC valuation of LTC by means of the 0.236 stage, which it revered till pushing up by means of above the 0.382 stage.

With an elevated quantity of hype slowly constructing round Litecoin’s block reward halving in August, the BTC worth of LTC pushed by means of 0.5 on latest days — whereas attempting to interrupt straight by means of to the vary between 0.618 and 0.786. Nevertheless, LTCBTC has discovered rejection at this stage, and it stays possible that Litecoin might want to cool off a bit by consolidating within the decrease vary.

That mentioned, bullishness and FOMO (worry of lacking out) can throw the guidebook out the window. We can’t rule out an impending push from the Litecoin bulls to take the value in direction of 0.02 satoshis per litecoin.

Litecoin’s Stochastic Weekly RSI

Like its massive brother, Bitcoin, Litecoin has been hanging out in overbought territory for much too lengthy — significantly on the weekly timeframe — in line with the Stochastic Relative Power Index indicator.

litecoin weekly stochastic rsi

In terms of momentum indicators just like the Stochastic RSI, the rule applies that what goes up should come down. In some unspecified time in the future, LTCBTC must come down — however how arduous will depend upon quite a lot of elements.

The truth that Litecoin’s halvening occasion will come on the finish of the summer season makes us consider {that a} correction won’t be terribly sharp — at the least not till we come nearer to the block reward halving. Consolidation above 0.016 satoshis could be significantly wholesome.

What do you consider the value of Litecoin (LTC) in comparison with Bitcoin (BTC)? Tell us your ideas within the feedback under! 

Photos courtesy of TradingView.

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Disclaimer: The views expressed on this article usually are not supposed as funding recommendation.