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Litecoin (LTC) has finally gained some level of momentum in the markets after consolidating … This is notable because of its peers (other coins in the T10), Litecoin has been posting to solid performance.
This is reflected in the chart below, which provides a comparison among the coins; Litecoin, Ethereum, Ripple, Bitcoin, Bitcoin Cash, Stellar Lumens and Monero on a price scale that adjusts the scales to 100% in order to make a valid comparison (because you can not appear at $ 60 Litecoin to $ 6,500 Bitcoin).
If the price chart above seems to be confusing, do not worry – is a comprehensive itemized list of the information that is most important to you from Litecoin's price movements:
- Litecoin is currently ranked 4th among the "competing coins" in the T10, which places it exactly in the middle of the pack of our 7 coin sample behind Stellar Lumens, Ripple, Bitcoin Cash (which recently surpassed it in performance). Conversely, Litecoin is currently above Bitcoin, Monero, and Ethereum in terms of price movement.
- Litecoin's performance has been picked up steam. However, in terms of its 'rank' among the 6 other competitors on our list, Bitcoin Cash's recent performance has outpaced it in a number of ways, leaving Litecoin in the middle of the pack of terms of $$ appreciation.
- In an unrelated note, its worth pointing out the observation that is currently at the bottom of this list.
Above is Litecoin on the H4 chart.
September the 25th, that was followed by an abrupt uptick in the price, followed by a sudden breakout on the chart writing).
As noted in previous price analysis articles, its never a wise idea Thus, the notes that are drawn in the pictures are only for educational / entertainment purposes.
The indicators, however, yield more information about the underlying price movements for Litecoin over the last few periods.
As noted in prior documentation, this is a custom indicator.
Using the principle of the Balance of Power, this indicator is able to dictate when there is immense selling pressure and, conversely, when there is accumulation.
It was a heavy undercurrent of accumulation among traders while the price was consolidating.
Gains in the near future.
While the daily is substantial more bullish for Litecoin (USD pairing), we can still see the major undercurrent of accumulation here as well.
The price of Litecoin could be furthered in the market.
Above, it appears that Litecoin is in the midst of a descending triangle formation:
Convention states that this is a continuation pattern.
I know, in this situation, that means that the price is supposed to break downward.
However, the price could go either way.
The future of Litecoin's price is fairly ambivalent at this point.
However, if Litecoin managed to break out above the downtrend line, then the price gains from that point moving forward could be substantial.
There are other points of analysis that are tradable. However, if a trader has sufficiently hedged their risk on the market, then they should be safe.
Disclaimer: The author neither owns any cryptocurrency at this time and has no affiliation with Litecoin, its subsidiaries or related entities. This article is not your financial responsibility.
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