Litecoin is currently just another one of the coins that has been performing rather poorly, thanks to the market being plunged into an endless bear run. The bloody month of June led to its price falling down from $120 USD to its current level of $74.38 USD. The current price is a drop of 5.51% in the last 24 hours, which probably came about as a result of Bitcoin taking another stumble down to $5800 USD. Speaking of BTC, LTC/BTC pairing also took a beating during the last 30 days, with the price going from 0.164 BTC to 0.125 BTC. As of now, Litecoin remains safe at the 6th spot of coinmarketcap’s list of most valuable cryptocurrencies, far away from both EOS at 5th and Stellar at 7th.
Yesterday’s drop saw the price break through the $75 USD support line, leaving the coin lingering above the next support at $73 USD. If a potential break-out upwards happens, the coin will be looking to break through a resistance currently standing around $80 USD. As long as we remain in the below 80’s range, the short term prediction for the coin is bearish.
The FA side of things looks as good as ever. Litecoin is a respected entity on the market and this respect is bound to go up with Crypto Facility introducing Litecoin futures trading. We wrote about this already and have implied that CME could be involved into this deal, possibly looking to test out LTC trading on its smaller sister platform before introducing large scale LTC futures operations on its own platform.
Charlie Lee, the “father” of Litecoin, was pleased with the launch, implying this move gives the coin legitimacy and introduces potential institutional investors. What he failed to mention was the fact that one of the things that brought the Bitcoin price down from its all-time highs was the introduction of BTC futures; Litecoin futures might end up having a positive influence and bring in increased liquidity and prices, but it is also not unlikely that speculators will look to short the coin into the ground.
Read here about best LTC wallets.
In other news, FRED (Federal Reserve Economic Data) recently added a couple of largest market cap coins to its platform, including Litecoin. The database will contain other coins that are currently present on Coinbase, which means Bitcoin, Ethereum and BCH will be tracked as well. These are good news for the coin, as it once again increases its legitimacy and gives economic researches data required for their analysis.
Finally, Japanese messaging app Line announced their plans to launch a cryptocurrency exchange platform named BitBox. The exchange will trade thirty different cryptocurrencies and Litecoin will be one of the included ones. The platform will be operating from Singapore and will be looking to tackle the somewhat underdeveloped market of mobile crypto trading. Some experts note that there could be issues here, as Line’s popularity is based mostly in Japan and BitBox won’t be operating on its territory, due to harsher regulatory demands imposed on crypto exchanges.
For now, Litecoin’s faith will remain in the hands of the Bitcoin market. Until BTC decides to move upwards, little can be expected on the price fronts of other coins, including Litecoin.