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- LTC / USD explodes from a rise in channel formation, inviting additional sellers.
- The Litecoin foundation has announced a partnership with the UFC at its next event.
The price of Litecoin pushed down in the last four sessions, now at a good pace. The bulls in the market were unable to sustain the bullish momentum, which was seen firmly across the board last week. LTC / USD had initially gained a large bulk of 66%, before starting to lose ground and return part of the advancement. Litecoin has reached $ 37.75, the highest level since 20th November. However, now there are several bearish confluences, which are pointing to a further disadvantage.
Litecoin collaborates with UFC
Litecoin will be the "official cryptocurrency partner of UFC 232", according to Litecoin's most recent foundation blog to send. This event will take place this Saturday night in California.
As detailed inside the blog, the note of foundation, "Over the last 25 years, the UFC has evolved from a small basic movement to a global phenomenon, which is largely based on the extremely passionate community. We see many parallels with Litecoin in this way, given that our extraordinary community has been fundamental to our growth and has given us an unshakable passion and an enthusiasm that continues to push forward ".
During the UFC event, Litecoin will show the logo inside and around the combat octagon. This is part of the sponsorship and the agreement with the partners. In addition, the Litecoin team says: "This is a milestone for Litecoin and cryptocurrency in general since no other currency has ever sponsored a UFC event to date."The Litecoin foundation hopes that this UFC 232 event will be the beginning of a "Long and fruitful relationship" between UFC and LTC.
Technical review – LTC / USD
4-hour LTC / USD chart. Price action was moving in the wake of rising channel formation. However, the bears managed to force a violation, calling for further selling pressures. Arrow has shown the next areas of demand.
In terms of the last run of bulls LTC / USD, among 17th – 24th In December, price action was moving in the wake of rising channel formation. Technically, such a scheme is usually vulnerable to a bearish breakout. The 24th In December, the bears managed to force a violation of the lower support trend line. As a result, the sellers have further hoarded, pushing the price to the south, entering a new short-term bearish trend.
LTC / USD daily table. A falling star candle can be seen on December 24th. The arrows indicate the subsequent areas of the application.
It is not too surprising to see the price cooling action, given the explosive rapid run observed last week. This now raises concerns about the fact that the bear market was over, as some may have hoped for in this short & rs Santa Rally & # 39; A further bearish confluence is a shooting star, which can be seen on the daily chart view. This was formed on the 24thth December, when the market slipped back into a lower trend. A short-term demand area is attracted by $ 30- $ 27: if this does not hold true, you could see a return to $ 23-22.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
