Litecoin, which has been making some positive announcements over the last few weeks is fighting to escape bears. For instance, Charlie lee recently announced future plans for the platform after another Exchange added Litecoin to its fold. As such, should we expect a Bull Run or continuation of the current bears moving forward?
Litecoin is fighting to escape bears
Litecoin price has been trading close to the bottom of the $49.466-$69.279 range. On the previous two occasions, the bounce off the lows failed to maintain momentum, showing that the sellers are in a hurry to liquidate on any small rally. Further, the coin’s price formed a bearish descending triangle pattern that will complete on a breakdown and close below $49.466. A breakdown could be negative and could sink prices to the next support at $40.
However, following the recent positive announcements, the coin’s price remained above the $51.00 support and bounced back against the US Dollar. Litecoin price broke the $52.00 resistance to moving into a positive zone. The upside move was strong as the price broke the 50% Fib retracement level of the recent decline from the $53.24 high to $51.30 low.
News and developments
Through a tweet, Wirex stated:
“We will soon be launching Wirex prepaid cards in the USA! For the first time, US-based Wirex users will be able to instantly buy and convert #XRP#BTC#LTC#ETH into USD—letting you spend digital tokens seamlessly in everyday life.”
The firm targets holders and investors in the US who’ll be able to handle their holders on the Wirex app or internet browser. This news followed massive enthusiasm in the Litecoin community.
Additionally, Charlie Lee stated that he plans to get Litecoin listed on almost all major cryptocurrency exchanges. This will see the coin’s liquidity leading to the price increase.
Do you think Charlie Lee has accomplished his mission so far?
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