- The moving averages will prevent declines above the much stronger support area at $76.00.
- “The Robinhood interface is really slick. This is a great easy way to get exposure to LTC price movements”¦” Lee shared his excitement on Twitter.
Litecoin price has come under heavy beating following this week’s selloff. LTC/USD has tested the support at $72.00 in the same month. Consequently, as the week comes to halt, investors can see a shade of green return on the charts. The price is correcting marginally upwards today but the momentum is still too weak to retest the resistance at $80.00.
Significantly, the crypto is settling within a falling wedge pattern as seen on the chart below. Higher consolidation is expected as well while a breakout past the $80.00 resistance could occur in the near-term. There will be more resistance from the trendline, but the MCAD is advancing into the positive levels to show that buying power is rising. On the downside, the 23.6% Fib retracement level with the last swing high of $85.11 and a low of $74.56 is offering short-term support slightly above $77.00. The moving averages will prevent declines above the much stronger support area at $76.00.
In other news related to Litecoin, the founder and Managing Director, Charlie Lee in an interview with Cheddar on the recent partnership with TokenPay and the acquisition of Germany based WEG bank. Lee said that Litecoin is going to play a role in the development of TokenPay on the Lightning Network. Moreover, his network will assist TokenPay with the development of a decentralized exchange. Charlie expressed his excitement for the partnership noting that both parties had a lot to gain.
Litecoin (LTC) has also been added to Robinhood commission-free trading application based in the US. The founder of Litecoin also commented on the listing as a way of expanding Litecoin acceptance to a wider range of merchants and exchange platform. He went ahead and wrote on Twitter:
“The Robinhood interface is really slick. This is a great easy way to get exposure to LTC price movements. Though you can’t withdraw your LTC yet, I believe they are working on this feature.”
LTC/USD 15-chart
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