- Litecoin is added to Binance Futures with x75 leverage.
- LTC/USD retreats from the intraday high.
Litecoin, the 6th largest digital asset with the current market value of $3 billion jumped to $48.57 during early Asian hours, however, it failed to hold the ground and retreated to $47.70 by the time of writing. LTC/USD has gained over 4% in the recent 24 hours and 2.5% since the beginning of the day amid strong bullish momentum on the cryptocurrency market. An average daily trading volume is in line with the recent figures.
Binance Futures adds LTC support
Meanwhile, the Malta-based cryptocurrency exchange Binance continues expanding the list of digital assets traded on margin. According to an official announcement, LTC/USDT perpetual futures contracts will become available on Binance Futures with x75 leverage as of January 9.
The news might have served as a trigger for a strong Litecoin rise during early Asian hours; however, it pales in comparison with XRP pump that had started hours before the similar announcement on Monday, January 6. Strong XRP momentum followed by a significant retreat led to speculations about Binance insider trading. However, the CEO of the exchange Changpeng Zhao denied the allegations. He also added that the platform aims to add more coins out of top-20 which shouldn’t be a surprise to anyone.
Contracts are added to the API ahead of time, Anyone can see it. 2 These are top 10 crypto traded on many exchanges, with high liquidity. Addressing this once and for all, @Binance Futures will add most of the top 20 crypto soon. Go trade now!
LTC/USD: technical picture
The intraday support for LTC/USD is created by $47.00. This area is strengthened by the middle line of the 1-hour Bollinger Band. Once it is out of the way, the downside is likely to gain traction with the next focus on $45.85 ( SMA50 (Simple Moving Average) 1-hour) and 44.50 (SMA100 1-hour). Strong support created by SMA50 daily on approach to $44.00 is likely to slow down the correction and initiate another bull’s wave.
On the upside, we will need to see a sustainable move above the recent top for the upside to gain traction. Once LTC/USD passes $48.50, another strong barrier created by a psychological $50.00 will come into focus. It is closely followed by SMA100 daily at $50.75. The last time LTC traded above this MA in the middle of July 2019.
LTC/USD daily chart
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