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Wise development, lightning prospects Network and Home should raise prices. This happens at a time when Litecoin has been working for mass adoption through the creation of strategic partnerships with payment service providers, news of a one-in-all solution that simplifies the creation of the LN node and channel transactions further reflect the divergence between fundamentals and technical prices. Regardless, bears still have to violate $ 50 and it does not matter when, once they do, LTC will be available at low cost allowing enthusiasts and believers to accumulate money in this digital resource below cost.
From the news
CoinBase remains one of the largest exchanges of cryptocurrencies in the world, if not the most influential. The weight may be due to the place, it is in the United States, so regulatory oversight is first-order, their type of safekeeping and hot cryptographic laws make the encrypted exchange attractive to investors or to consumers of Worldwide. Speaking of trading and CoinBase Pro, the trading interface that was renamed GDAX on May 23rd and given a facelift began to offer support for a few coins like LTC / GBP. Even if the path to full trading support is in the process of being blocked, traders can at least deposit directly on their GBP portfolio without the need for conversion as before. This means that UK dealers, even if they contribute less than one percent of global trading volumes, would have an easy time to make deposits and withdrawals on the same day.
On the development front, Litecoin's foundation plan for widespread global adoption is definitely underway. Although the foundations had to settle for GitHub's inactivity after their partnership with Wirex in April, the news on the CASA Lightning node set for the fourth quarter of this year should be ironworkers for coin holders. Since Lightning Network is a second-level solution designed to scale the network, the introduction of CASA, an all-in-one solution, allows you to execute a complete node and perform transactions on the LN network, further simplifying the network. adoption of spurs by the node.
Litecoin (LTC) Technical analysis
Weekly chart
Litecoin weekly chart for Trading View
On a weekly basis, LTC is down 9% based on data from popular coin holders. And this translates into a bearish market that goes against our expectations last week. Then, the LTC bulls were at the top and they tested $ 70, a level of interest in our analysis. At the moment, the deep fall in prices means that bears are back in trend and that they will probably melt at $ 50. In this case and considering the rate of erosion, we suggest to adopt short circuits in line with the abnormally high market participation. The risk off trader can trigger short circuits at current prices. On the flip side, conservatives can expect solid leaks. This is probably less than $ 50 before selling on shots with the first goals at $ 30.
Daily chart
Litecoin daily chart for Trading View
Based on our commercial decision on the previous LTC highlights, our business plan seems to be on track. So how it is, the bears are commanding this trend. A strong depreciation of volume and the refusal of higher highs at just $ 70 are being followed until September 5. The roof confirmed the end of the test phase and the beginning of the recovery phase of the bear trend. with the triggers set from 7 August candle holder. For this reason, we suggest selling at spot prices with a stop at $ 60 and goals as mentioned above.
disavowal: This is not an investment advice and opinions represent that of the author. Do your research before making an investment decision.
