Litecoin Price Nears $70 to Hit One-Month High

Litecoin's (LTC) price hit a one-month high on Monday amid a broader bullish tone in the cryptocurrency market.

The world's seventh largest cryptocurrency by market capitalization reached $68.59 at 12:10:00 UTC – its highest price since August 7th, according to CoinDesk's Litecoin Price Index – and was last seen trading at $68.18, up roughly 4.2 percent on the day.

The recent bullish mood in cryptocurrency markets could be attributed to bitcoin's 20 percent rally from the August low of $6,000. More importantly, the world's leading cryptocurrency by market capitalization is looking up, having witnessed a pennant breakout, as CoinDesk previously reported.

The long-term picture is also looking rosy, courtesy of the weekly MACD's bullish turn. As a result, LTC could soon find acceptance above the immediate resistance lined up at $69.00 (50-day MA).

Litecoin's market capitalization stands at $3.95 billion – its highest level since early August.

The broader market is also flashing green. Names like bitcoin (BTC), bitcoin cash (BCH) and EOS are all recording price growth in the past 24 hours. Meanwhile, Monero (XMR) is the biggest gainer among the top 10 cryptocurrencies with a more than 10 percent price increase since yesterday.

Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.

Litecoin via Shutterstock; Charts via TradingView

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02
Litecoin, EOS, Stellar Lumens, Tron, Cardano Price Analysis: Bitcoin Dominance Increase is Negative for Altcoins, TRX Dips
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After last week’s gains, buyers are slowing down and from EOS, ADA and XLM charts, the consolidation inside Aug 28 or Sep 1 high low should cement our forecast today if not through this week. Unless otherwise, our stand is neutral but we retain a bullish leaning. Our previous trade assertions would be more solid more so should there be blasts above immediate resistance levels.

Let’s have a look at these charts:

EOS Price AnalysisFrom the News
Ledger Nano S supports EOS
Happy #CryptoTuesday! Ledger now supports Hycon, Waves, Rise, FIC Network, Pirl, EOS and Akroma. These 3rd-party apps for Ledger Nano S are available on Ledger Live: https://t.co/lVojp5GnZu

For more details on upcoming cryptos support visit https://t.co/4PGV5TOz2l pic.twitter.com/Bsy2LVx6Zp

— Ledger (@LedgerHQ) September 4, 2018

Technical Analysis
Technically, EOS prices are on an uptrend and though there is a glass ceiling impeding further gains as the chart shows, the current correction is likely to be a short term. This is so because accompanying volumes are low and are struggling to reverse Sep 1 gains.

From historical price set ups, this is a classic effort versus result situation and as long as prices continue to range inside Aug 21 and most importantly within last week’s bullish engulfing bar, buyers can always search for long opportunities anywhere between current spot prices and $5.5. The latter as we said represents immediate support and a potential Fibonacci retracement reaction level at 38.2 percent from our last EOS trade plan.

Litecoin (LTC) Price Analysis
With a five percent gain backing Litecoin, bulls are back in contention. This comes after extended periods of sell pressure that saw prices dip 90 percent from their all times highs. Though Satis Group project a ball park valuation of $225 in the next decade, they might be proven wrong should there be a pick up from this bottoming market.

Even if prices are edging higher confirming Aug 17, 27 and Sep 1 trend setters, we recommend taking a neutral stand today simply because of prohibitive risk reward ratio. Then again, prices are a couple of dollars away from previous break out level and important level at $70 in our analysis. However, should prices edge higher conclusively breaking and closing above $70, then we suggest picking longs on pull backs as laid out in our previous LTC price analysis.

Stellar Lumens (XLM) Price Analysis
All things constant, previous Stellar Lumens trade iterations hold true as long as prices edge higher near the apex of this wedge. Picking up from previous Stellar Lumens trade plan, XLM might find support at the marked trend line near 20 cents on the downside and 25 cents marking resistance levels. For now, we recommend a wait and see approach. After all, since prices are at the final section of the wedge, a break out could happen any time. Thereafter, traders can be in a better position to trade in the direction of the new found momentum.

Tron (TRX) Price AnalysisFrom the News
Days after launching their TVM and announcing Project Atlas, Tron now has more user accounts than EOS. Through a tweet, the Tron Foundation said the network had 301604 active account surpassing EOS by 1,945.
Technical Analysis
Despite their activity on social media platforms and on-chain incentives as rewards for SR voting, Tron is still outside the top 10 and dipping lower a couple of days after launching the TVM.

Though most are bullish on EVM compatible VM, prices continue to diverge, heading lower but still moving inside a bull flag inside Aug 28 candlestick. From previous trade plans, we hold a positive outlook on TRX and are net long.

At the moment, those who are yet to execute longs should wait for a break out above the bull flag and 3 cents before making entries in lower time frames according to the break out direction. Accompanying this break out should be high volumes showing participation intent.

Cardano (ADA) Price AnalysisFrom the News
You can now be posted about the development of Project Shelly. Though they keep postponing date launch, the community are expectant of a launch in Q1 2019.
Technical Analysis
To say the least, movements of most coins under our preview have been flat. It is even worse in Cardano where prices are ranging within a 1 cent range inside Aug 28 high lows. While markets might actually rise in line with recent gains and the overall revival of the altcoin market, recent fluctuations are solidifying our reasons for taking a neutral stand at the moment.

That’s aside factoring in risk reward ratio now that 12 cents is an important price level in our analysis. As mentioned before, any thrust above 12 cents would most likely lead to an influx of traders aiming for 20 cents and 40 cents in a purely bullish outlook. On the flip side, any dip past 8 cents and ADA might register new ATLs.

Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.

The post Litecoin, EOS, Stellar Lumens, Tron, Cardano Price Analysis: Bitcoin Dominance Increase is Negative for Altcoins, TRX Dips appeared first on NewsBTC.

03
Litecoin (LTC) Sees Sudden Spike in Transactions, DogeCoin (DOGE) Follows Suit
(LTC) is showing increased transaction activity in the past days, reaching levels not seen since February. This sudden spike follows the (BCH) community-driven stress test, making some suspect a similar attempt to boost LTC positions. A surge in activity has also been observed with DogeCoin (DOGE), which is mined together with Litecoin.

The Litecoin network and Cash have been caught in a race the Litecoin community calls “the flappening.” The Litecoin project competes for real-world usage and transaction levels with Bitcoin Cash, and the extraordinary BCH activity during the stress test skewed the statistics.

Over 24 hours, the Litecoin network carried more t...

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