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Litecoin Rises, but Upside Seen Limited as ‘Digital Silver’ Struggles for Direction

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Litecoin has emerged from the China ICO meltdown at around half of where it was when the month started. Prices appear to have stabilized around the $50 range, although long-term price behavior is likely to be defined by a narrow trade corridor.

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LTC/USD Drifts Lower in Asia

Litecoin fell against the dollar on Friday, as the market continued to consolidate following an upbeat start to the week. The LTC/USD has rebounded more than 6% to trade above $48, according to Bitstamp. Prices hovered within a daily range of $46.68 and $48.90.

The technical indicators are mixed, with Relative Strength showing prices emerging from oversold territory. The MACD shows negative underlying momentum, as prices struggle for direction.

The digital currency recently sold for a record high price of $90 before a devastating crash wiped out half its value. The loss came on the heels of a broader market collapse following China’s decision to ban ICOs and Bitcoin exchanges.

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The China-induced selloff dragged the LTC/USD to $33 last Friday. Prices rebounded headed into the weekend before reaching the $56 range on Tuesday. The market has been in downward consolidation since. The $33 region provides a strong support level, with resistance likely found between $55 and $65. Barring any surprise news event, prices are likely to remain within this narrowly defined range for the foreseeable future.

Digital Silver

Litecoin is currently the world’s sixth-largest cryptocurrency, with a market capitalization of $2.6 billion. At current values, Litecoin is worth roughly 64,844 BTC. Litecoin is a fork of the Bitcoin Core client, having been created in 2011 by Charlie Lee. For that reason, it is commonly referred to as the ‘digital silver’ to bitcoin’s gold.

The token lost a key developer during the summer after BIP 148 creator Shaolin Fry announced he was stepping away from Litecoin development. Although this had no immediate impact on prices, it’s considered a major loss for the project. There are more than 1,100 cryptos on the market, and participants have internalized an ‘adapt or die’ mentality. Currently, 874 tokens have a measurable market value, according to CoinMarketCap.

The value of all cryptocurrencies in circulation is $128.2 billion. The market peaked at $179 billion on Sept. 1.

LTC/USD (Bitstamp)

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Cryptocurrencies

Trade Recommendation: Stellar

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The price bounces from SMA50 which is a support line for the market. MACD lines support upward movement. Also we can draw a pennant chart pattern which also confirms further upward movement. If the price breaks the resistance line of the pennant, this pattern will be realized as a continuation pattern. It will give us an additional confirmation of the upward movement. Pending orders for buy should be placed at 0.035000 level with stop orders at 0.028000 level. The main profit target should be at 0.048000 level. The part of trade volume can be left for the higher target at 0.070000 level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: STRUSD
Buy: 0.035000
Stop: 0.028000
Profit Targets: 0.048000

The trading signal is based on Poloniex chart.

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Trade Recommendation: Lisk

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A new attempt to catch a trend reversal. The price diverges with MACD and it gives us a buy signal on the falling market. DMI allows to open long trades. We should place pending orders for buy above the previous high at 0.000840 level. Stop orders must be placed below the support at 0.000680 level. Profit targets are 0.001200 and 0.001400 levels. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: LSKBTC
Buy: 0.000840
Stop: 0.000680
Profit Targets: 0.001200 and 0.001400

The trading signal is based on Bittrex chart.  

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Ether Prices Fall Below $300 Amid Technical Breakdown

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Ether declined against the dollar this weekend, and is now approaching a critical support level as the market corrected lower following last week’s failed rally.

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$350 Proves Elusive

ETH/USD was last seen trading around $293, down more than 1% from the previous close. Technical headwinds are limiting ether’s momentum, according to the MACD and Relative Strength Index (RSI).

Ether’s rally last week stopped short at $350 on two occasions, as the bulls disavowed their long positions. The subsequent breakdown through the weekend erased 16% from Ethereum’s value.

At present levels, the Ethereum blockchain is capitalized at nearly $28 billion, according to CoinMarketCap.

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The world’s second-largest digital currency by market cap faces immediate support near $290. On the opposite side of the spectrum, resistance is likely found in the $305-$310 region.

Upgrade Still Not Stable

Ether underwent a successful hard fork last week, but the blockchain has yet to be deemed stable by its chief developer Vitalik Buterin. Ethereum’s chief architect has already informed the market that up to two months of further testing may be needed to fully secure the blockchain.

The first leg of the Metropolis hard fork occurred last Monday after block 4,370,000 was mined. The blockchain successfully avoided a chain split even after Geth developers addressed a last-minute denial-of-service (DoS) vulnerability. Geth is the most popular software on the Ethereum network.

The Metropolis protocol will require a second update, called Constantinople, before it is function. No timeline for the Constantinople upgrade has been provided.

Ethereum has been one of the main participants of this year’s cryptocurrency rally. It has also emerged as the platform of choice for startups to launch their initial coin offerings (ICOs). The vast majority of ICOs covered by Hacked.com have been developed on the Ethereum blockchain. This weekend, the author conducted an in-depth review of Spectre, a broker-less trading platform powered by ether.

Featured image courtesy of Shutterstock.

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