Litecoin spent the day following the market down after reaching a excessive of $247. Nevertheless, LTC worth is at the moment at a significant pivot level, which can decide extra than simply its short-term buying and selling path
Fundamentals and previous worth efficiency
Litecoin has spent the vast majority of 2021 (and its existence) buying and selling in the identical path as Bitcoin. Nevertheless, what differentiated it was its depth (it moved up and down lower than BTC, besides in altcoin seasons). Nevertheless, the cryptocurrency has now moved with increased depth than BTC as LTC bears had been keen to check out its most important pivot level.
One Twitter consumer identified that Litecoin has simply entered the bull market after passing the $220 mark, that means that LTC is now again in impartial stage:
#Litecoin has solely simply entered its bull market. Let that marinate. pic.twitter.com/bMlv0mxjpq
— Flappening (@flappening) February 20, 2021
Having a look at its weekly efficiency, LTC has posted losses of 13.37%, falling brief to BTC’s 0.52% loss, however outperforming ETH’s 14.59 loss.
On the time of writing, Litecoin is buying and selling for $178, which represents a 25.60% achieve when in comparison with its earlier month’s worth. Litecoin is at the moment the eighth largest cryptocurrency by market cap, boasting a worth of $11.82 billion.
LTC/USD weekly chart worth evaluation
Having a look on the weekly chart, we will see Litecoin’s large-scale buying and selling sample. Many analysts used this timeframe to justify the assertion that LTC has simply entered the bull market. Nevertheless, the present market circumstances pulled its worth down, and LTC bears took over.
Litecoin is at the moment combating to remain above its pivot level that sits at $182. A break beneath it might imply a way more bearish outlook, whereas a every day shut above the extent would signify energy.
The technical overview reveals Litecoin’s weekly RSI simply leaving the overbought space, with its worth at the moment sitting at 64.17.
LTC/USD hourly chart worth evaluation
Litecoin’s hourly timeframe reveals us how its worth responded to the market downturn.
We will see that LTC is clearly responding to each the 21-hour EMA and the Fib retracement ranges, and that it’s at the moment positioned simply above the 61.8% Fib retracement degree of 175.83. Nevertheless, this degree is a bit much less essential when in comparison with the $182 pivot level, which may very well be thought of essential for Litecoin merchants.
