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Litecoin Prices Surge as Major South Korean Exchange Enables Trade

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Digital currency Litecoin is about to get more exposure after one of South Korea’s biggest exchanges added the coin to its product listing. Broader market exposure was apparently reflected in Litecoin’s price on Tuesday.

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Coinone Adds LTC

Earlier this month, South Korea’s Coinone added Litecoin to its platform, where it reportedly processed more than $3.2 billion in its first 24 hours. That quickly made South Korea one of Litecoin’s top exchanges.

Coinone is the Asian country’s second-largest cryptocurrency exchange. The only exchange processing more transactions is Bithumb, which also happens to be the biggest trading platform in the world. South Korea is highly active in LTC trades, with Bithumb accounting for more than a quarter of Litecoin trade flows worldwide. South Koreans have also shown a propensity to back lesser popular or more volatile coins, such as Bitcoin Cash, which forked from the original blockchain in August.

As one of the world’s premier coins, Litecoin is offered on many of the leading exchanges. For example, it is one of three cryptos available on Coinbase, which reached a total valuation of $1 billion this past summer.

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LTC/USD Price Levels

Litecoin climbed above $63 on Tuesday, reaching its highest level in over three weeks. LTC/USD consolidated around $61.20, which amounts to double-digit gains. The digital asset is up nearly 14% over the past five days, but is trading at only a fraction of its all-time high closer to $90.

Measures of momentum and relative strength suggest LTC/USD has further room to grow. Price action has been slowly gaining traction since the market crash in September that was triggered by China’s blanket ban on cryptocurrency trading. With the recent pop, Litecoin appears to have overcome a bearish bias that formed immediately after the mid-October rally, which stalled just above current price levels.

At a market cap of $3.34 billion, Litecoin is the world’s fifth largest cryptocurrency.

Featured image courtesy of Shutterstock. 

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Altcoins

Trading recommendation: Lisk/Bitcoin

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The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

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Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

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On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

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Cryptocurrencies

Trade Recommendation: Waves

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This is a long term trade. The market gives us a new swing high which can be used for placing buy orders. This high is above SMA100 and if the price breaks this level, it will be a good trend reversal signal. We should expect for a new uptrend. MACD lines support upward movement and DMI allows opening long trades. It looks like a good buy opportunity. Entry level is 0.000950 with stop orders at 0.000360 level. Profit targets should be at 0.001400 and 0.002200 resistance levels. The part of trade volume can be left for new highs. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: WAVESBTC
Buy: 0.000950
Stop: 0.000360
Profit Targets: 0.001400 and 0.002200

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

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