As it this, LTC/USD pair is technically bearish despite strong developments as eToro support and OkEx offering of LTC/BTC margin trading. Add this to Litecoin 0.17.0 upcoming update and Lite.im integration with Facebook allowing LTC to be sent and received via Messenger which is accessible to more than two billion people, Litecoin stars are sparkling. However, before the moon-sling we need to see strong gains above $60 otherwise any decline below $50 could trigger a new wave of selling with targets at $30.
Latest Litecoin News
On one hand the altcoin prices are on a meltdown but price is just one of the metrics. What is important is usage and how broad and deep the ecosystem is. Plans of improving the network and solving the three trilemmas of blockchain including scalability and user experience is what take center stage. At the moment, LTC/USD is trading below $70 but it shouldn’t be a big deal.
With Litecoin 0.17.0 implementation, users will transact on-chain cheaply while at the same time allowing more than 2 billion Facebook users to send and receive LTC via Messenger thanks to Facebook-Lite.im partnership. Then again, eToro did launch their own digital currency wallet offering support for Litecoin and three other coins including BTC. Aside from multisig capabilities guaranteeing private keys safety and perfect user interface, users can download the wallet for use in their Android and i Phones.
This development is at the back of eToro’s outlook of cryptocurrencies believing that the nascent technology will potentially be disruptive and influential in the finance sector. Besides, OkEx a trading platform and the social trading site competitor did open up margin trading for LTC/BTC pair.
Litecoin (LTC) Price Analysis
LTC/USD Weekly Chart
Like in our previous LTC/USD price analysis, we retain a bearish outlook on this pair since bulls are yet to edge past key resistance levels. As visible from the chart, $70 is an important level and unless we see strong, high-volume gains above this trigger line, we shall maintain a bearish outlook trading the bear break out pattern of early August.
Notice that from the chart, it’s clear that LTC/USD is trading within a $20 range with main support at $50. It has been like this in the last four months following the August losses and now that the consolidation is printing when the market is down +75 percent from 2017 highs, there is a bullish leaning.
However, LTC/USD could cave in if prices dip below the $45-$50 support line and in that case first targets would be $30 as laid out in our last LTC/USD trade plan.
LTC/USD Daily Chart
Unless otherwise, the main resistance trend line visible in the daily chart will act as our short-term bull trigger line assuming there is a solid close above it over the weekend.
Currently, bulls are yet to build enough momentum to thrust prices above Oct highs but as long as prices are below $60, we shall recommend taking a neutral stand aware that bears are technically in charge as aforementioned.
All we need is a dip below $50 and if a whole bar prints below it then we shall recommend sells with first targets at $30 and stops at $50.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.