- LTC/USD recovers from the recent lows, but the trend is still bearish.
- Bittrex LTC/USD support is positive for Litecoin.
Litecoin, the 7th largest digital asset with market value $3B, is changing hands at $52.42 after a brief dip to $48.71 on Wednesday. LTC has gained 1.5% since the beginning of Thursday and over 5% on a daily basis amid widespread recovery on cryptocurrency market. The coin’s average daily trading volumes are set at $300M.
Litecoin’s technical picture
Looking technically, a sustainable break above $54.40 handle is needed to improve the short-term picture. This resistance level is created by a sloping trendline from September 7 recovery peak at $58.27. Once it is cleared, the coin will proceed to psychological $55.00 and $55.56, which is 38.2% Fibo retracement level for the downside movement from September high at $69.30.
On the downside, the first support is produced by $52.00. A sustainable movement lower will trigger more selling and push the price towards $50.00 handle.
Bittrex rolls out LTC/USD support
The San Francisco-based US cryptocurrency exchange Bittrex announced the plans to launch USD trading pairs with Litecoin and Tron.
The announcement in the official Twitter account goes:
“We’re rolling out more USD pairs. On Sep 17 we’re launching US dollar (USD) markets for TRON (TRX) and Litecoin (LTC). Eligible #Bittrex accounts created before Sep 4 are already enabled for USD trading.”
This is a positive development for Litecoin, but general cryptocurrency market sentiments remain the primary driver for the coin.
LTC/USD, 4-hour chart
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