- Litecoin is rangebound marginally above $55.00.
- Coinbase Pro clients will be able to trade LTC against GBP.
Litecoin is changing hands at $55.15 after Wednesday’s collapse, caused by Goldman’s decision to put off the creation of cryptocurrency trading desk. The coin has lost over 18% in recent 24 hours; however, the downside momentum has faded away on approach to $54.00. Technically, TC/USD is ready for recovery from oversold territory, but the market needs a trigger to start squeezing shorts.
Litecoin takes the 7th place in cryptocurrency rating with market value $3.2B and average daily trading volume $422M.
Meanwhile, cryptocurrency exchange Coinbase Pro announced the support for trading LTC, ETC, ETH against GBP. According to David Farmer, General Manager of the exchange, the new instruments will be available on Friday, September 7.
From the official press release:
“With support for UK domestic bank transfers in GBP via the Faster Payments Scheme, it is now significantly easier, faster and cheaper for UK customers to trade cryptocurrencies on the Coinbase platform. Coinbase Pro is the only major digital currency trading platform that supports UK Faster Payments, and it’s our goal to be the trading platform of choice for UK crypto traders. In advance of the launch of the new trading pairs, all UK customers now have access to send GBP to their Coinbase accounts via domestic bank transfer.”
Litecoin’s technical picture
On the short-term level, LTC/USD is supported by $55.00. Once this area is cleared, the downside may be extended towards psychological $50.00 followed by $46.36 (August 14 low). On the upside, a sustainable movement above $60.00 will open the way towards $63.35 (SMA200, 1-hour), followed by $63.86 (SMA50, 1-hour).
LTC/USD, 1-hour chart
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