Cryptocurrency market momentum tends to occasionally come from unexpected angles. As of now, the price of Litecoin is greatly increasing due to gains in both the USD and BTC departments.
If this trend continues for a while, then of course, things will be very interesting. At this stage, it is seen that corporate exposure creates wonders for LTC.
Litcoin Price will increase
When people discuss the value of the crypto money, Litecoin is not a currency that most people should be aware of.
This is a bit odd, especially the Litecoin market all the time and now also tends to save some solid momentum. In this context, today is not different because of the strong upward trend in the last few hours.
To put it in perspective, Litecoin increased 7% in USD and 7.5% in BTC. It seems to be a matter of time until Litecoin once again crosses the 0.01 BTC mark. It would definitely send a signal to the rest of the crypto-currency industry. However, for the moment, maintaining the current Litecoin price level will be a big enough challenge for large traders to receive profits sooner or later.
The main reason for the price increase of Litecoin is due to the news about SFOX. Their aim is to present Litecoin to institutional investors who show that they are looking beyond Bitcoin and Ethereum in the crypto-money world.
We announced during the Litecoin Summit that we would be launching LTC support on October 13th. We've already received regulatory approval to list BCH but haven't announced a launch date as of yet. We will be sure to let everyone know when BCH is available for trading!
— Gemini (@GeminiTrust) September 26, 2018
Adding LTC trading on this platform is a very interesting decision. Currency Bitcoin will complete Bitcoin Cash and Ethereum offers. Traders can trade LTC against both Bitcoin and US Dollars.
The Polish cryptocurrency trader CryptomarketFlow is currently on the rise at the price of Litecoin. In her opinion, it will soon exceed 0.01 BTC. More importantly, Litecoin has the chance to continue the pushing force to 0.014 BTC or even slightly higher. This will certainly be interesting to see, even if such a change is possible, even if it is still visible.
— Emanuele Zeta (@emanuele_zeta) September 27, 2018
For the time being, it appears the Litecoin trading volume is holding its own with relative ease. This should be sufficient to push the LTC market cap above $4bn again in the near future.
Litecoin (LTC) Finally Forms A Strong Bottom
Litecoin (LTC) seemed extremely weak when it fell below 21 weeks of EMA. The decline was very sharp and stable. Controversies began on the value proposition of Litecoin (LTC), and many investors and analysts were convinced that Litecoin (LTC) could break the market structure and fall below $ 50.
However, as shown in the weekly chart above for LTC / USD, Litecoin (LTC) not only maintains the basic support levels but also makes it a perfect job to build a strong dip. The yellow rectangular bar in the chart above shows that Litecoin (LTC) has managed to stay above the support level of $ 49.04. In fact, the consolidation is already over for Litecoin (LTC) because it has now created a candle that is about to close the yellow rectangle of consolidation.
Technical indicators also look great for Litecoin (LTC) at this point. Wave trend analysis for LTC / USD indicates that Litecoin (LTC) is due to a large tear to mark the beginning of a new bull cycle. The RSI also seems to have hit rock bottom and is currently on its way to a break in the coming weeks.
In the past October, usually starts with new crypto cycles and achieves significant gains, while most crypts are available for money. Litecoin (LTC) is in a good position for similar gains, because despite controversy over the value proposition, there still seems to be a lot of interest in crypto currency.
Time to go up!
Litecoin (LTC) eventually came out of a wedge against Bitcoin (BTC). The above weekly chart for LTC / BTC shows that Litecoin (LTC) will start a new cycle when successfully breaking its wedge against Bitcoin (BTC), while operating above the trend line.
The wave trend analysis for the graph above also reveals that there is plenty of space for growth. Litecoin (LTC) is likely to be confronted with Bitcoin (BTC) for the rest of the year and may even achieve the highest level of all time. The RSI for the LTC / BTC seems to have bottomed out cleanly and is now ready for the new cycle of Litecoin against Bitcoin (BTC).
In the short term, Litecoin (LTC) may face resistance against Bitcoin (BTC) for 21 Weeks at EMA, but at this point Litecoin (LTC) is finally out of the forest and there is little doubt about the course of the new bull cycle.