Connect with us

Cryptocurrencies

Litecoin Faces Trade Paralysis but Outlook Very Bright

Published

on

Litecoin has struggled to build momentum in recent weeks, as altcoins failed to keep pace with a surging bitcoin. But fortunes may soon change for the world’s fifth-largest crypto after a major South Korean exchange enabled LTC trades.

// -- Discuss and ask questions in our community on Workplace.

Just so you are aware: South Korea has driven the lion’s share of cryptocurrency trade volumes since China shut its doors to the alternative asset class.

Coinone Embraces LTC

Coinone, South Korea’s No. 2 crypto exchange, has officially brought Litecoin to its platform. In the first 24 hours of trading, the exchange processed $3.2 million worth of LTC-won trades. Right off the bat, it became one of the top Litecoin exchanges on the market.

To get a sense of just how vital the South Korean market is to Litecoin, consider that roughly a quarter of global LTC trades are processed by Bithumb, the country’s largest crypto exchange. As a matter of fact, Bithumb overtook Bittrex to become the largest cryptocurrency trading platform in the world this past summer.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Back in September, South Korea overtook China to become the third-largest bitcoin market, according to CCN. Prominent bitcoin trader Tuur Demeester tipped his hat to the Asian country for its emergence as a key blockchain player.

It therefore stands to reason that Coinone’s embrace of Litecoin will contribute net gains to the altcoin. While we acknowledge that higher trading volumes don’t guarantee higher prices, the trend in the altcoin market is clearly going in one direction. This is especially true for Litecoin, which is often called the silver to bitcoin’s gold. It is capable of four times as many transactions as BTC, and has faster confirmation times.

LTC/USD Price Levels

Litecoin traded lower against the dollar on Wednesday, with LTC/USD hovering within a narrow range. At press time, one LTC was worth $55.25 USD for a total market cap of roughly $2.97 billion. Only bitcoin, Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) have a higher overall cap.

Prices are well supported near $52, which represents the swing low from Oct. 23. On the opposite side of the spectrum, the market has run into strong resistance near $58. Prices have failed to breach that level on successive occasions going back to Oct. 24.

Proponents of the Relative Strength Index (RSI) are likely to find Litecoin’s current valuations attractive from the perspective of overbought/oversold conditions. An RSI of 33 clearly suggests that prices are due for a rebound relatively soon.

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Cryptocurrencies

Trade Recommendation: Litecoin

Published

on

In spite of the market looks too overbought and it can start correction movement at any time, Bitcoin shows that even such markets can continue make new highs. This trading idea is based on a breakout above the resistance level with further upward movement. The price bounces from Tenkan and Kijun lines. DMI shows that the bulls become stronger and it supports the buy signal. Pending orders can be placed at 330.00 level with stop orders below the local swing low at 278.00 level. Profit targets are 400.00 and 450.00 levels. This is a high risk trade. The market did not correct the previous good upward movement. It means that Litecoin can drop and we must be ready to such falling. Don’t invest much volume in this trade and use stop orders. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: LTCUSDT
Buy: 330.00
Stop: 278.00
Profit Targets: 400.00 and 450.00

// -- Discuss and ask questions in our community on Workplace.

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Litecoin.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Cryptocurrencies

Trade Recommendation: IOTA

Published

on

If the price bounces from the support zone formed by SMA100 and 3.00 level, we should expect for continuation of the uptrend. When the price breaks the downtrend line, we’ll get a buy signal and an additional confirmation of further upward movement. Pending orders for buy can be placed above the local swing high at 4.10 level with stop at 3.30 level. Profit targets are 5.00 and 8.00 levels. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: IOTUSDT
Buy: 4.10
Stop: 3.30
Profit Targets: 5.00 and 8.00

// -- Discuss and ask questions in our community on Workplace.

The trading signal is based on Bitfinex chart.
Disclaimer: The analyst does not have investments in IOTA.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Cryptocurrencies

Trade Recommendation: Ethereum

Published

on

The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

// -- Discuss and ask questions in our community on Workplace.

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending