News

Litecoin price goes to key resistance of $ 80

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, Litecoin, Stellar’s Lumen, Cardano 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 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.

Read More

Geopolitics set the tone for the crypto market in the first days of 2020

Iran’s war boosts crypto market demand during the first week of the New Year

The new year starts with the improvement of the mood in the crypto sphere. The war between the United States and Iran affects all countries around the world. Some people worry that this could trigger World War III. On the other hand, the US stock market remains volatile amid fears that Iran’s retaliate could cause chaos.

The cryptocurrency market seems to be taking advantage of the US-Iran situation to gain momentum. Mostly Bitcoin presents itself as a safe haven for investors. Especially, since it is decentralized and can function without the censorship of any government. The rest of the cryptocurrency market responds accordingly in tandem with Bitcoin and the bullish momentum is likely to continue.

 

Bitcoin renews hopes for 2020

The main digital asset has jumped by 5.52% in the last 24 hours. Accordingly, Altcoins also show strength. Chainlink (LINK) gained 15.70% growth and Litecoin (LTC) 5.83%.

The total market capitalization of cryptocurrencies is now at $ 217.7 billion and Bitcoin’s dominance rate has risen to 69.1%.

Technically, Bitcoin would have to stay above $ 8,300 to see the first resistance test at $ 8,516.3/600.

We can expect the news to have a significant impact on the day, with volatility likely to come from events in the Middle East. I believe that Bitcoin could break through the second major level of resistance if the USA responds to Iran’s attacks against military bases in Iraq. But that region of $ 8,877- $ 9,000 would probably limit the bullish momentum in the event of a prolonged daytime rally.

If the price fails to hold above the first resistance, the main digital coin may recede.

 

Litecoin with a rally of 5.83% on Monday

LTC/USD is moving in a short bullish channel with the upper limit created by the upper line of the 4-hour Bollinger Bands at $ 48.00. Support was created by SMA 50 on the daily chart and the mid-line of the 4-hour Bollinger Bands around $ 44.00. A convincing breakthrough and movement in either direction should create strong momentum. This should allow further price action to develop in the direction.

Technically, we had a bullish crossover of moving averages on the 4-hour chart. As the SMA 50 breaks above the SMA 200, this indicates a continuation of the upward movement. On the upside, $ 50 could be the next target for the bulls. A clear breakout above this psychological level will open the doors to the $ 50.70 resistance. There is located the 100-Day SMA. LTC/USD has been trading below this SMA since mid-July 2019, which means that bulls may have a hard time taking it out.

On the other hand, a sustainable decline below $ 44 will turn short-term prospects to downward and will put $ 40 back in focus. This support was followed by the low for 2020 at $ 38.74 and the bottom line of the daily Bollinger Bands – $ 37.60.

 

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.

Read More

Litecoin went up above $ 60

Bitcoin settled above $ 9,300

The crypto currency market has a mixed picture on Wednesday as Bitcoin and all major altcoins fluctuate in narrow ranges during the early Asian hours. Total market capitalization reached $ 251 billion. The average daily trading volume was $ 89 billion. And Bitcoin’s market share reached 66.8%.

BTC/USD hit a weekly high at $ 9,621.8 on November 4 and has been retreating ever since. At the time of my writing, the main digital coin is trading for $ 9,425, down 1.02% on a daily basis. The SMA 100 on the daily chart is located around $ 9,606 and seems to be limiting the recovery. It needs a clear break above it and a weekly high to allow the bulls to gain likely traction for the next goal at $ 10,000.

 

LTC sees optimism return, with the potential to rise again to three-digit prices

Currently, Litecoin is far from its peak value, reaching above $ 360 during the bull market of 2017 and early 2018. However, LTC has the potential for more significant profits, as the coin is considered as undervalued.

The crypto currency is seen as a relatively insignificant asset, although it has established stable liquidity. This makes Litecoin relatively attractive and has the potential for rallying, especially in times of BTC stability. LTC is one of the coins in which active and rapid price movement is associated with an increase in price action.

The coin has also recently saw a spike in daily transactions, to over 67,000 transactions a day, above the average of 18,000 a typical day. Litecoin has also shown its ability to rise in price amid pure speculation. More than 46% of all LTC volumes receive inflows from Tether (USDT), allowing the price to move independently. Also, keep in mind that LTC is still one of the assets that almost doubled its value in 2019, though still behind BTC’s performance.

 

Technical analysis of Litecoin

Litecoin is currently trading at $ 63.58, with increase of 3.75% over the last 24 hours. Yesterday, LTC extended its bullish move to the high at $ 64.02, but failed to keep above that level. That is why this peak is now acting as a short-term resistance.

If we look at the four-hour chart, Litecoin’s struggle to defend the $ 60 support is at its peak. In addition, the price moves within a formed rising triangle pattern. The first scenario is for Litecoin to break above the resistance of the triangle ($ 64) and open the door to $ 70. On the other hand, if the coin fails to clear the $ 64 hurdle combined with a correction below the trendline support, Litecoin can easily approach to $ 50.

In hindsight, a drop to $ 50 would not have a completely negative impact. It is likely that a new LTC demand will be created in the area and the basis for a potential rally towards $ 100 at the end of the year.

The Relative Strength Index (RSI) shows that the price is oversold in the short term (H4) and the reversal is at the beginning. Bulls hold relative control according to the Moving Average Divergence Convergence (MACD).

 

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.

Read More

Litecoin remains range-bound against USD

The overall picture of the crypto market over the last 24 hours

Bitcoin has slid by 1.55% in the last 24 hours. Reversing a 0.78% gain from Monday, Bitcoin closed the day at $ 8,159.9.

As for the other top 10 crypto currencies, the picture on Tuesday was mixed. Binance Coin and Bitcoin Cash SV were on the green territory for the day, rising by 0.49% and by 2.30% respectively.

For the rest major crypto currencies, however, trading was a deep red. EOS led down by a loss of 6.34%.

Litecoin, Bitcoin Cash ABC and Ethereum also saw heavy losses during the day. Litecoin slipped 4.08%, with Ethereum and Bitcoin Cash ABC falling by 3.36% and 3.21% respectively. Ripple’s XRP and Stellar’s Lumen recorded more modest losses during the day.

During the first part of the week, total crypto market capitalization rose from a Monday bottom $ 223.92 billion to peak at $ 228.17 billion before reversing. Against the background of Tuesday’s sell-off, we saw the crypto market capitalization drop to the current low of $ 221.83 billion. At the time of my writing, total market capitalization was $ 222.65 billion.

Bitcoin dominance remains at levels below 67%, despite Tuesday’s sell-off.

Litecoin, on the other hand, celebrated its eighth anniversary on October 13, making the coin only 2 years younger than BTC. According to the project’s creator, the network has processed transactions worth more than $ 500 billion since its inception.

Despite attacks this year, Litecoin survives and remains one of the most liquid altcoins.

 

Daily analysis for Litecoin

After the bearish Tuesday, the bulls took control on the market. LTC/USD fell from $ 57.34 to $ 53.53 yesterday and has since recovered to around $ 55.30. The sixth largest digital asset with a current market value of $ 3.6 billion bottomed at $ 50.58 on September 26 and has been moving in a narrow range ever since.

For the day ahead, we have accumulated strong levels of resistance above the current price. This area includes the upper line of Bollinger Bands on the daily chart ($ 58.50); the long-term downside trendline, from June 23 high at $ 59.60 and of course the upper limit of the aforementioned range at the psychological level $ 60.

The bulls will need convincing movement over that area to allow upside momentum to gain traction.

On the downside, the first support is yesterday’s low at $ 53.53, followed by a bottom of October 6th at $ 53.06. A clear break below these levels is likely to lead to sales extending, with the next bearish targets set at $ 50.58 (September 26 low) and the psychological level at $ 50.00.

Litecoin is currently moving below the curves of SMA 20, SMA 50 and SMA 200. And the 20-day Bollinger width has dropped to 0.092, indicating very low market volatility. The Relative Strength Index (RSI) is located at 39.77, right next to the oversold area.

 

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.

Read More
Top