Despite strong fundamentals and Litecoin (LTC) listing at different exchanges and payment providers, sellers are still in charge. Considering the pace of erosion, we might witness a break below main support at $70 today and in that case, our targets will be at $50.
- According to Mati Greenspan, a Market Analyst with eToro which is a social trading platform, there is an undervaluation in Litecoin. His comments comes at the back of an in-depth research done by eToro which revealed that Litecoin is one of the most active coins in the world with a high number of trading volumes. That’s on top of their unrivaled daily active users (DAU) transacting using LTC to pay for their day to day items. On top of the popularity of the coin, the research concluded that while it doesn’t want to replace Bitcoin, Litecoin is keen on complementing it and being a Bitcoin “lab”, Litecoin development community is vibrant with an adaptable network.
- com, previously known as Monaco, has plans of supporting Litecoin. Citing “same Vision”, Crypto.com users from would in coming days download the wallet, transact and monitor their trading activities on Crypto.com secure MCO wallet. Once the company completes their integration with their MCO Visa Card, users would freely spend their Litecoin online boosting coin adoption as a result.
#Litecoin (LTC) has been added to the MCO Wallet App, the first #cryptocurrency to be added to the MCO platform since the app launch. It joins BTC, ETH, BNB, & MCO. All can be purchased, exchanged, and sent securely within the app https://t.co/Ut7evJUyo4 @SatoshiLite pic.twitter.com/AahCpTwMLc
— MCO Crypto (@MCO_Crypto) August 1, 2018
- Charlie Lee shall advise HTC on the development of the first crypto compatible coin, HTC Exodus. Of course, this is going to be revolutionary but what stands out is that Exodus shall support Litecoin and the Lightning Network with their easy to use and secure wallets acting as points of transaction.
Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption.
P.S. No, they will not remove BTC. https://t.co/WQcygPVst0
— Charlie Lee [LTC⚡] (@SatoshiLite) July 30, 2018
Litecoin (LTC) Technical Analysis
Even after four weeks of consolidation, buyers didn’t find enough momentum to tame these incessant Litecoin (LTC) sellers. As a matter of fact, what we now have is a huge bearish engulfing candlestick reversing the effort of buyers and cementing the strong bear trend we saw in May and June.
At current prices, Litecoin (LTC) is down 10 percent on a weekly basis but is likely to print more losses in coming days should we consider our trade plan.
From our technical analysis, we noted that Litecoin is range bound and for clear buys then we need to see bulls clearing $90. Conversely, sellers should be in charge once prices print below $70. This second condition might be met today or over the weekend.
To reiterate, Litecoin (LTC) is trading within a clear bear break out pattern as highlighted in our previous Litecoin (LTC) technical analysis.
Now, we shall interpret recent failure of buyers to close above $90—which by the way spread out in the first three weeks of July—as a retest and the last five days of bears as trend resumption.
It’s for the same reason why I recommended selling when prices edge below $80 on July 30. However, while that might be the case and might actually go through in the next few days, conservatives should wait for conclusive close below $70 before selling on pull backs with overall first targets at $50.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.