Price analysis of Litecoin: LTC / USD catapults as CoinText adds support for currency in the US and Canada

  • LTC / USD has gained 9% in the last 24 hours moving to the upside channel
  • CoinText's support for Litecoin could have served as a catalyst.

Litecoin, the seventh-largest digital asset by market value, rose to $ 65.59 within a few hours Thursday before returning to $ 63.20 at the time of printing. Litecon's market capitalization rose to $ 3.7 billion, while average daily trading volumes doubled from $ 300 million to over $ 600 million. LTC / USD has gained over 9% since Thursday, and has become a growth leader in the top 20 cryptocurrencies.

What's behind the move?

The news that a popular cryptocurrency portfolio service via SMS CoinText added support for Litecoin and Dash for the US and Canada could trigger the strong growth of Litecoin. The service allows the sending of digital money to anyone via the mobile phone or the cryptocurrency address. The process of sending and receiving coins is simple and intuitive as there is no need to download apps or register accounts. It is supposed to attract new, non-technological, expert users to the encrypted universe and thus foster the absent adoption of digital resources.

"CoinText makes sending cryptocurrency as easy as sending a text message.It is a powerful tool for communities to spread the adoption of their cryptocurrency," said CoinText founder and chief developer Vin Armani in the statement official press.

Technical framework of Litecoin

LTC / USD continues to move within an uptrend channel. He approached his top line amid a strong bullish momentum in which new sellers entered and pushed the price to its current level. The nearest resistance is produced by $ 65.00, followed by $ 66.20 (the aforementioned top line). Once broken, the bullish momentum will gain traction with the possibility of taking the price towards $ 70.00

On the downside, LTC / USD is supported by psychological $ 60.00 and $ 58.67 (4-hour SMA50 chart). Once below, the selling pressure could increase and push the price to the lower border of the short-term uptrend channel (currently at 56.50).

LTC / USD, 4-hour chart

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