This morning is positive again for major cryptocurrencies. The bullish start of the day gave Bitcoin quotes up to $ 10,388. Along with it, digital assets such as Ethereum, Ripple, EOS, Bitcoin Cash, Tezos, and more also reported significant gains on Wednesday.
At the time of writing, the total crypto market cap is $ 296.27 billion. Bitcoin dominance has fallen further since the start of the week to 63.1% this morning. The trading volumes have increased and now amount to $ 138.83 billion.
Positive news for Litecoin holders
The Litecoin Foundation has announced a partnership agreement with Cred that will provide financial services to Litecoin holders. Cred is a licensed California-based lender and a popular cryptocurrency-based lending platform. The platform operates in 190 countries.
Litecoin (LTC) holders will be able to earn up to 10% on their digital assets through one of Cred’s partners, according to a press release. Some of them are Litecoin Foundation, Bitcoin.com, Uphold, and BitBuy respectively. Litecoin holders will be able to receive monthly interest payments for a six-month commitment. And also will have the ability to roll over the assets for additional periods.
Technical analysis of Litecoin
LTC/USD has risen 7.64% in the last 24 hours. In addition, the 50-day SMA approximates the 200-day SMA in an attempt to show that bulls have a greater impact on the price.
On the other hand, the formation of a rising wedge on the daily chart suggests that the Litecoin price could soon turn around. Especially if resistances at $ 80 and $ 100 are not cleared in time.
The bulls will need a clear break and close above $ 80 to see a move to $ 95.64 on the cards. At the moment, I prefer the strategy “buy on dips” if we have a potential decline to $ 65.50 – 64.30.
However, if the bears manage to dip the price below this critical support at $ 64.30, the pair will lose momentum. In that case, the fall may extend to $ 60.50. There are located the 200-day SMA and trend line of support from the beginning of the year. A clear break below that region could send Litecoin back into the consolidation zone around $ 56.
As for the shorter technical picture, the pair managed to break above the bearish pennant on the hourly chart, which invited additional upside pressure on the horizon. A clear break above 95.64 should send LTC/USD for the test of psychologically important $ 100 level.
Author: Silviya Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.