ApoVas

A complete view at Litecoin/Dollar chart.

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin is a well rated coin among the cryptocommunity.Having found some success and consistently have a place in the top 10 coins of Coinmarketcap.
Recently there was a big interest on Litecoin because of the "Litepay Situation".
I will explain the "Litepay Situation" as shortly as i can: LitePay is the payment processor for Litecoin, which means that companies will be able to accept payment in Litecoin and the company's Litecoin exclusive debit card from all over the world.
This as an idea would have brought cryptocurrency adoption to a whole new level.On March 26 Litepay's Founder decided to halt all the operations regarding Litepay and sell the company.
That caused the price to go even lower losing one major support level at 145($) dollars.That is a synopsis to the "Litepay Situation" and the affect it had on the price of Litecoin.

Now leaving the news aside and taking a look at the chart we can see that things are not looking so great for Litecoin.
LTC was forming a symmetrical triangle between the two red trend lines but it actually broke out of it's uptrend line and practically lost two support levels at once,one created by the uptrend line and one created by the price mark of 145($) dollars.
Next support level for Litecoin is at the 100($) dollar mark,with all the indicators downtrending it is likely that we will see the price reach that zone and hopefully get a bounce of that support level .
Rsi is being forced by it's downtrend line and has now enter the oversold zone but that zone has been reached without much volume so it is possible that it continues to dip even further.
Macd is really weak so the price reaching the 100($) dollars is the most realistic option we have.

Litecoin tends to lead the way when it comes to price drops and it was actually the first coin to break out of it's uptrend line,followed shortly by Ethereum .So it is an acceptable idea to keep a close look to Litecoin's price movement to determine what might happen to other coins in the future as well.

Having completed my technical analysis i want to give you some of my thoughts specifically for Litecoin.
I believe Litecoin is a solid project with some great foundation and a considerable community,that leads me to think that it is a coin with remarkable potential and could be one of the Cryptocurrencies that shape our future to some degree.
It is a solid hold and a valuable asset for your portofolio.

In conclusion Litecoin should not be disregarded,keeping an eye on Litecoin can potentially lead to some extremely profitable trades for short-term as well as long-term.

Thank you for your time.
104 will be a strong resistance...i think it won't go lower then 115. Abra and Litepal are stil important projects that will increase LTC's usage and price
+2 Reply
ApoVas GazMema
@GazMema, Thanks for the comment.
I agree with you that both Abra and Litepal will help Litecoin's price to rise again to ATH levels and that is one of the reason that i think we shouldnt disregard LTC.

Have a nice day.
Reply
GazMema ApoVas
@ApoVas, U2 :)
+1 Reply
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