Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation
The motion of Litecoin on the value charts has a +0.96 correlation (30-day) with the motion of Bitcoin. This meant that the bullish phases of Bitcoin would additionally see value appreciation for Litecoin. But, whereas Bitcoin broke out previous $45k and seemed to cement a ground from which to provoke a bullish run, Litecoin struggled to set a better excessive.
LTC- 1D
Supply: LTC/USDT on TradingView
Litecoin has been on a downtrend since late November when the value dropped under $216 and retested it as resistance. Nevertheless, up to now two months, LTC has discovered some assist at $95-$100 and consolidated.
Furthermore, it has been capable of break previous the $115.9 degree (dotted white) and, at press time, was straddling the $120 degree as assist. Does this imply {that a} bullish development has been established? Not fairly but.
Although there was a market construction break, the longer-term development was nonetheless bearish. Within the subsequent few days, a run towards the $145-$150 space may materialize. Nevertheless, the value would want to flip $150 from resistance to assist.
Rationale
Supply: LTC/USDT on TradingView
What do the symptoms need to say in regards to the development of Litecoin? The RSI on the each day chart had made its means above the impartial 50 line to point out that some bullish momentum was seen up to now two weeks. If the RSI doesn’t head again beneath 40 and as a substitute rises previous the 60 mark once more, it might imply that sturdy bullish momentum was current as soon as extra.
Although the Chaikin Cash Circulation was effectively above +0.05, the OBV confirmed that total, promoting strain has been larger than shopping for strain. Due to this fact, although the month of March has seen some shopping for (and the OBV displays it too), there has probably not been sufficient shopping for to shift the development to bullish.
Conclusion
The $115-$120 space of assist was prone to function assist and LTC may transfer greater as soon as extra. But, the general development of bearishness has not modified rather a lot. The dearth of serious shopping for quantity up to now few months was obvious. Till $150 is flipped to assist, LTC would probably not have a bullish outlook on the longer timeframes.
