- Litecoin could also be headed for a cliff as value to RSI divergence manifests.
- LTC metrics nonetheless spotlight robust demand, however some whales are taking earnings.
Litecoin [LTC] was profiting from its press time bull run to construct a positive picture. Some would possibly say that it was making an attempt to steal a few of Bitcoin’s [BTC] shine. In a tweet on 21 January, LTC listed 5 traits that made it interesting and set it aside from its contemporaries.
5 Issues You Did not Know About Litecoin⚡
1) Litecoin was the fairest coin launch ever
2) The founder remains to be concerned
3) Litecoin now has over 141 million transactions
4) You need to use Litecoin nearly wherever
5) Litecoin is 4 Occasions Sooner than Bitcoinhttps://t.co/0Ke3pgpBEd— Litecoin (@litecoin) January 20, 2023
Learn Litecoin’s [LTC] Value Prediction 2023-24
An essential trait that Litecoin highlighted was that it was 4 occasions sooner than BTC. Whereas such a press release might come off as an try and make LTC seem extra engaging in comparison with Bitcoin, it doesn’t essentially undermine the competitors.
If something, each cryptocurrencies have co-existed in the identical market and one doesn’t pose a menace to the opposite. Litecoin has to date delivered a formidable rally, however is it actually a greater possibility for this bull run?
Litecoin can stand by itself
A take a look at Litecoin’s value motion revealed that on the time of writing, it was up by roughly 51% from its lowest 12-month stage in June 2022. In distinction, Bitcoin was up by 47% from its November 2022 lows. The previous has been buying and selling inside an ascending value sample. An prolonged upside ought to no less than place it above $100 on the subsequent ascending resistance stage.
Supply: TradingView
At press time, the value had some room earlier than reaching the ascending resistance line. There was one other remark that urged that the promote strain might begin to hammer down on the value. Its new nine-month excessive, achieved within the final 24 hours, pushed above the earlier excessive reached on 14 January.
In the meantime, each the RSI and MFI have skilled some slippage, indicating development weak point. This remark revealed a price-RSI divergence, which was typically an indication of an upcoming bearish transfer. LTC’s provide distribution confirmed that among the largest and most dominant whales have been promoting already promoting on the time of writing.
Supply: Santiment
Reasonable or not, right here’s LTC’s market cap in BTC’s phrases
Addresses holding between 100,000 and a million cash at the moment management the most important share of LTC’s provide. The identical handle class has been contributing to promote strain for the final three days.
Regardless of this, the whale transaction depend remains to be low, confirming that there’s low promote strain for now. The imply coin age metric is has additionally caught to an upward trajectory, therefore suggesting that buyers are nonetheless holding on to their LTC cash.
The final time that Litecoin had a value to RSI divergence, there was a retracement within the following days. It’d occur once more within the subsequent few days. Nonetheless, buyers have to contemplate that the market dynamics remained in favor of the bulls at press time regardless of overbought circumstances.
