Litecoin’s price declined a few points towards the $59.00-$60.00 support against the US Dollar. However, with a strong support and increased adoption, the coin’s price is showing signs of a major bounce back.
According to the daily chart, Litecoin’s price declined below major support levels at $60 and 59.20. Additionally, there was a break below the 61.8% Fib retracement level of the last upside move from the $56.88 low to $63.80 high. Nonetheless, the decline was reversed by a strong support at $58.50 and the price is currently showing signs of a major bounce back.
Litecoin has gained 25% since its dip in August 14th. the coin’s market cap is at $3.5 billion dollars which places it as the 7th largest digital currency according to coinmarketcap. With an exchange-traded volume of $281 million in the last 24 hours, LTC has continued to outperform most of the cryptocurrencies above a $100 million market cap over the past week.
This success can be attributed to the recently increased adoption of Litecoin platform that has seen many traders maintain their faith on the coin. For instance, traders whose exchanges support Tradeit can now buy Litecoin (LTC) directly from Yahoo Finance. Charlie Lee is upbeat about this new found support and so are the enthusiast.
Also, Zulu republic recently announced lite.im which will enable litecoin transactions through SMS and Telegram messaging. The new project aims at bringing litecoin services to anyone with even the most basic mobile phone. As such, users will be able to interact with the Litecoin blockchain, sending and receiving funds from anywhere in the world where a cellular signal can be found. All technical signs show that the risk/reward is favorable for the long position despite the current bearish trend. With such positive developments, Litecoin’s price and value may increase significantly, though it might take time.
Do you believe the increased adoption will, in turn, propel Litecoin’s price to new all-time highs in future?
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