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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term'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.

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.