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Litecoin Prices Could Be Undervalued Ahead of LitePay Launch

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From the vantage point of today’s price levels, Litecoin could be one of the most undervalued cryptocurrencies on the market. The world’s fifth-largest coin is about to get a major boost in a few weeks with the launch of LitePay, the self-styled instant payment platform.

LitePay: A Potential Game-Changer

The LitePay payment processor will officially launch Feb. 26, according to the company’s official Twitter feed. The system will enable retailers to accept LTC payments instantaneously, regardless of where their customers are located. Through a LitePay card, users can make payments to global merchants worldwide.

By launching LitePay, Litecoin is delivering a system whereby businesses can accept cryptocurrency without having to worry about slow transactions or price volatility.

Litecoin founder Charlie Lee first announced the LitePay project before Christmas. In a few weeks, customers will have the opportunity to use the new infrastructure to purchase products and services in U.S. dollars with a flat transaction fee. The infrastructure will also allow for a Litecoin wallet to be installed on mobile and desktop browsers, and for withdrawals to be carried out through VISA-friendly ATM machines.

In its own words, LitePay describes its services as follows:

“Use LitePay’s retail, e-commerce, billing, and donation tools to accept payments from customers anywhere on earth. Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.”

The new platform has been described by some analysts as a “game-changer” for its ability to solve the limited usability problem plaguing most major cryptocurrencies, including bitcoin. Whereas bitcoin has struggled with mainstream adoption as a unit of transaction, Litecoin appears to be making faster progress in terms of transaction speed and affordable fees. In the immediate term, this could generate additional bids for the LTC token as traders look to capitalize on the news. As such, it is reasonable to expect Litecoin prices to rise, perhaps substantially, ahead of the Feb. 26 launch.

LTC Price Levels

The value of LTC tokens rose sharply at the start of Wednesday’s session, with gains far outpacing  the broader cryptocurrency market. At press time, Litecoin was up 13.4% at $179.46, extending its five-day recovery to more than 22%.

Intraday chart patterns show Litecoin has entered overbought territory on the RSI, which suggests that a pullback may be in order as prices consolidate. The coin is currently trading at two-week highs, having overtaken Cardano as the world’s fifth-largest cryptocurrency with a market cap of $10 billion.

Trade volumes in LTC have come in at nearly $928 million over the past 24 hours, according to CoinMarketCap. More than a third of the daily transactions were processed on the OKEx platform, which is now the world’s second-largest exchange by volume. Coinbase’s GDAX exchange also processed 16% of the daily turnover, based on latest available figures.

Trading in LTC is fairly democratized, with dozens of exchanges processing millions of dollars in transactions daily.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 741 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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3 Comments

3 Comments

  1. MinerMatt17

    February 14, 2018 at 2:13 pm

    You say litecoin is overbought but undervalued, and yet don’t elaborate on this at all in the article.

    • Brentc

      February 15, 2018 at 3:11 am

      I’m pretty sure he means overbought on the short term I.e. hourly

  2. jbamps1974

    February 16, 2018 at 9:42 am

    Not one mention that quite some people consider litepay to be a fraud. Copy pasting text from coinbase.. dodgy website… virtual office.. no banking… etc etc.. Don’t forget to do some back ground checks and include it in your article to provide a complete picture. That being said.. thank you.. i made a good profit on the LTC price rise after your article 😉

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Litecoin Price Analysis: LTC/USD Bulls Enjoy Big Jump But Stubborn Resistance Capping Potential

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  • Litecoin sees a relief rally on Friday, but is still stuck within stubborn range-block.
  • LTC/USD price action has formed a bearish flag pattern structure, subject to a potential break lower.

The Litecoin price on Saturday was seen holding decent gains of over 5%, as life is kicked back into the bulls. The LTC/USD pair has been victim of trading within a stubborn daily $3 range. This very much being the case for the past nine trading sessions. It is a form of consolidation after the breach south from an ascending trend line. This had been supporting the price from 14th December 2018, up until the bears forced a breach on 10th January.

In light of the breakout below the above-mentioned trend line, a large wave of selling pressure came with that. LTC/USD plunged by as much as 25% to the lowest levels seen since the start of the month. The earlier described range-block formation has come as a result of the increased volatility that accompanied the break south. The high of the range should be noted at the $33 mark, with the lower support eyed down at the psychological $30 level.

Bear Flag

Given this type of price behavior from a technical standpoint, it appears to demonstrate some vulnerabilities to the downside. The calming and consolidating after an initial explosive drop lower to then potentially resume the selling pressure reflects this point. As can see from either the 4-hour or daily chart, price action has formed a bearish flag pattern. When the market fell from 9-10th January, this formed the pole of the bearish flag of the structure. The actual flag is currently being constructed, as part of the sideways trading being observed.

Lightening Network Trial Underway

As reported by the CCN team, Coingate, a cryptocurrency-based payments platform, has now executed a trial run of its Lightening Network via Litecoin.  The platform has partnered up with a privacy service provider, known as Surfshark for this pilot project. Within the partnership, the implementation of Lightening Network payment solution for Litecoin transactions is a big milestone for the cryptocurrency community.

Technical Review – LTC/USD

LTC/USD daily chart. A bearish flag structure can be seen.

As detailed earlier, a breakout from the range-block formation will be the next trend defining move. Should the bears manage to force a break below the lower support, tracking at $30, then a demand area below will be called into action. This can be observed tracking within the $28 price region, which is a known area to find buyers. A failure to do so could see LTC/USD drop back down towards $23-22 range.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 110 rated postsKen 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.




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Crypto Markets Get a Boost Heading Into the Weekend as Debate Over Bitcoin ETF Intensifies

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Cryptocurrency prices rose on Saturday, alleviating the risk of an imminent pullback following days of mostly lateral moves. As history has shown, longer periods of sideways trading are often followed by brisk selloffs in bitcoin and altcoins.

Flush of Green

The biggest cryptocurrencies all reported gains at the start of the weekend. Bitcoin, the largest by market cap, climbed back above $3,700 in a show of momentum for the bulls. At last check, the bitcoin price was valued at $3,744.11, having gained 2.5% from Friday.

Bitcoin’s price broke out on Monday but failed to generate sustained bids throughout the week. As a result, it spent most of that period hovering between $3,600-$3,700. Bitcoin faces a major long-term support at $3,550; a break below this key level could be a momentum killer for the bulls.

The leading digital currency continues to be a good barometer for the overall market. With a market dominance rate of 52.5%, bitcoin has a direct impact on how altcoins and tokens perform. It comes as no surprise that coins other than bitcoin rose by more than $2 billion on Saturday, according to CoinMarketCap.

The total market cap of all cryptocurrencies improved to $124.7 billion, up markedly from a 24-hour low of $120.9 billion.

Litecoin was the top gainer among major cryptos, rising 4.4% to $32.65. XRP added 1.7% to $0.3313, Ethereum climbed 2.5% to $125.01 and bitcoin cash rose 1.4$% to $130.70.

Outside the top-ten, IOTA rose 4.1% to $0.3246. NEO advanced 5% to trade at $8.09.

Bitcoin ETF Debate Continues

The U.S. Securities and Exchange Commission (SEC) has a big decision to make in roughly five weeks: approve or reject the VanEck SolidX Bitcoin Trust. Unlike previous crypto ETF applications, the VanEck-SolidX application proposes a physically-settled bitcoin fund that addresses many of the SEC’s ongoing concerns around investor protection and market manipulation.

Some investors are clinging to the hope that SEC approval of the VanEck-SolidX product will give the market a much needed boost by the end of the first quarter. But the impact of the approval/rejection could depend largely on how the market performs heading into the decision, now slated for Feb. 27. As Hacked reported last month: “The rejection of an ETF approval could affect the market if the price of Bitcoin has been increasing in anticipation of the announcement.” More here.

The consensus among analysts and market observers is that the SEC is unlikely to approve any bitcoin ETF this year. This view was recently echoed by bitcoin bull and CNBC contributor Brian Kelly, who says the bitcoin futures market isn’t mature enough to allow for an ETF to be approved. He didn’t comment specifically on the VanEck application, which has been designed as an alternative to futures-linked products by holding a repository of physical BTC as opposed to derivatives.

The SEC’s Office of Compliance Inspections and Examinations (OCIE) named crypto as one of six regulatory focal points for 2019. In a recently released report, OCIE said: “Given the significant growth and risks presented in this market, OCIE will continue to monitor the offer and sale, trading, and management of digital assets, and where the products are securities, examine for regulatory compliance.”

For more on this story, read: As Race for Bitcoin ETF Heats Up, SEC Identifies Cryptocurrency as a Top Priority in 2019.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 741 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Why Investors Should Be Paying Attention to FUEL

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For anyone who’s had to work with a lawyer before and wondered “why is this so expensive?”, the answer is usually because where there is a high degree of complexity, there is also risk. Lawyers are brought in to mitigate this risk by building contracts that factor in the complexity.

But this is hardly the most efficient way to do things. All these service oriented contracts have to run through middlemen or centralized companies, which leaves the counterparties exposed to any security risks these middlemen might have.

Smart Contracts as a Solution

Potential attacks can be mitigated by using smart contracts to eliminate the central party risk. This is what Ethereum was designed to do: create a decision-making system that wouldn’t be vulnerable to third-party tampering.

Even though Ethereum is able to support DAOs and DACs, it isn’t the easiest platform to work with as a developer. This is largely because of the requirement that programmers use Solidify, which is considered to be an esoteric language.

Etherparty to the Rescue

Where Etherparty comes in is that it delivers improved ease of use. They are actually marketing themselves as doing the same thing for DAOs that Wix is doing for websites. By being safe, reliable, and easier to get involved with, they have the potential to become the de facto platform for many of the broader and more marketable applications that will surface within the blockchain ecosystem.

There are templates for creating smart contracts already stored in the cloud, and all contracts are settled using the proprietary token, FUEL. Any transaction or execution requires FUEL, which is where the natural demand comes from, but there the contract payout amounts are pegged to USD to avoid having fluctuations of the FUEL price affect the payout.

The business model is similar to a subscription, where a monthly fee determines how many features the user has access to, as well as the level of integration. From an investor’s perspective, this creates a constant revenue stream and “demand” for FUEL that could do great things for the price.

Investment Opportunity

The technology of creating agreements between parties is definitely in high demand, and the question becomes: is Etherparty the likely winner in this space? We can’t know for sure, but the current pricing is very appealing. Sometimes a deal makes for a good incentive to invest in an already competitive space.

Currently ranked at 372 in terms of market capitalization, the buying case for FUEL is more of a long-term one. It can be purchased on Binance and has just start to test resistance levels again.

The November high was around 400 satoshis, and based on the current trading patterns, that could be a possibility if FUEL were to break out of the 210-240 satoshi range. Having a smart contract creation tool will become increasingly important as the industry continues to advance and more companies want to use the blockchain. One thing is clear, the coin is down from all-time highs and has potential to be a runaway hit in this down period we are currently experiencing.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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