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Analysis

Litecoin Pops as Investors Grow Weary of Bitcoin Cash

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Litecoin (LTC) spiked above $50.00 on Thursday, as demand for Bitcoin Cash (BCH) cooled amid growing concerns that it is heading for another crash. According to Bitcoin analyst Tuur Demeester, the next BCH selloff will likely push Litecoin prices sharply higher.

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The Bitcoin Hedge?

Demeester refers to Litecoin as the “real Bitcoin hedge” due to its SegWit scaling solution. This means it can easily incorporate other technologies before they make their way to Bitcoin (the Lightning Network is one such example). Litecoin also has many similarities with Bitcoin, which makes it the logical choice for Bitcoin enthusiasts looking to hedge against volatility.

While this concept obviously doesn’t have much data behind it, market participants will have plenty of opportunity to test it. That’s because Bitcoin Cash is seen as increasingly volatile, even by cryptocurrency standards.

Since Bitcoin Cash branched off from its parent on Aug. 1, prices have struggled to demonstrate steady upward momentum. BCH spiked following the hard fork before losing more than half its value a few days later. Prices struggled up until last week, when the market turned higher.

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At the time of writing, BCH controls more than $11 billion in assets, placing it third among world cryptocurrencies. Bitcoin takes the top spot at $69.1 billion. Ethereum is second at less than $30 billion.

Litecoin Sees Large Upside

Litecoin’s latest upsurge took prices to a high of $52.91, according to Bitstamp. Prices were last down around 1% at $52.30. At current values, the LTC market is worth roughly $2.7 billion.

The LTC/USD has further upside in store, based on the short-term oscillators. The Relative Strength Index (RSI) has climbed above 60 and the MACD shows continuing upward momentum. Prices are up around 18% over the past month and have returned more than 1,100% year-to-date.

Ripple Spikes and then Falls Again

Litecoin isn’t the only digital coin on the rise. Ripple (XRP) spiked 70% overnight on Wednesday as volume crossed $2 billion. Once again, trading on the Korean peninsula is largely responsible for the dramatic increase. South Korea has been a major driver of the cryptocurrency market as of late amid speculation it will become the second Asian country to regulate the digital payment arena.

Ripple pulled back sharply on Thursday to trade at $0.2492. That represents a drop of 8.5%, according to CoinMarketCap. The coin saw roughly $1.6 billion in volume over the past 24 hours.

Crypto Market Cap Reaches New High

The total market capitalization of all cryptocurrencies topped $152 billion on Thursday, a new record high. The latest record comes despite Bitcoin and Ethereum both trading well off their peak levels.

There are now 11 cryptocurrencies valued at $1 billion or more. Monero is the latest addition. As of Thursday, it is valued at nearly $1.4 billion. BitConnect is also approaching the $1 billion milestone, and was last valued at roughly $831 million.

Total Cryptocurrency Market Cap (CoinMarketCap)

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3 Comments

3 Comments

  1. bananatrue

    August 24, 2017 at 11:19 am

    If you ever tried making a real payment using Litecoin you’d realize it’s always been way more reliable than Bitcoin since months. It’s no surprise that merchants switched to BTC to LTC because of transaction time and fees. The fact that LTC price isn’t exploded yet reflects the actual short-term speculation rather than long-term investment market IMO.

    BTC’s November fork will be another great test for LTC, let’s see how it goes.
    I know it’s not safe as a trader but I went almost all-in on Litecoin so I hope to be right.

    • Chris G

      August 24, 2017 at 3:32 pm

      Absolutely agree – in fact, much of the time I am trying to move bitcoin in wallets and market platforms, I convert it to litecoin and transfer as litecoin. It’s faster, more reliable etc.

  2. Chris G

    August 24, 2017 at 4:04 pm

    I took profit on LTC at 53, had been waiting for months for the price to move – now I’m largely moved to ETH in the hopes of hitting the 360 target

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

(more…)

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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Analysis

Technical Analysis: Ripple Breaks Out as Bitcoin Tests Highs

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Cryptocurrencies are having another bullish session as the total value of the market surged to a new all-time high near $225 billion, with the help of the rally in BTC and Ripple, and despite the drop in the value of Bitcoin Cash. The most valuable coin its record high yet again after the brief but steep weekend correction, despite the still overbought long-term picture. We still urge traders and investors to wait for a deeper correction before entering new positions here, with support levels found at $7000, $6700, and $6000.

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BTC/USD, 4-Hour Chart Analysis

Ripple has been the other main mover of the day so far, as the coin skyrocketed on huge volume and breached the $0.26 level before turning lower and stabilizing near $0.23. The coin triggered a short-term buy signal by moving above $0.2250 and it remains bullish on both time-frames, despite the pull-back, with another major target level ahead at $0.30.

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Ripple/USD, 4-Hour Chart Analysis

The other majors are little changed expect IOTA, which further added to yesterday’s gains and reached overbought readings, while Ethereum Classic and Dash continue to drift lower in short-term correction patterns. Let’s see the detailed analysis of the short-term charts.

(more…)

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