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Litecoin

Litecoin’s correction to $73 may not be all bad news

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.

1-day chart

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.

Source: Coinmetrics

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.

Conclusion

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.

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Litecoin

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 artsK-popDeFi  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.”

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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%

Hgh:                         65.52

Low:                         57.33

LTC/USD

OVERVIEW
Today last price64.3802
Today Daily Change3.8913
Today Daily Change %6.43
Today daily open60.4889
TRENDS
Daily SMA2075.0732
Daily SMA5065.4467
Daily SMA10054.8128
Daily SMA20059.7995
LEVELS
Previous Daily High72.1204
Previous Daily Low57.5184
Previous Weekly High80.6896
Previous Weekly Low66.0609
Previous Monthly High70.0854
Previous Monthly Low38.7677
Daily Fibonacci 38.2%63.0963
Daily Fibonacci 61.8%66.5424
Daily Pivot Point S154.6314
Daily Pivot Point S248.7738
Daily Pivot Point S340.0293
Daily Pivot Point R169.2334
Daily Pivot Point R277.9779
Daily Pivot Point R383.8355

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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.

LTC CMC

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.”

LTC 1

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”

LTC 2

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.

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