Litecoin (LTC) Getting Sold



LTC is declining Tuesday, trading at $58.60. After making new local lows, the crypto has been going down for the third day in a row.

LTC/USD tech analysis

On H4, the Litecoin is inside an ascending channel that looks quite stable. The MACD, however, is forming a black cross after divergence, which means the price may soon start going down. The LTC is already testing the local support, and in case it's broken out, the next target will be at $52.65, and then the projection support at $40.70.

The same situation may be confirmed with H1, where the LTC already started declining after the Stochastic had formed a black cross. In the short term, the local support will get tested and probably broken out.

LTC fundamentals

The financial sector is still unable to determine whether cryptos are good or bad. Citigroup opted for not issuing its own crypto; they believe that the existing techs are better than those based on blockchain. Citi had been studying this since 2015, but finally decided to stick to traditional technologies. Indeed, SWIFT is well enough to support all the necessary functions, while the systems being tested proved to be quite mediocre.

Conversely, VISA may well start developing the crypto techs. The company is looking for people knowledgeable in cryptography, digital money, and blockchain.

As for the LTC, there are news on Huobi including the Litecoin into their Huobi OTC platform. The crypto is available there starting today, and one may buy it with no commission. Huobi is number 19 in the exchange rating according to the trading volume, so this is quite good for the Litecoin.

Disclaimer. Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Trade Litecoin with RoboForex



Left unedited for writing style, spelling or punctuation.


Previous article

Buffett Increasing His Delta Airlines Share

Delta Airlines (NYSE: DAL) is one of the largest US air companies. Founded in 1924, it is headquartered in Atlanta, GA. The company owns 893 airplanes, all used for passenger shipping. Thankfully, Delta has never used Boeing 737 MAX 8, which is now under temporary ban after the accident in Ethiopia, which means the number of flights is not going to be reduced.

Next article

Rules of Fundamental Analysis

In fact, fundamental analysis does not have any secrets as such. There are, however, a few rules one should stick to in order to keep their assumptions and conclusions logical.