- LTC/USD has lost 5.5$ on a daily basis, more downside in store.
- Japanese Line applied to FSA to get a crypto license.
Litecoin is changing hands at $73.80, down 5.5% on a daily basis. The bears are haunting the global cryptocurrency market, and Litecoin is no exception here. Its market value is registered at $4.2B with average trading volume at $275M. Litecoin lost about $1B of its value in just a week.
Litecoin is navigating a sea of red, moving in sync with other major coins. It has lost nearly 18% in a week and 30% in a month time, ignoring all positive news.
Japanese messaging app Line announced the decision to start a cryptocurrency exchange, joining Telegram and other social apps, venturing the crypto market. Line has about 200 active monthly users and wants to compete with WhatsApp and WeChat on vibrant Asian market that has emerged as the hub for the boom in cryptocurrencies.
“With cryptocurrency, we are going to take our challenge in financial services global,” Takeshi Idezawa, the chief executive of Line, said at a conference on Thursday.
In January the company applied to FSA to obtain a license, and once it is received, the new exchange will go online, offering Bitcoin, Bitcoin Cash. Ethereum and Litecoin at the first stage with the plans to extend the list of supported instruments up to 30.
Litecoin technical picture
Bearish sentiments dominate Litecoin’s intraday picture as $80.00 handle is now out of reach. The coin needs to pass $78.20 (50-SMA, hourly chart) and $79.20 (100-SMA, hourly chart) before we get a chance to try luck at $80.00. On the downside, Sunday’s low of $73.33 looms large. Once it is cleared, $72.0 will come into focus.
LTC/USD, the hourly chart
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