Litecoin spent the day following the market down after reaching a excessive of $247. Nonetheless, LTC worth is at present at a serious pivot level, which can decide extra than simply its short-term buying and selling route
Fundamentals and previous worth efficiency
Litecoin has spent nearly all of 2021 (and its existence) buying and selling in the identical route as Bitcoin. Nonetheless, what differentiated it was its depth (it moved up and down lower than BTC, besides in altcoin seasons). Nonetheless, the cryptocurrency has now moved with increased depth than BTC as LTC bears have been keen to check out its principal pivot level.
One Twitter person identified that Litecoin has simply entered the bull market after passing the $220 mark, which means that LTC is now again in impartial stage:
— Flappening (@flappening) February 20, 2021
Looking at its weekly efficiency, LTC has posted losses of 13.37%, falling quick 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 present the eighth largest cryptocurrency by market cap, boasting a price of $11.82 billion.
LTC/USD weekly chart worth evaluation
Looking on the weekly chart, we are able to 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. Nonetheless, the present market circumstances pulled its worth down, and LTC bears took over.
Litecoin is at present preventing to remain above its pivot level that sits at $182. A break beneath it might imply a way more bearish outlook, whereas a each day shut above the extent would signify power.
The technical overview exhibits Litecoin’s weekly RSI simply leaving the overbought space, with its worth at present sitting at 64.17.
LTC/USD hourly chart worth evaluation
Litecoin’s hourly timeframe exhibits us how its worth responded to the market downturn.
We are able to see that LTC is clearly responding to each the 21-hour EMA and the Fib retracement ranges, and that it’s at present positioned simply above the 61.8% Fib retracement degree of 175.83. Nonetheless, this degree is a bit much less vital when in comparison with the $182 pivot level, which may very well be thought of essential for Litecoin merchants.