Litecoin: technical comment

Still a rise for the listing of Litecoin: here are the factors that push the LTC quotation.

Litecoin today confirms the upward trend that had already emerged in previous sessions. As we write the quotation LTC records a rise of 12% that has no equal to that of other cryptocurrencies. According to the real-time data of CoinMarketCap, in fact, the price of Bitcoin is progressing by 8% while the Ripple price today limits the positive change to 2%. At the beginning of the morning, the situation is roughly this: Litecoin beats Ripple, Bitcoin and Ethereum.

Thanks to the strong rise today, the price of Litecoin consolidates in fifth place in the ranking of cryptocurrencies. Among the best known virtual currencies, Litecoin is therefore by level of capitalization behind Bitcoin, Ethereum, Ripple and Bitcoin Cash. The LTC quotation is today attested in area 248 dollars.

Faced with an increase of this size it is obvious that investors are led to wonder how long this phase can last and if the LTC listing, replicating what happens by the nature of cryptocurrencies, is not destined sooner or later to retrace if not to collapse. At the current state of the facts there are no elements to identify a precise moment in which the price of Litecoin is destined to change direction. As well know those who usually invest in cryptocurrencies with CFD trading, the long phase will last until there are valid reasons for support.

In the case of Litecoin, the prices started to strengthen when we started talking about an announced fork of the LTC that should have led to the birth of the so-called Litecoin Cash (a little fancy name if we consider the precedent of Bitcoin Cash ). Well after many announcements on 18 February the Litecoin Cash has seen the light. The birth through hard fork of Litecoin Cash was however troubled because the Litecoin, by the mouth of its founder Lee, took a very tough position on the split by defining the self-proclaimed Litecoin Cash a scam. After Lee’s position had been reached the clarification of the same promoters of the split who had claimed not to have links with the official project of Litecoin. In light of these clarifications the idea that there may be the hard fork that led to the birth of Litecoin Cash behind the rally of the LTC quotation loses consistency also because, after the hard fork, Litecoin Cash is subject to exchange only on the YoBit platform and is priced at 3 dollars. In practice there seems to have been no euphoria from the community for the launch of this move crypto.

 

 

 

More likely, behind the increase in the LTC listing is the launch of the new LitePay Litecoin payment system, an eleborator that allows traders to accept and keep payments in Litecoin instantly and securely anywhere in the world. Conceptually Litepay Litecoin is equivalent to BitPay but, unlike BitPay, it charges 1% for every transaction made against the usual 5 dollars. According to experts, this new payment portfolio in use at Litecoin will allow customers to accept, store and spend Litecoin in a simple and transparent manner.

If one considers that cryptocurrencies usually always react very positively to the introduction of technological improvements, it can be assumed that it is above all the arrival of a new system of payments to support the LTC quotation. In practice, today Litecoin is re-experiencing what some other cryptocurrencies had experienced some months ago, such as Ripple. Even in those circumstances, with the arrival of news on the simplification of operation and security, corresponded a sharp increase in the quotation of the crypt in question.

 

 

The levels to be monitored on Litecoin.

The price of Litecoin (LTC) is currently feeling the medium to long term resistance in particular. Which scenarios and targets could you target this digital currency?

Yesterday’s positive day on the Litecoin digital currency (LTC) which opened the session to 213 (on the relative lows of the day) and then started the rise, bringing the price to a maximum of 227.40 and closing slightly in the zone 221.63 dollars. The resistances to keep under observation are: 239.12 and subsequently 278.60 dollars, while for the supports: 213 and 175 dollars. The two long-term moving averages (100 and 200) are currently oriented upwards (below the price) and are respectively in the 171 and 134 dollars area.

For those wishing to buy Litecoin
Buy only when the price breaks up the static resistance in the area 239.12 with a stop loss at 210 dollars and take profit in the area 278.60 dollars.

For those currently holding Litecoin
Keeping the position since we are in an uptrend.

For those wishing to sell Litecoin
Possible bearish admissions only at the break of the 50% Fibonacci level in the area of 213 dollars with a stop loss positioned at 240 and the first target in the area 175 dollars.