CryptoCurrency Litecoin Sees Slight Retracement After Completing Bullish Wave

Litecoin Sees Slight Retracement After Completing Bullish Wave

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Source: iStock/Ja’ Crispy

After seeing excellent efficiency in both BTC and USD terms given that the start of the year, litecoin (LTC) is now experiencing a pullback that brought the cost to its 10- day moving average.

Since pixel time on Tuesday (12: 25 UTC), litecoin trades at c. USD 74 and is up practically 2% over the past 24 hours, and 11% over the past 7 days, exceeding bitcoin by a broad margin over both period.

In the meantime, LTC appears to have actually discovered assistance at its 10- day moving typical line, considered that the cost bounced off of that level numerous times Tuesday early morning. Regardless of the slight pullback, nevertheless, litecoin’s chart is still looking bullish on the everyday timeframe, with numerous technical indications pointing in its favor.

The cryptocurrency, developed by Charlie Lee back in 2011, has actually been amongst the greatest significant cryptoassets this year, with cost gains speeding up after the coin finished a bullish cup-and-handle pattern in late January, and ultimately breaking through its secret 200- day moving average. The latter sign is utilized by lots of long-lasting traders to separate in between bull and bearishness, while the cup-and-handle is typically viewed as a significant cost bottom in charts.

Soon after breaking its 200- day moving average, nevertheless, another crucial signal on the litecoin chart appeared with the crossing of the 50 and 100- day moving typical lines, widely called a “golden cross.” The crossing took place on February 5, which stays litecoin’s greatest day up until now in February.

10- day moving average in orange. Golden cross highlighted in red circle. Source: www.tradingview.com

On the essential side, things are likewise taking place for litecoin, with the Litecoin Structure revealing that it is partnering with the California-based crypto loaning and loaning platform Cred to “offer financial services to Litecoin (LTC) holders.” According to the statement, the brand-new collaboration will allow litecoin holders to get approximately 10% yearly interest on their litecoin deposits.

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