Litecoin Price Analysis: Bearish Signs Print on LTC Daily Chart, Litecoin (LTC) Retraces from 3 Year High

Sunil Sharma Altcoin News PublishedFebruary 22, 2021 | ModifiedFebruary 22, 2021

Litecoin's MimbleWimble Testnet Launch
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Litecoin Price Analysis: Bearish Signs Print on LTC Daily Chart, Litecoin (LTC) Retraces from 3 Year High

Litecoin, the 8th cryptocurrency by market cap, exploded to a three year high of $247. LTC is still short of its all time high of $375 by roughly 64% at the time of writing. Traders await a potential run up of the laggard cryptocurrency as ETH and BTC both have broken previous highs. Major highlights for the Litecoin price analysis are:

  • Litecoin hits $247 for the first time since February 2018
  • Bitcoin becomes trillion dollar asset
  • Bearish signs print on LTC 1 day chart

Litecoin Price Analysis: LTC Daily Chart

Litecoin Price Analysis
                                                                                                                  Litecoin Price Analysis

Since February 1st, LTC has been raising up from support area of $128, roughly gaining 94% in a mere 3 weeks. This rise has come without much retrace as the cryptocurrency market has been experiencing parabolic growth.

While looking at the price action of LTC, it is safe to assume the price has been grinding at a top trend line (black). This trend has been respected for nearly 4 months. Each time the price hits this trend, it has experienced a correction to the bottom trend line (black) shortly after. It seems evident this may be the case now and LTC will relax before continuing to make highs. For LTC to continue to rise, the price must break over the top trend.

While looking at the Relative Strength Index ( RSI ), there is a clear bearish divergence shown with a black arrow. This occurs when the price action reaches a new high but the RSI prints a lower high. This is also the case with the Stochastic RSI . These are considered bearish signals and coupled with the rejection of the top trend it is likely to see LTC retrace to lower levels in the near future.

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Sunil Sharma 157 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
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