WATCH: Can Litecoin Lead A Crypto Recovery (Again?) | Daily TA August 29, 2022
30 August 2022 - 03:42AM
NEWSBTC
In this episode of NewsBTC’s all-new daily technical analysis
videos, we are looking at Litecoin, the LTCBTC and LTCETH trading
pairs, and how the cryptocurrency could lead the crypto rally and
outperform both Bitcoin and Ethereum. Take a look at the video
below. VIDEO: Litecoin Price Analysis (LTCUSD): August 29,
2022 Litecoin went from an enthusiast favorite during the 2017 bull
run to one of the most hated coins due to its laggard tendencies
and limited design. Although naysayers do have a point, the
cryptocurrency works a lot like Bitcoin but faster. It also
enjoys regulatory acceptance allowing to on the list of major
brands like PayPal – in which it is the cheapest coin on the list.
Related Reading: WATCH: Powell Versus Bitcoin Price Log Curve |
Daily TA August 26, 2022 Litecoin Weekly Could Trigger RSI Buy
Signal Looking at the weekly Relative Strength Index and LMACD,
things look a lot more healthy for Litecoin than other top
cryptocurrencies. With a little push, Litecoin could set a higher
high on the RSI. This is a buy signal according to the tool’s
creator, J. Welles Wilder Jr. and in the past it started off major
bull runs in LTC, especially when combined with a breakout of RSI
downtrend resistance line. Using time cycles, we can see that the
RSI, LMACD, and price bottoms at similar points. Hurst cycle theory
allows for cycles to be up to 10% out of phase in either direction.
The slight discrepancy in the rhythm at our current bottom is
totally within an acceptable range. Finally, the LMACD has
topped and bottomed at the same converging trend lines all
throughout the history of Litecoin price action. Litecoin has
potentially found support at this very trend line. Has Litecoin
found a bottom? | Source: BTCUSD on TradingView.com LTCBTC:
Momentum Might Be Ready To Change In A Major Way Switching over to
the LTCBTC trading pair, we can see that the monthly LMACD is
turned green and the RSI has broken out of a downtrend resistance
line. Much like the USD pair, making a higher high could be a sign
of a buy signal. The previous cycle on the ratio followed a
similar pattern. The first attempt at breakout out and crossing
bullish fails, leading to more downside. The second attempt was
likely subject to similar sentiment as there is now. The previous
failure combined with relative underperformance next to BTC caused
Litecoin holders to capitulate right before the eventual turning
point – turning pointed that gave over 500% overperformance against
Bitcoin. A major momentum change could confirm | Source: LTCBTC on
TradingView.com LTCETH: Can The Dying Altcoin Defeat The Merge
Litecoin outperforming Ethereum is a tougher sell considering the
upcoming Merge. The merge will improve Ethereum tokenomics toward
price appreciation, making the cryptocurrency very attractive by
comparison. However, even the LTCETH trading pair looks as though
momentum is ready to turn. Related Reading: WATCH: Crypto Technical
Analysis August 23, 2022: Ethereum Versus Bitcoin (ETHBTC) Can
momentum turn even with the Merge on its way? | Source: LTCETH on
TradingView.com Comparing Coins: Bitcoin And Ethereum Long-Term
View In our last chart, we once again are comparing Litecoin to
Bitcoin and Ethereum, but side by side using USD pairs to
demonstrate that Litecoin tends to outperform both assets towards
the end of a crypto market cycle. Although Litecoin lags behind
Bitcoin, clearly during the last cycle once momentum turned, the
move was massive. Litecoin rallied from $4, to $400 per coin in
just over two-thirds of a year. Will Litecoin outperform again? |
Source: BTCUSD on TradingView.com Learn crypto technical analysis
yourself with the NewsBTC Trading Course. Click here to access the
free educational program. Follow @TonySpilotroBTC on Twitter or
join the TonyTradesBTC Telegram for exclusive daily market
insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
EOS (COIN:EOSUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
EOS (COIN:EOSUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024