CEX.IO reintroduces Litecoin support,  LTC/USD traders not impressed as the price falls below trendline

• LTC/USD drops below critical technical level.
• Litecoin is now supported by online cryptocurrency exchange service   CEX.IO.

Litecoin, the 7th largest digital asset with a market value of $3.3B, is changing hands at $57.42, off the early Asian low of $56.26. The coin is down 4.5% day-on-day and -3% since the beginning of Wednesday. The coin’s average daily trading volumes are set at $470M. Litecoin is sliding down in sync with other altcoins amid speculative positioning and technical factors.

What’s going on

Online cryptocurrency exchange service   CEX.IO announced the decision to reintroduce Litecoin support revoked back in 2017.  

“As demand for LTC coin trading has increased significantly since that time, we’re ready to list Litecoin and plan to create a vibrant market for LTC/BTC and LTC/USD.  Moreover, Litecoin will now use our new and improved infrastructure with multi-signature wallets and streamlined operations,” the company said in the blog post.

During the initial period all LTC transactions will be free of charge.

Litecoin’s technical picture

As it is clearly visible on a 4-hour chart, LTC/USD broke below a strong support level created by a confluence of SMA100, SMA200 (4-hour) and a short-term upside trendline from September 12 low of $47.21. This development clouds the short-term picture for Litecoin and implies that more downside may be in store with the initial aim at $54.34 (September 25 low).

On the upside, LTC/USD has to return above the said technical level as soon as possible to mitigate bearish pressure. Once above, the upside may be extended towards $59.00 and, possibly, $60.00.

LTC/USD, 4-hour chart