Litecoin Shines in Altcoin Slaughter

FXOpen

While most altcoins are getting slaughtered, LTC shines propelled higher by Litepay and a new fork. Bitcoin continues its gains as well but stopped short of a new rally.

Bitcoin Higher but Stops Short of New Rally

Bitcoin prices traded even higher since our last update but they stopped short of triggering a new rally. We are currently quoted at $11,221 dollars, after topping out at $11,769 dollars earlier today.

btcusdh4-fev20-copy

A new uptrend requires a breakout above the $11,769 swing high but some market players may wait for the $12,161 swing high to give way too. On the way down the hurdle to starting a new downtrend is the $5,980 swing low. For now we remain in ‘wait and see’ mode here. Bitcoin is in range on the weekly charts as well. The monthlies are keeping the bullish bias but as we’ve said before it takes many months to form/break monthly trends.

Litecoin Surges 46 Percent

Litecoin has been the big winner during the past week. Prices surged higher and are quoted at $227 dollars right now. This is a gain of $72 dollars or just over 46 percent in seven days.

ltcusdh4-fev20-copy

The two main drivers behind the gains have been Litepay and a new fork called Litecoin Cash. While Litecoin founder Charlie Lee called the new fork a “scam” many users seem to have taken up the offer, buying up LTC ahead of the fork in order to benefit from the ‘free coins’. This fork already transpired on Sunday as every Litecoin holder got 10 Litecoin cash coins. So far no major exchanges are supporting the new fork so it’s hard to derive its true value. But on the exchanges where it’s traded prices fluctuated wildly from $5 to $10 dollars per coin. It’s currently quoted at 0.000584 BTC or $6.44 dollars.

Technically LTC/USD is now in rally mode. The bears will need to push prices below $136 dollars to end it. Support above here can be found at the $150 and $160 round figures, followed by the $168.13 and $173.25 swing highs. Higher still there’s more support at the former resistance now turned support at $196.22 and at the $200 round figure. On the weekly and monthly charts Litecoin is also in an uptrend.

Trade BTC and altcoins (39 pairs) on FXOpen Crypto accounts.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles

Financial Market News

US Government Shutdown: Assessing Economic Impact and Recession Risks

The recurring spectre of a government shutdown has once again loomed over the United States, prompting concerns about its potential economic consequences. The shutdown may occur this weekend unless lawmakers agree on spending levels and whether to give more aid

Indices

S&P 500 Analysis: Price Reaches The Edge of Abyss

Investors in the US stock market have serious reasons to worry: → The likelihood of a shutdown of government agencies is becoming more and more real. It could happen as early as next week if a budget agreement is not reached

Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout

Yesterday, the head of the SEC regulator, Gary Gensler, answered questions for 4 hours before the Financial Services Committee of the US House of Representatives, which, among other things, related to cryptocurrencies. What has become known: → on the eve of

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.