Litecoin Analysis: Litecoin rallied against major counterparts including the USD, EUR, and Bitcoin on Tuesday, one week after South Korean Exchange added Litecoin to its platform.
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Litecoin Analysis Vs. US Dollar
LTC/USD reached our profit target and pivot level of 63.05 while remaining inside the daily Ichimoku cloud. For this pair, the cloud remains flat, so we could expect further range trading opportunity. The supporting pivot for the range is set at 50.99. Long-term support levels are set at 40.09 and 24. 36 respectively.
This Fibonacci setup retraces the most recent LTCUSD uptrend from the lows of 3.81 in April to the record highs above 96.
LTC/EUR has formed a similar pattern as that of LTC/USD.
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Litecoin Analysis Vs. Bitcoin
LTC/BTC bottomed out at the key support level of 0.007, continuing rallies after forming a morning star bullish reversal chart pattern. The next key resistance for the pair is set at a previous support level of 0.01. For this pair, the future cloud remains downward.
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South Korean Exchange Coinone Adds Litecoin to Its Platform
Litecoin is the fifth biggest digital currency. Its adoption by the South Korean exchange, Coinone, could be one of the reasons why we saw the massive rally on Tuesday. The exchange has reportedly processed $3.2 million worth of Litecoin in the first 24 hours of trading the cryptocurrency.
South Korea is also a major trading hub for Litecoin. The country’s biggest exchange Bithumb accounts for more than 25 percent of the global Litecoin market. Based on data from Crypto Coin Charts, Bithumb is trading more than $580 mln worth of Litecoin per day, surpassing major trading platform Bittrex. Bithumb is also largely credited for the excellent performance of Bitcoin Cash and the adoption of other new cryptocurrencies like QTUM.
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Here are Invest Diva’s calculations for important approximate levels for LTC/USD:
|Support Levels||Turning Point||Resistance Levels|
As an Invest Diva you should be able to put the 3 and 4 together and develop a strategy suitable for your portfolio and risk tolerance at this time. For further help, and if you want to chat with me regarding your trades, join our investing group here. It’s awesome!!