Litecoin Price Analysis: LTC/USD Bullish Daily Close Leaves the Door Open to Another Potential Squeeze Higher

  • LTC/USD looks attractive for further potential bullish momentum, given 15th October daily candle.
  • Litecoin live on Gemini platform from 0930EDT, today (16th October). 
  • Charlie Lee speaks on Bitcoin and Litecoin mass adoption problem and solution.

Litecoin Gemini Listing Live Today (16th October)

Following on from Gemini announcing their support for Litecoin trading and custody, last week, as covered by Hacked.com’s Sam Bourgi, in a post reaction review, trading is live today (16th October) on their platform from 0930EDT. Litecoin is being marked as the fourth digital asset being made available on Gemini. Most noteworthy, Gemini is seen as ‘the world’s most regulated cryptocurrency exchange and custodian. Held to the highest standards of banking compliance and fiduciary obligations. Overseen by the New York State Department of Financial Services (NYSDFS).’

Happy Belated, Litecoin

Litecoin has now been in cryptocurrency existence for over 7 years. Charlie Lee, the creator, initially released it via an open source client on GitHub. The first actual release was a fork of the Bitcoin blockchain. Finally, the cryptocurrency went live on 13th October 2011. Just two years after its inception, it breached the billion-dollar market cap. As of time of writing, this is currently seen at $3.2 billion, making it the 7th largest.

Charlie Lee on Mass Adoption Barriers

CNBC Crypto Trader recently interviewed Charlie Lee. The Litecoin creator was questioned on why this mass adoption is struggling to happen and what the barriers are. Lee noted that scalability is the issue. Therefore, suggesting that for Bitcoin and Litecoin to scale to the world, a solution would be Lightening Network. He said, “this would allow to scale, without sacrificing decentralization.” This is being worked on right now. To that point, Lee believes that real world adoption will start to be seen in the coming yet.

Technical Review – Daily Chart View

LTC/USD daily chart

LTC/USD during yesterday’s session, saw a large bull run higher, spiking above well into the $62 territory. After somewhat of a knee jerk move, the price eased lower, but still held on to decent gains at the session end. Therefore, the daily candlestick left a bullish upper wick. This leaves room for the bulls to pick up where they left off. As a result, there does appear to be potential room for this wick on the 15th October candle, to be filled.

Eyes would be on for a potential breakout of the triangle pattern, that has contained the price since the start of September. Market bulls would need to see a daily close above $60, for it to be inviting of a continued move north. Finally, near-term support is eyed at the lower part of the triangle, tracking at $51.50. It is vital that this area holds, otherwise it would spell potential catastrophe.

Disclaimer: The author 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.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.