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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to recover from the unforeseen bear attack

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The cryptocurrency market has witnessed a sudden fall in the past 24 hours, wherein Bitcoin [BTC] has dropped below the $4000 mark. At press time, Litecoin [LTC] is trading at $33.26 with a market cap of $1.9 billion. The daily statistics of LTC is showing a loss of 4.9%, however, the cryptocurrency is still flashing green on the weekly chart with a 3% gain.

1-hour:

LTC 1 hour chart | Source: TradingView

LTC 1 hour chart | Source: TradingView

The hourly chart of Litecoin shows a massive downtrend from $41.6 – $39.8 and $36.557 – $33.54. The sudden price fluctuation has created strong resistance points at $39.7 and $41.6. Also, in this timeframe, there is a slight uptrend ranging between $32.4 and $33.1 with a support point at $33.

The Parabolic SAR has shown an unforeseen fall a few hours back by pushing the candlesticks downwards. However, the indicator is currently forming the dots below the candlesticks depicting a slight recovery from the major fall.

The cryptocurrency market has witnessed a sudden fall in the past 24 hours, wherein Bitcoin [BTC] has dropped below the $4000 mark. At press time, Litecoin [LTC] is trading at $33.26 with a market cap of $1.9 billion. The daily statistics of LTC is showing a loss of 4.9%, however, the cryptocurrency is still flashing green on the weekly chart with a 3% gain.

1-hour:

LTC 1 hour chart | Source: TradingView

LTC 1 hour chart | Source: TradingView

The hourly chart of Litecoin shows a massive downtrend from $41.6 – $39.8 and $36.557 – $33.54. The sudden price fluctuation has created strong resistance points at $39.7 and $41.6. Also, in this timeframe, there is a slight uptrend ranging between $32.4 and $33.1 with a support point at $33.

The Parabolic SAR has shown an unforeseen fall a few hours back by pushing the candlesticks downwards. However, the indicator is currently forming the dots below the candlesticks depicting a slight recovery from the major fall.

The Relative Strength Index is currently moving within the RSI zone, indicating that the inflow of money in the LTC market is stable in this timeframe.

The Awesome Oscillator is showing a slight transition to red bars, however, it has maintained the formation of the bars above the zero line. This indicates that there is not much fluctuation in the price of the cryptocurrency.

Conclusion:

The technical analysis demonstrates that though LTC suffered from a major downfall in the short term, the indicators are in favor of a fast recovery and a long term bullish run.

Source. ambcrypto

Litecoin

Litecoin (LTC/USD) forecast and analysis on July 17, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 89.53. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Litecoin (LTC/USD) forecast and analysis on July 17, 2019

As part of the Litecoin course forecast, a test level of 95.10 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 70.00. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 108.50.

Litecoin (LTC/USD) forecast and analysis on July 17, 2019

Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotations of the pair above 110.20 area. This will indicate a change in the current bullish trend for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on July 17, 2019 implies a test level of 95.10. Further growth is expected to continue to the area above the level of 70.00. The conservative area for buying Litecoin is located area of 108.50. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 110.20. In this case, we should expect the continuation of the fall.

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Binance Lists Litecoin (LTC) on Its Crypto-to-SGD Platform

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  • The residents of one of the richest countries by GDP are now available to seamlessly fill up their Litecoin bags

Litecoin has recently become the latest coin to be added to Binance’s new fiat-to-crypto exchange in Singaporewith LTC/SGD being the only available trading pair. 

The addition had no effect on the price of the asset due to low trading volumes.👉MUST READ

Another fiat-to-crypto exchange

The new crypto exchange, which allows buying and selling digital assets with Singapore dollars, went live on July 10. 

Opening a regional branch of the number one exchange by trading volumes was necessary to comply with local regulations, which turned buying crypto abroad into a great ordeal.

This is already the third fiat-to-crypto exchange that was rolled out by Binance after similar trading platforms were launched in Jersey and Uganda.

As reported by U.Today, CZ revealed that he plans to set up ten fiat exchanges on every single continent (well, except Antarctica).

The bigger picture

The price of Litecoin remains in the doldrums during the announcement. It dropped below the $80 mark right on the verge of reward halving that is slated for early August.

The broader crypto market continues to register double-digit drops after the Bitcoin price dropped below $10,000.

However, it’s all about a long-term game since Binance Singapore will serve as a springboard for the company’s expansion in Southeast Asia.

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Litecoin (LTC/USD) forecast and analysis on July 16, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 88.77. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Litecoin (LTC/USD) forecast and analysis on July 16, 2019

As part of the Litecoin course forecast, a test level of 95.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 68.50. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 110.20.

Litecoin (LTC/USD) forecast and analysis on July 16, 2019

Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotations of the pair above 110.80. This will indicate a change in the current bullish trend for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on July 16, 2019 implies a test level of 95.20. Further growth is expected to continue to the area above the level of 68.50. The conservative area for buying Litecoin is located area of 110.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 110.80. In this case, we should expect the continuation of the fall.

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