Litecoin Price Analysis: LTC/USD Bulls Fail to Break Down Heavy Supply Near $60
- Litecoin bulls are continuing to fail maintaining any upside momentum.
- LTC/USD dealt another blow after running into heavy near-term supply, seen within early $60 territory.
The Litecoin (LTC) price for much of October so far is failing to sustain any trend. Upside that has been observed is quickly sold by the market bears by some force. Market participants appear to be very much reluctant to commit for now. Therefore, this is coming after a serious amount of volatility throughout September marked by some extreme swings. LTC/USD is delicately trading within consolidation mode, after the previous big ride. Despite the lack of solid direction, news flow around Litecoin continues to look promising.
In terms of news flow, CEX.io, a London, UK, based cryptocurrency exchange, has relisted Litecoin (LTC) on their platform. This comes after their removal of it back in 2017, where they stated “we had to stop supporting it and prioritize the upgrading of our platform to respond to the growing market. Now that we’ve advanced our infrastructure and our security procedures, we are ready to reintroduce Litecoin. Its addition will augment the trading experience for both retail and professional traders on CEX.IO.”
CEX.io will initially support LTC/BTC and LTC/USD. Further expansion may be explored in the future with LTC/EUR, LTC/GBP and LTC/RUB. The mentioned fiat currencies are supported by CEX.io.
Charlie Lee Buys Amazon Voucher with Litecoin (LTC)
Elsewhere, something that sparked up excitement within the Litecoin community, was Amazon vouchers. The founder of Litecoin recently tweeted that he bought an Amazon gift card, using LN on Litecoin. He said, “the payment went through instantly and I got the gift card right away”. Charlie Lee had purchased the gift card via BitRefill.com, which supports; Bitcoin, Litecoin, Ethereum, Dash and Dogecoin.
60-minute Chart Technical Review
LTC/USD bulls are just plagued by sellers. Bears eagerly sit on the sidelines, waiting to pile in on the downside pressure at opportunities after a short-term rally. Looking at the 60-minute chart view, the price faltered within $60 territory once again. This area has proven to be a problem through the month of October already. Given the recent rejection, support will now be eyed at the below demand area, which tracks just sub $57. In terms of upside resistance, supply above $60 is seen between $61-62. A clearance further north should see a fast move back to $65-66. The price last traded here on 27th September.
Daily Chart Technical Review
There appears to be much in the way of upside moves that have been observed in the past. Since the crash lower at the back end of July to the early part of August, the range has been mundane. The price had dropped as much as 45%, within the mentioned period, resulting in LTC/USD trading firmly within consolidation mode, given the exhausted sellers. Ultimately, the price may not be going anywhere too far north for the foreseeable future. This is due to the large number of barriers that have been built. Sellers are camped within $60-62, and $65-70 ranges. Buyers can be found; $57-56, $55 territory and then $50.
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.
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