By CCN Markets: Litecoin (LTC) entered a positive territory on Wednesday while other top cryptocurrencies trended flat as investors became cautious following the introduction of the Facebook token, Libra.
The LTC-to-dollar exchange rate established an intraday high of $139.66, up more than 3 percent since the Asian session open. The upside action neutralized the pair’s losses in the past seven days. At the same time, it brought Litecoin’s month-to-date gains to 26 percent, with a market value of approx $3.94 billion.
The surge in the Litecoin price closely followed an announcement by the Litecoin Foundation. The nonprofit organization introduced an LTC debit card, an equivalent of a traditional payment card loaded with Litecoin-spending features. The notification read:
“The soon to be released debit card will enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted.”
Interestingly, the Litecoin Foundation’s announcement arrived on the same day when social media giant Facebook introduced Calibra, its upcoming blockchain-based digital wallet service. The major global event prompted the entire cryptocurrency market, especially Bitcoin, to come to a standstill as investors took time to process their medium-term strategies.
Litecoin is among the only few cryptocurrencies that managed to revive its interim bullish bias. From the time of the Facebook token announcement until this writing, the LTC-to-dollar exchange had surged by around 8.5 percent.
As shown in the 1D Coinbase chart below, the LTC-to-dollar exchange visibly broke out of a symmetrical triangle pattern. Nevertheless, the move lacked an adequate volume to justify a full-fledged upside breakout. It typically means that the Litecoin price could see a small downside correction. The move, therefore, could bring the price back inside the comprehensive triangle range.
Nevertheless, if price manages to float above the triangle resistance, it could see a sustaining upside move towards $148. A further break and the LTC price could even establish a new yearly high towards $165, a significant resistance level from April 2018 session.
Conversely, a break below the triangle support would have traders eye $121 as their interim downside target.
Click here for a real-time Litecoin price chart.
This article was edited by Samburaj Das.
Last modified (UTC): June 23, 2019 17:38