Introduction

Before the first murmurs of an “echo bubble” could be heard, LTC began its move higher while the broader market struggled to maintain its footing. Seemingly nothing was immune to the FTX implosion and subsequent widespread fears of contagion and potential knock-on effects.

Crypto assets are generally viewed as higher beta assets relative to BTC and, as such, can often mimic BTC’s price movement, albeit with heightened volatility. This is especially true during major market moves. Interestingly, in the most recent downward market moves, LTC shrugged off this correlation and instead moved higher against BTC — something that doesn’t happen very often. LTC has continued to show incredible relative strength, making it an interesting altcoin to analyze in detail at the moment.

A Top-Down View

The Monthly View

LTC found support on the LTC/USD trading pair near the range lows. The great deleveraging event led by the collapse of LUNA sent LTC down to roughly $40.3, coinciding with the monthly close during the 2020 COVID crash. Following a long consolidation period, LTC bucked the trend amidst the FTX saga and closed the month up 44%. Currently, LTC/USD is battling with the monthly mid-range resistance area, which spans from $92-$120. Though the range seems wide, it is actually quite reasonable once we account for the fact that we are dealing with monthly ranges. For reference, the average true range (ATR) for LTC/USD on the monthly time frame is $