Analysis

Litecoin [LTC] enters consolidation phase as market recovers from the slight blip yesterday

LTC

The cryptocurrency market seems to be back on tracks after a small blip yesterday with most of the top coins trading in the green. At the time of print, the total market cap of the crypto industry stands at $182 billion which is moving in the right direction and bodes well for the future and there are no signs of correction yet. The leader of the crypto community, Bitcoin is trending upward and is ranging sideways between its new breakout point of $5,360, and the 55-hour exponential moving average (EMA). Bitcoin has been on an upward slope since 4 April and many believe that it is a sign of things to come with the coin getting ready for bigger things. At the time of print, Bitcoin is currently trading a little higher at $5,250. The market is riding high on the bullish momentum which is also evident from the rise of Ethereum which is trading just a shade below the $180 mark posting a gain of almost 3 percent on the day. Litecoin [LTC] is the 4th largest currency in terms of market cap and at the time of print, LTC is trading at $88.08 and the total market cap of the coin stands at $5.4 billion.

LTC/USD

At the time of print, the coin has found support at $59.45 and is trading well above it. The cryptocurrency seems to have come to grinding halt for the past few days and the key resistance for the coin stands at $95.84. The coin seems to have entered consolidation mode and is trading between levels $85.12 and $90. The hourly RSI indicator stands at $54.4942 and the coin is neither overbought nor oversold. The MACD shows that the coin is trading in the bullish territory and the 100 EMA line shows an uptrend.

LTC/BTC

At the time of press, the coin is up by 0.18 percent and one LTC is equivalent to 0.01677353BTC.

Latest Updates

  • According to a report by CoinDesk, Crypto Facilities, a subsidiary of San Francisco-based crypto exchange Kraken has witnessed a surge in recent weeks–in particular, its LTC and Bitcoin Cash [BCH] futures contracts. Speaking to CoinDesk, head of indices and pricing products, Sui Chung said that the company had seen a dedicated following for each of the coins after Litecoin was listed in June 2018 and Bitcoin Cash two months later.
  • In another development last month, the community ran Litecoin Subreddit that was originally launched in late 2012 crossed a major milestone of 200,000+ subscribers, a 10x increase from 2 years ago.

Image: Shutterstock

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