The digital asset market’s collective bullish rally has continued over the past week, with Litecoin being one of the market’s top benefactors. At press time, the crypto-asset had managed to trump EOS to the 6th position on CoinMarketCap, with a market cap of $5.24 billion. Litecoin also registered a spike of 2.13 percent over the past 24 hours.
Source: LTC/USD on Trading View
The 1-day chart for Litecoin has been extremely bullish since the start of 2020 as the crypto-asset breached a major resistance at $62.33 and $72.16 within the first 40 days of the year. At press time, the price movement of Litecoin had given rise to the formation of a rising wedge. Here, it is important to note that over the past week, Litecoin did not register major corrections, a fact that may increase the possibility of a pullback over the next week. The formation of the above pattern inclines towards the same sentiment and a correction seems due for the LTC shortly.
On 12 February, Litecoin managed to surge past another resistance at $78.53, targeting the next resistance at $89.55. The chart highlighted that corrections may take either of the two paths in the market. A minor correction down to $78.52 is the 1st target zone for a retrace and bounce-back, after which the token should continue surging towards the resistance at $89.55. However, a pullback down to $72.16 held a higher probability. In hindsight, a correction down to $72.89 may trigger a substantial surge above $100 by mid-March.
According to the VPVR indicator, the trading volume has been significantly higher in the $72 range over the past month, forming a strong band of support at that position. Selling pressure could be countered with buying pressure at this range for a definite period.
The trading volume has also been decreasing on the charts, awaiting a reversal over the next week.
However, Bitcoin’s movement on the chart may have a significant part to play in Litecoin’s future. The correlation index between Bitcoin and Litecoin was 0.807, at press time, a figure which was last observed in May 2019. Over that period, the industry was experiencing a bullish rally as well, with Litecoin surging over $100 by 15 May.
A minor correction down to $78 or a major slump to $72 should surface for Litecoin in the next two weeks. However, the apparent bullish momentum and Bitcoin’s movement may alter the future trend for the 6th largest crypto-asset.
Litecoin Launching at 13,000 ATMs in South Korea, Foundation Aims for Global Expansion of Cryptocurrency
Litecoin (LTC), the seventh-largest cryptocurrency by market cap, can now be withdrawn in Korean Won (KRW) at over 13,000 ATMs in South Korea. According to the Litecoin Foundation, LTC is going mainstream in South Korea through a partnership with MeconCash. A Bitcoin spinoff, LTC allows people to make peer-to-peer transactions without a central authority.
MeconCash is integrating the cryptocurrency into its M.Pay platform, allowing Litecoin holders to send remittances to Korea from overseas and to access quick cash. Litecoin users will also be able to purchase products on MeconCash’s MeconMall and pay for mobile games that utilize M.Pay for rewards.
The partnership plans to deliver more services in the future. Says Jo Jae Do, chairman of MeconCash,
“Through our partnership with Litecoin Foundation, we will grow the presence of Litecoin throughout the Korean market starting with the ATM withdrawal services. And with Litecoin Foundation as our partner, we are expecting to grow globally and see positive synergies in the upcoming future not only in the Korean market but also in the global market.”
Litecoin creator Charlie Lee continues to focus on large-scale partnerships that can expose Litecoin to a wide audience, collaborating with big brands across a range of industries including mixed martial arts, K-pop, DeFi and professional sports.
Lee says the new integration into M.Pay’s platform and across a large network of ATMs is a “big step toward expanding Litecoin’s footprint in the South Korean market.” It’s also a push for Litecoin into the country’s remittances industry which moves $6 billion annually.
Adds Alan Austin, director at Litecoin Foundation,
“With billions in remittances sent each year to South Korea, Litecoin – through its speed, security, and low transaction fees – offers significant advantages over traditional methods of sending money overseas through the M.Pay platform.”
Litecoin Price Analysis: LTC/USD now has to break down a huge barrier at $65
- Litecoin price is trading in positive territory by 5.50% in the session on Thursday.
- LTC/USD is now running towards its fourth potential consecutive session firmly in the red.
- A critical trend line of support was breached at around $72, inviting fresh selling.
LTC/USD daily chart
The price in the last four sessions has dropped a chunky $20 from $80 down to $60.
LTC/USD 60-minute chart
Bulls managed to break out of a bearish pennant structure, after being set up for a fresh bout of downside pressure. A near-term supply area should be noted at $65.
Spot rate: 64.20
Relative change: +5.50%
|Today last price||64.3802|
|Today Daily Change||3.8913|
|Today Daily Change %||6.43|
|Today daily open||60.4889|
|Previous Daily High||72.1204|
|Previous Daily Low||57.5184|
|Previous Weekly High||80.6896|
|Previous Weekly Low||66.0609|
|Previous Monthly High||70.0854|
|Previous Monthly Low||38.7677|
|Daily Fibonacci 38.2%||63.0963|
|Daily Fibonacci 61.8%||66.5424|
|Daily Pivot Point S1||54.6314|
|Daily Pivot Point S2||48.7738|
|Daily Pivot Point S3||40.0293|
|Daily Pivot Point R1||69.2334|
|Daily Pivot Point R2||77.9779|
|Daily Pivot Point R3||83.8355|
Litecoin (LTC) Price May Hit $77.50 after Forming Inverse Head and Shoulders
The seventh most valuable cryptocurrency has plummeted after recently reaching $79, but traders remain bullish based on technical analysis.
The Litecoin price has doubled since the start of the year, rising from $40 in early January to $79.54 on February 24, as per data from CoinMarketCap. Litecoin plummeted following the sudden fall of the Bitcoin price from above the $10,000 mark.
Image via CoinMarketCap
At press-time, the seventh-largest coin is trading at $61.79 on CMC. However, crypto traders believe that the LTC price may reverse soon and hit the $77.50 level after it forms an inverse Head and Shoulders (iHS) pattern.
‘Possible formation of multiple iHS’
Crypto analyst ‘CryptoWolf’ has taken to his Twitter page to share a bullish LTC prediction. He believes that Litecoin may form multiple Inverse Head and Shoulders patterns and hit the $77.50 level. He tweets:“LTC. Bearish target hit @ 62$.
Possible formation of multiple iHS with neckline at 77.50.
Picture from VIP video update released the 16th Feb.”
Image via Twitter
LTC may rise to the $70 area
Crypto trader @TraderSmokey has posted a LTC chart, saying that the coin may rise to the 0.007971 BTC level ($70.29).
“Decent level to buy some spot imo”
Image via Twitter
Charlie Lee accuses DeFi of being centralized
Earlier, Litecoin founder Charlie Lee shared heavy criticism of the Ethereum-based DeFi ecosystem. This occurred after the DeFi lending dApp bZx was hacked and then temporarily shut down along with the Fulcrum for trading on which it was used.
In just a few days, a second hack followed. The culprit’s profit after both hacks totaled around $1.2 mln worth of Ethereum.
Lee stated that DeFi apps can be closed down if a centralized party interferes. Further, he said they can’t be repaired unless DeFi becomes even more centralized.