LTCUSD continues to trend higher as it moved inside an ascending channel pattern and is nearing the top. If resistance holds, price could retreat to support above $150.
This coincides with the 100 SMA dynamic support, which is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This signals that the path of least resistance is to the upside, which means that the uptrend is more likely to resume than to reverse.
Stochastic is on the move up but dipping into overbought territory to reflect exhaustion among buyers. In that case, sellers could return and lead to a pullback from the climb. A larger correction could last until the 200 SMA dynamic support at $145, which might be the line in the sand in this uptrend.
Litecoin Foundation confirmed partnerships with Wirex and TenX on projects to create co-branded debit cards with this altcoin.
This likely spurred an influx of funds, most particularly the staggering $99 million worth of LTCUSD last week. As it turned out, this transaction was completed between two cryptocurrency wallets and took 2.5 minutes to settle.
Apart from that, it was reported that litecoin got listed on South Korea’s Korbit. This could spur more volumes and trading activity, which is usually bullish for a cryptocurrency. Soon after, founder Charlie Lee tweeted to GeminiDotCom to ask its dev team what it is waiting for in listing the cryptocurrency. He also reportedly gave free litecoin to top traders on Korbit.
Still, the dollar has held its own against its rival cryptocurrencies, so there’s a chance that this currency could still put up a fight to litecoin. In that case, some profit-taking could ensue at the near-term resistance before more buying pressure kicks in at the nearby support level.
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