- Litecoin is trading slightly in the negative but the path of least resistance to upward sideways.
- Gemini exchange likely to list Bitcoin Cash (BCH) after Litecoin support.
Trading is generally mundane across the cryptocurrency market on October 1, 2018. Very few coins and altcoins are in the green. However, a majority of the digital asset are sending negative signals while recording between 0.08% and 1% declines on the day (according to the top 20 cryptocurrencies. Litecoin, for example, is down a subtle 0.38% while trading at $61.07. It has exchanged at highs of $60.9 on the day while the upside is capped below $62.00.
The price dipped below $60.00 but the buyers stood their ground at $59.00 preventing any further downstream movement. Buying entries increase at this position as LTC/USD bounced back above $60.00. Retracement is also limited by the 15-minutes 50SMA and 100SMA. The trendline is, however, offering stable support on the downside above $60.00. Slightly, above the trendline, another short-term support is highlighted at the 61.8% Fib level with the last swing high of $61.94 and a swing low of $59.82.
Looking at the chart, the RSI is ranging marginally above the 50 percent mark. Buyers are looking forward to $61.2, although the key resistance lies at $61.6 and $61.9. The path of least resistance is upward sideways at the time of press.
The U.S.-based Gemini exchange announced during the Litecoin Summit that it will be adding Litecoin (LTC) to its growing list of tradable assets. LTC will go live on the exchange on October 13. It is expected to add to the support of Litecoin as bulls look forward to $70.00. Bitcoin Cash (BCH) will also be listed on Gemini but the date has not been announced.
LTC/USD 15-minutes chart
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