Litecoin Trading- LTC/BTC Technical Analysis, Oct 21: Hanging onto 0.01, but for how long?

Litecoin (LTC) has struggled to keep pace with Bitcoin’s (BTC) recent recovery, stalling at below $4.00. The effects are reflected

Litecoin (LTC) has struggled to keep pace with Bitcoin’s (BTC) recent recovery, stalling at below $4.00. The effects are reflected in the LTC/BTC pair, which is now struggling to keep above 0.01.

After rallying and trying, unsuccessfully, to break the 0.012 resistance level on several occasions, the pair appears to be getting pulled back by a rubber band-like effect. It briefly slipped below 0.01 one-week ago, before shooting back up no higher than 0.0107.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

LTC/BTC, Oct 21

Suggested articles

Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>

While a climb above 0.012 can be safely ruled out in the near future, the question becomes if recent flat trade will continue, or if declines will resume and the 0.08-0.09 range becomes the new norm.

A support point to look out for these days is 0.096, which has remained impenetrable since the August sell-off.

In general, while LTC’s recovery has been somewhat muted relative to BTC’s, it has found itself less susceptible during severe market downturns than it used to be. But it has yet to recover above $5 for any reasonable period, making current levels the new norm and prospects of recovery to glory-day levels a more distant dream.

Got a news tip? Let Us Know