LTCUSD (Litecoin) – Week 37 – Will the resistance hold?

Institutional interest in Litecoin is on the rise. While it is known as the “silver” to Bitcoin’s gold, that narrative is changing. It looks like Litecoin might be standing independently, since institutions and retail investors alike, are starting to see potential in it. On the 4th of September during the Darlington raceway, racer Landon Cassill, a crypto enthusiast himself, became the first driver to be paid entirely in crypto, specifically in Litecoin. Other strong points for investors involved in Litecoin are the low volatility (58%) of the altcoin that keeps the price safe from random fluctuations and a high correlation to BTC (0.97) that continues to sustain the asset’s strong value.

Technically, Litecoin made a sharp pullback in the previous week and now it finds itself in a consolidation. For this pair we give a higher probability for the price to test the resistance area marked on the chart where we will have to study the PA to see if a retest of the support will be in the books or a total continuation to the upside has a higher chance. We advise caution.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.