Bitcoin closed above $45,000, for the first time since May 19, and this milestone pumped the altcoins too. BTC’s next resistance is at $48,000, whereas, Ethereum eyed a move towards $3500. Conversely, Litecoin failed to mimic its larger counterparts as it noted a minor decline in prices.
BTC traded at $45,312 after closing above an important resistance level of $42,000. The next is resistance at $48,000. The 4-hour chart of BTC pointed towards strengthening of the bulls in the market.
Parabolic SAR’s dotted lines were seen below the candlesticks implying a rise in prices. Green signal bars amplified on the Awesome Oscillator suggesting bullish momentum along with an increased buying pressure. The Relative Strength Index was spotted in the overbought zone validating the aforementioned statement.
In case of a decline, the first support lies at $42,770 and then at $41,172.
Ethereum registered impressive gains right after the London Hard Fork. It gained almost 15% over the last two days after the London Hard Fork. It was valued at $3139 at press time, however, it recorded minor gains of 2% since yesterday.
If ETH continues to rise, the resistance to watch out for, would be at $3500. On the flip side, the support region for ETH is at $2800 and $2400.
Buying pressure mounted as the Relative Strength Index displayed overbought conditions in the market. Capital inflows remained higher than outflows at the time of writing and the MACD indicator continued to observe green bars, however, the indicator also noted declining bullish momentum.
LTC was priced at $155 after it increased by 1% yesterday. The technical outlook for LTC remained bullish. However, if the coin remained at the current price level over upcoming trading sessions, it could fall to its support level of $143.
On the upside, it could again try to cross the $156 resistance level. MACD despite trading above the half-line noted receding buying pressure. Awesome Oscillator displayed a green signal bar after a session of trading in the red, which verified the ab0ve mentioned reading.
Bollinger Bands, however, opened up underlying chances of increased market volatility.
Most market altcoins rallied on the back of decent on-chain activity over the past fortnight. While many of these cryptos hiked as anticipated, Litecoin took many in the market by surprise. It was not just the price gains, but the general growth from an on-chain perspective as well.
Ergo, the question – Can there be anything more to that?
These numbers paint a bullish picture
Price-wise, at the time of writing, Litecoin was holding up well with weekly gains of almost 6%. Curiously, LTC was down by 66% in three months following its last ATH. And yet, it seemed to register a one-month ROI of +5.74% and a yearly ROI of +146.05%.
That being said, an interesting spike in new addresses for Litecoin on 5 August really stirred up the network. New addresses have almost doubled in a span of just five days. Such high numbers were last seen on 11 May, around the time of LTC’s high of $410.05.
Moreover, a high transaction count supported the high number of new addresses, the former hitting a monthly high. But, what was the reason behind the surge in new addresses?
One possible reason could be the anticipation around the MimbleWimble Extension Blocks (MWEB) upgrade that was in the news recently. The update will be up by the end of this year, according to developer David Burkett. Nonetheless, the developer’s latest update and anticipated changes might have woken up the community.
Litecoin Hodlers showing strength
Holders play a very important role when it comes to sustaining rallies. In the case of LTC, the alt was unable to sustain its rally, at least over the last three months. However, this rally was different because this time there was a steep decline in LTC’s Liveliness, pushing the 5 August levels to levels last seen on 10 May (the day of LTC’s price ATH).
This decrease in Liveliness suggested that long-term holders are continuing to accumulate and HODL. This also implied that strong hands are getting stronger. But, are they?
By the looks of it, LTC and its Hodlers are showing strength. However, long-term holders did not contribute to its ATH in metrics. Instead, short-term cruisers (addresses holding from one month to a year) are the ones that have been accumulating.
A slow but steady rise in cruisers from May to August highlights the role of these investors in this rally.
While a good outlook on metrics along with price tops might seem like a pleasing scenario for Litecoin, as highlighted by a previous article, there aren’t any drastic hikes at the moment. Further, the fact that metrics like Liveliness and New Addresses are seeing their tops (equivalent to the May tops) at a price level that is 65% down from its ATH is a slightly worrying factor.
By extension, this might mean that LTC’s price high of this rally has been reached and going forward, corrections will ensue. On the upside, however, if these levels are held and followed by more price gains, who knows where LTC ends up at.
During its Investor Day last week, the company reported that it had 800,000 active accounts…”
— Richard Tyler
LONDON, UNITED KINGDOM, August 5, 2021 /EINPresswire.com/ — We already knew that Blockchain Algorithms has always supported cryptocurrencies as a form of payment, and now, the online trading platform announced UK customers can do just that with the new feature, which is rolling out today.
After rolling out the ability for UK users to invest using cryptocurrency directly from their accounts last November, Blockchain Algorithms new plan allows users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to invest in their award winning online trading platform.
Blockchain Algorithms then place trades worldwide. The feature will automatically appear in the Blockchain Algorithms portfolio for each investor and you’ll be able to see your crypto balances for each kind of investment on the platform.
Blockchain Algorithms are the first online sports trading platform to offer support for cryptocurrency.
In 2018, its competitor Primis Sports Equity launched support for Bitcoin on the App. But the launch of cryptocurrency as a form of payment makes Blockchain Algorithms both a major sports trading company and a cryptocurrency exchange, which could streamline the use of cryptocurrency as a more common payment method. During its Investor Day last week, the company reported that it had 800,000 active accounts.
Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, the promise of advanced technological platforms offers the possibility of mainstreaming digital currencies. According to a survey by the Bank for International Settlements, one in 10 central banks – representing approximately one-fifth of the world’s population – expect to issue their own digital currencies within the next three years.
EIN Presswire’s priority is source transparency. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content.
As a user, if you see something we have missed, please do bring it to our attention. Your help is welcome. EIN Presswire, Everyone’s Internet News Presswire™,
tries to define some of the boundaries that are reasonable in today’s world. Please see our Editorial Guidelines
for more information.
The service is available to users in Brazil, Chile, Colombia, Paraguay, Peru and Uruguay.
Newegg management said they offer facilities for customers to pay with cryptocurrencies.
Customers of the online chain Newegg can now use litecoin (LTC) to buy hardware and electronic products from 6 countries in Latin America and other parts of the world. This possibility has been available since Thursday, July 29, when the Bitpay payment platform announced that it added support for the altcoin.
The online shopping site operates in countries in North America, Europe, Asia Pacific, the Middle East and in Latin America, particularly in Brazil, Chile, Colombia, Paraguay, Peru and Uruguay.
In a press release, Bitpay reports that Newegg is the first merchant affiliated with its platform to accept LTC as a payment method. However, the company has the expectation that other businesses will soon enable support.
By accepting LTC as a form of payment, Andrew Choi senior manager of the online retailer spoke of the excitement and momentum around cryptocurrencies today. That is why he said that the company is so committed that its customers can use them to make their purchases online.
The alliance that exists between Newegg and Bitpay have made shopping with bitcoin (BTC) easier since 2014, in principle, for its clients in the United States and Canada. Then, two years ago, they expanded their base of operations in 73 of the 80 countries in which Newegg operates.
Bitpay additionally accepts other cryptocurrencies, such as ether (ETH), XRP, Dogecoin (DOGE), as well as stablecoins USD Coin (USDC), Gemini dollar (GUSD), Paxos (PAX), DAI and Binance USD (BUSD)
Newegg partnered with BitPay in 2014 to enable bitcoin payments and now does the same with Litecoin. Source: Screenshot / Newegg.
For his part, Charlie Lee, managing director of the Litecoin Foundation, believes that the interest that the cryptocurrency has aroused focuses on offering instant payments at low cost.
As indicated by the Criptopedia, the educational section of CriptoNoticias litecoin (LTC) is a cryptocurrency used in the p2p network that bears the same name and that is used as a unit of account in its accounting book or blockchain. Its protocol is practically identical to that of Bitcoin, where it was born. The protocol software is open source and licensed by the Massachusetts Institute of Technology (MIT).
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Litecoin’s bulls have been aggressive since its price fell to a low of $105 on 22 July. Since the aforementioned drop, however, northbound pressure has held steady and pushed the price to above $140 for the first time in 24 days. Now, some technical challenges seemed to be present at a key resistance zone, but these might give rise to an ideal buy entry.
At the time of writing, Litecoin was being traded at $143.5, up by 1.4% over the last 24 hours.
Litecoin has largely traded within the confines of an ascending channel since falling back into its demand zone of $105-$114 on 22 July. The steady uptrend saw the price close above its 4-hour 200-SMA (green) for the first time since 19 May. This was an important development that pumped further bullish sentiment into the market.
The next resistance zone stood at $146-$150 and a hike above this area would trigger a breakout from LTC’s channel. However, with Bitcoin retracing slightly on its hourly chart, negative sentiment could spill into LTC’s market before it heads north. The price could head towards the lower trendline of the pattern and a close below the half-line ($143) would validate such an outcome.
The Relative Strength Index has consistently found support at 50-55, maintaining its position in bullish territory due to constant buying pressure. While this was certainly a positive, the last few sessions did highlight a bit of a bearish divergence.
Moreover, the Awesome Oscillator made lower peaks and implied a slight dip in bullish momentum. If these factors come into play, a retracement could be on the cards moving forward. The On Balance Volume also noted a downtick as selling pressure crept into the market.
However, its overall trend was still bullish, something that negated the chances of a sharp sell-off. If the price does move south and towards the lower trendline, an ideal buy entry can be placed at $138 – An area that also clashed with the Visible Range’s POC.
Litecoin’s mid-term trajectory can be expected to remain bullish, but a short-term dip is possible. A move below $143 would heighten the chances of a pullback towards the lower trendline of the pattern. In such a case, traders can go long at $138 in order to take advantage of LTC’s next leg upwards.