- The LTC/USD pair is trading with a neutral bias at the 185.26 level, losing -0.59%.
- PayPal to offer crypto purchase services to UK clients, adding to the improved market sentiment.
- Forex trading participants may look for a sell trade below $190 with a target of $177 and $165.
On Tuesday, the LTC/USD pair is trading with a neutral bias at the 185.26 level, losing -0.59% so far. The day before, the LTC/USD closed at $186.995 after placing a high of $191.660 and a low of $183.683. On Monday, LTC/USD moved to its highest level since the 23rd of May, but faced rejection at $191 and reversed its course to close the day with minimal gains. Is it a good time to buy cheap now? Let’s find out below…
If you are interested in trading LTC/USD with forex robots, check out our guide.
Litecoin is under pressure as Cardano takes its position.
The cryptocurrency Litecoin was under pressure given that its position as the third biggest cryptocurrency in the world was taken by Cardano recently. The new upcoming addition of smart-contract functionality to the ADA network has been increasing demand for it. That’s because it will be able to compete with the second leading cryptocurrency, Ethereum.
This fact added more institutional interest in ADA and pushed it to overtake Litecoin’s rank as the third-biggest cryptocurrency by market cap. Since then, LTC/USD has been under pressure. However, the market mood kept the cryptocurrency supported throughout Monday’s trading session.
PayPal is set to extend its crypto purchase services to the UK.
The LTC/USD cryptocurrency also followed the positive trend set by the leading digital asset, Bitcoin. The BTC/USD has been gaining traction lately with the increased adoption by significant institutions worldwide. The recent expansion of PayPal crypto purchase services through the payment platform to UK clients added to the improved market sentiment.
Recently, the firm said that it would be allowing its UK customers to choose from four types of cryptocurrencies, including BTC, ETH, LTC, and BCH, to buy, hold, and sell them through their PayPal app and on their website as well.
PayPal has been providing this service to its US customers for some time and has revealed its plans to extend its services internationally. Finally, the firm announced that UK customers could also avail themselves of this service in the USA. Thus, the news added strength to the whole cryptocurrency market.
The cryptocurrency LTC/USD also gained based on this news, as now UK customers can buy, hold, or sell LTC through the PayPal application, and this is a new milestone achieved by LTC. The LTC/USD reached its 15-week highest level on Monday. However, it faced rejection based on strong resistance and remained flat throughout the session.
Litecoin Price Prediction – Daily Technical Levels
Support Resistance
183.232 191.209
179.469 195.423
175.255 199.186
Pivot Point: 187.446
Litecoin Technical Outlook – Where to Buy Cheap Now?
The Litecoin price prediction is slightly bearish today as it’s trading at the 183 level. On the 4-hourly timeframe, the LTC/USD pair tests the double top resistance level of 190. The closing of candles below this level suggests a selling trend in Litecoin.
On the 4-hour chart, the pair formed an ascending triangle pattern that’s likely to support LTC at the 180 level. Below this, the next support will prevail at the 177.25 level.
On the bullish side, the resistance level stays at 190, and an upward breakout of 190 levels could trigger further buying trends until 198 and 209 levels. Speaking of the Stochastic RSI, it’s staying below 50 at 23 levels, demonstrating the chances of a bearish trend below 190 resistance.
At the same time, the 50 day EMA (exponential moving average – red line) is likely to provide a hurdle at 185. Well, until 190 is maintained, we can look for a sell trade in LTC/USD.
That said, Forex trading participants may look for a sell trade below $190 with a target of $177 and $165. Alternatively, the breakout of the double top resistance level of 190 could offer us an excellent buy trade. The take profit should be placed at around 198 and 209 levels. All the best.
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You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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