- Litecoin value reaches measured move target in simply two weeks.
- Weekly Relative Power Index (RSI) flashing bearish momentum divergence.
- Quantity profile stays strong with greater quantity on optimistic days and lighter quantity on detrimental days.
Litecoin value has been the beneficiary of the broader power within the cryptocurrency complicated. Nonetheless, the robustness of quantity reveals a perception within the underlying LTC fundamentals and its future. Nevertheless, upside could also be restricted within the quick time period because the rally consolidates across the confluence of the measured transfer goal and the 61.8% retracement of the 2017-2018 bear market earlier than capitalizing on the conviction for a brand new all-time excessive.
Litecoin value unphased by Bitcoin’s struggles with new highs
The breakout from a symmetrical triangle sample started with a whimper on April 3 however quickly ignited and rallied LTC near the measured transfer goal of $292.20, a acquire of 38% from the triangle breakout.
A broad swath of technical knowledge helps a continuation of the rally, however the bearish momentum divergence on the weekly RSI does increase some warning for speculators. A bearish momentum divergence happens when the value makes a brand new excessive, however the RSI prints a decrease excessive.
Nonetheless, the breakout conviction has established the premise for LTC to doubtlessly rally an additional 47% and knock on the all-time high of $420.00. Some resistance will come into play on the 78.6% retracement of the 2017-2018 bear market at $334.88, however after that, the trail is open for brand new all-time highs.
LTC/USD each day chart
If a consolidation emerges, it ought to discover help within the space of the February 20 excessive at $247. A failure to carry would put the rally in query and expose LTC to a decline to the 50-day easy shifting common (SMA) at $204.11.