In this way, the LTC / USD pair is technically bearish, despite strong developments like eToro support and the OkEx offer of LTC / BTC margin trading. Adding it to the upcoming update of Litecoin 0.17.0 and Lite.im integration with Facebook that allows you to send and receive LTC via Messenger accessible to more than two billion people, Litecoin's stars are sparkling. However, before the moon's slingshot, we must see strong gains above $ 60, otherwise any drop below $ 50 could trigger a new wave of sales with targets at $ 30.
Latest news about Litecoin
On the one hand altcoin prices are in crisis, but the price is just one of the metrics. What is important is the use and how wide and deep is the ecosystem. The plans to improve the network and solve the three trillms of blockchain, including scalability and user experience, are the central themes. At the moment, LTC / USD is trading below $ 70 but it should not be a big deal.
With the implementation of Litecoin 0.17.0, users will perform low-cost transactions in an economical manner and at the same time allow more than 2 billion Facebook users to send and receive LTC via Messenger thanks to the Facebook-Lite partnership. im. In addition, eToro has launched its digital currency portfolio offering support for Litecoin and three other currencies, including BTC. In addition to the multisig features that guarantee the security of private keys and a perfect user interface, users can download the wallet for use in their Android phones and i.
This development is at the core of eToro's cryptocurrency vision, believing that nascent technology will be potentially disruptive and influential in the financial sector. In addition, OkEx a trading platform and the social trading site have opened margin trading for the LTC / BTC pair.
Litecoin (LTC) Price analysis
Weekly chart LTC / USD
As in our previous analysis of LTC / USD prices, we maintain a bearish outlook on this pair as the bulls still have to overcome the main resistance levels. As seen from the chart, $ 70 is an important level and, unless we see strong high-volume gains beyond this trigger line, we will maintain a bearish outlook by trading the bear break-out model in early August.
Note that from the chart, it is clear that the LTC / USD is traded within a range of $ 20 with principal support at $ 50. It has been so in the last four months following the August losses and now that the consolidation is in the press when the market falls by + 75% compared to the highs of 2017, there is an uptrend.
However, LTC / USD could collapse if prices fall below the $ 45- $ 50 support line and in this case the first targets would be $ 30 as expected in our latest LTC / USD trade plan.
Daily LTC / USD chart
Unless otherwise, the main resistance trend line seen in the daily chart will act as a short term bull firing line assuming that there is a solid lock on it over the weekend.
Currently, the bulls have yet to build enough momentum to push prices above the highs of October but, as long as prices are below $ 60, we will recommend taking a neutral position aware that the bears are technically responsible as mentioned above.
All we need is a dip below $ 50 and if a whole bar is printed below it, we suggest you sell at the first $ 30 targets and stop at $ 50.
All graphics courtesy of Trading View
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.