Litecoin (LTC) has continued its resilience against Bitcoin (BTC), keeping steady as Bitcoin has set new 2014 lows.
Not that Litecoin is it hitting it out of the ballpark. It has experienced its fair share of pain over the past 2 weeks, falling way below $5 and still languishing in the lower end of the $4 range.
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But in breaking with conventional behavior, Litecoin has been stubborn in not following Bitcoin on the way down. Since last week’s spikes on the PayPal news, BTC has shed 17%, and Litecoin only 11%. There are various theories, fundamental in nature, that can be used to explain this deviation. From a technical perspective, BTC’s struggles during the past week have not been characterized by high volume panic selling, which would normally drag LTC down at a steeper pace. Rather, a gradual bleeding of value has materialized.
LTC/USD is currently $4.35 on BTC-e. BTC/USD is $375. Thus, LTC/BTC is trading at 0.0115. Earlier it spiked to 0.0118, which challenges highs set following the August mayhem and flash crash. Notably, those highs are on par with the levels held immediately prior to the accelerated selling on August 11. The valley-like pattern reinforces the fact the formidability of 0.01180-0.0120 resistance level, tested but unbroken repeatedly over the past 6 weeks.