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Litecoin Price Analysis: 24 January

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Disclaimer: The findings of the following analysis is the sole opinion of the writer and should not be taken as investment advice

Litecoin has traded within a range since late December and approached the mid-point of the range. Technical indicators showed that the momentum has not quite flipped bullish for LTC, meaning that the reaction of the price at the $149 level will be of paramount importance.

Litecoin 12-hour chart

Litecoin Price Analysis: 24 January

Source: LTC/USD on TradingView

The range between $123 and $180 was split using Gann’s rule of eighths to give the levels of importance within the range, with the 50% level at $149 being the most important. Over the next few days, a rejection at this level will see LTC revisit $135, and possibly drop as low as $123. Climbing above the 50% level, like it did a few days back, will see Litecoin touch the $163 level of resistance.

The RSI was at neutral 50, showing a lack of momentum toward either direction. The OBV was quite flat over the past week, denoting equilibrium between buying and selling volumes. This has to change for a strong move for LTC to materialize.

The coin’s trading volume was also low. A move towards above-average trading volume will show market conviction and can be used to enter a position in the direction of the move.

The Awesome Oscillator was unable to go above the zero line, even though it formed a bullish twin peak formation on the 18th of Jan, followed by LTC surging by nearly 15% from $140 to $163. A similar bullish twin peak set up will give a buy signal.

Conclusion

At the time of writing, neither buy nor sell signals were given by Litecoin. However, some factors such as trading volume or the price reaction at $149 can give a trader the signal to enter the market in an appropriate direction. The 25% and 75% levels are take-profit levels, and based on the momentum of LTC the range lows and highs can also be tested.

Source: https://ambcrypto.com/litecoin-price-analysis-24-january/

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Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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