Litecoin (CRYPTO: LTC), an early Bitcoin (CRYPT: BTC) spinoff and peer-to-peer cryptocurrency was consolidating on Saturday morning after rising over 12% on Thursday and Friday. Many cryptocurrencies have seen a revival not too long ago from their mid-summer lows which is due, partly, to seasonality.
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The Litecoin Chart: Between Aug. 13 and 15 Litecoin’s relative energy index (RSI) was measuring up into overbought territory above the 70% stage. Sellers then got here into the crypto, and took their income out on the excessive, dropping Litecoin’s value down 13% which brought about the RSI to fall towards a way more comfy 57%.
Litecoin’s month-long decline adopted by its rise northward has brought about the crypto to settle right into a rounded backside sample. The crypto has examined the curved trendline on 12 separate events and held above it.
On Saturday morning Litecoin was buying and selling comparatively flat on very low quantity indicating the crypto was in a interval of consolidation. As of about 11:00 a.m. Litecoin’s quantity was at about 85,000 in comparison with its common 10-day quantity of 232,212.
Litecoin is buying and selling above the eight-day and 21-day exponential transferring averages (EMAs) with the eight-day EMA trending above the 21-day, each of that are bullish indicators. The crypto is buying and selling beneath the 200-day easy transferring common, nevertheless, which signifies total sentiment is bearish.
- Bulls need to see massive bullish quantity are available and drive Litecoin up over the $189 stage which might be a day by day larger excessive to verify the uptrend continues to be intact. There’s a value historical past resistance above on the $193 stage and if Litecoin can rise above the extent it has room to maneuver up towards $208.
- Bears need to see massive bearish quantity are available and drop the crypto down beneath the curve of the rounded backside sample. If Litecoin loses the realm as help it may fall towards $162.
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