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- Bullish signals demonstrated with the recent technical training of the double bottom.
- Notable operation of Litecoin unusually high, which has raised many speculations on the market.
There may be only a little space now for the bulls to run higher. LTC / USD has been the subject of depressed trade in the last two weeks. The rise was very limited, the short-term rallies were sold and the range was tightened. All this comes from the fact that the price was trying to stabilize, following the forced sale that hit the market in November. A whopping 50% was devalued by the price during that period. A fund has been formed in the short term and this is seen around the territory from $ 28 to $ 27. As a result, the daily candles on the 25th November and 6th December, they formed a double bottom.
Litecoin is & # 39; Flippened & # 39; by Tether (USDT)
Litecoin continues to slide down in the market capitalization ranking. The last move saw Tether (USDT) "turn over" Litecoin, entering 7th ranking. At the time of writing, USDT has a market capitalization of $ 1.85 billion, versus LTC to $ 1.77 billion. This move comes with the big decline in Litecoin's capitalization on Wednesday. This was seen around the value of $ 1.9 billion. The Tether (USDT) did not have much in terms of movement during its Wednesday peak (the size was found at the $ 1.84 billion mark). Therefore, it is a big thank you to the dip in Litecoin for the ranking round.
Unusually high LTC transaction volume
He drew attention to the social media space that a large amount of volume and transaction value had recently been identified. There were about $ 1.16 billion Litecoin transacted 30th November. On the back of this, tweets followed closely by Weiss Ratings, "The new Litecoin whale emerges – November 30, about 35.4 million LTC, 60% of the money supply, for a total of $ 1.1 billion, reportedly moved by an entity This shows how central some of the crypts like LTC are centralized, not good. " The speculation continues on where all this LTC went and why.
It is worth noting that it is rare to see more than $ 1 billion in trading volume on the Litecoin network. This has not been seen over $ 1 billion in a single day since February 2018, a period in which there was much panic and FUD affecting the market. As of this February period, the Litecoin network has seen an average of around $ 100 million in trading volume per day. Seeing such excessive peaks in volume well outside the average, obviously a little eyebrows and speculations will rise up.
Technical review – LTC / USD
LTC / USD daily table
LTC / USD as touched with the most recent daily stick, has produced a double bottom training. The bulls must push to close a strong bullish green to confirm the conviction of this double rebound of the fund. A failure will likely trigger further selling pressures to force a bearish breakout. As a result, the short-term critical area of $ 28 could be violated, leaving the door wide open to a new wave of bears entering. The eyes are on the neckline of this mentioned formation, this is observed in territory from $ 35-36.
If the bull were to gather enough momentum from the bulls, an extension could be clearly visible through the neckline area. A move above $ 35- $ 36 could result in a very quick return to a psychological recovery of $ 50. LTC / USD traded last here on the 14thth November, during a period of strong commercial momentum. The next probable challenge would be the pre-November fall levels. This is seen around $ 57, the high area of 7th November. LTC / USD was seen here just before the downtrend began.
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.
