Litecoin Thursday, October 4, attempts recovery after large-scale sales earlier in the week. Now the cryptocurrency is trading at $58,87 and rose by 2.27%, according to Dmitry Gurkovsky, senior analyst at RoboForex.
Earlier, Litecoin touched the low of September 25, at $54,34, where the market tried to redeem the sale. All this time, Litecoin remained in captivity the bears, but as soon as I leveled off the sales to a halt
Current technical picture, the 4-hour timeframe Litecoin shows a breakdown of the support line of the medium-term up-trend. This situation involves the development of the downtrend. The purpose of this down-trend is at the support line of the lower projection of the channel near the level of $52,00. But at the moment there is the possibility of testing overcome the support line which becomes resistance line.
In the case of the breakdown of local resistance level of $59,15 can expect growth to around $63,00. To exclude the return to the previous channel and the formation of growth momentum is impossible. Signal continuation of trend growth will be the breakout level of $63,00, and the target will be the $70,00.
As for the news, then CEX.io announced the renewed support Litecoin. According to the statement, the company cryptocurrency platform intends to add pairs with Litecoin LTC/BTC, LTC/USD in the near future. The exact date of launch of cryptocurrency pairs is unknown, but the news is definitely very positive for Litecoin.
We will remind that in February 2017 CEX.io held a delisting Litecoin, finding that virtual currency is not in demand due to low activity of investors. For a year and a half, according to the exchange, interest in Litecoin recovered. and the site is ready to bring cryptocurrency to the list of trading instruments. It is known that originally the trading pair LTC/BTC will not be subject to charges.
As you can see, Litecoin this year confidence returns to the stock exchange. Previously, Bittrex has added Litecoin to Fiat pair, and the Gemini exchange, announced the intention to include virtual currency and allow its trading on October 13. It is also worth to note that the company’s TD Ameritrade investing in the launch of new cryptocurrency exchange ErisX, which will host trading Bitcoin and key Althingi, including Litecoin. In addition, a futures trading on the analogy with physical delivery.
In early October, Litecoin dramatically cheaper, but the sales was observed, in line with global market sentiment and surprise did not cause.
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Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.
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