Litecoin (LTC) Bounces Off a Major Support Level, Indicating a Potential Turnaround
The price of Litecoin (LTC), the cryptocurrency often considered the silver to Bitcoin’s gold, recently bounced off a major technical support line after staging a full retrace from last year’s incredible bull run.
Last week, Litecoin broke through $50, hitting a 12-month low of roughly $47.5, which was last seen in September of 2017. However, several major listing announcements have helped Litecoin bounce just under 20% to $56.64, where it currently stands.
First, Seattle-based cryptocurrency exchange Bittrex announced that it would roll-out fiat trading pairs for both Litecoin and TRON (TRX). While access to these new trading pairs is currently limited to qualifying investors based on location, the additional liquidity and ease-of-purchase have helped spur excitement in the Litecoin community.
Shortly after the Bittrex announcement, the Litecoin Foundation, the team responsible for Litecoin, announced that it will be listed on Gemini, the cryptocurrency exchange founded by the Winklevoss twins. Like the Bittrex listing, this includes a direct fiat-to-LTC market via a fully regulated channel.
Ultimately, the latest price action matches the pattern highlighted by Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY), who noted that the value of the Bloomberg Galaxy Crypto Index (BGCI) has recently completed a full retrace of last year’s breakout, an indicator commonly used by investors to predict potential reversals.
Moving forward, Litecoin bulls should closely follow the coin’s price action to determine if a pattern of higher lows emerges, as this may confirm the reversal.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.