On H4, the trend is likely to be reversing, with first the MACD having diverged and then the short term ascending channel support broken out. The price is now testing it, in order to stay below. In the midterm, the LTC may plunge to $91.40, while the major resistance is at $135.
On H1, the Stochastic converged, and then a downside correction started, with the possible targets of 38.20% FIbo, or $123.41, and 50%, or $127.59.
Meanwhile, Litecoin Foundation has officially partnered with TravelbyBit, thus opening the door to a medley of opportunities. In particular, the LTC will be soon accepted in may airline companies and hotel chains.
This is a step towards the ‘everyday life’ usage, which is so much important for all cryptos, not just Litecoin.
With more real-life application scenarios, the cryptos will get more popular and in-demand.
Currently, Litecoin takes pride to be among the top 5 in-demand cryptos, and now may get its market cap powered up since this new partnership.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
This article was originally posted on FX Empire