Litecoin market update: LTC/USD reacts in tandem with Bitcoin on new partnership news
|- Litecoin sprung up in a couple of engulfing candlesticks outdoing the resistance at both the 50 SMA and the 100 SMA.
- “The consumer is in the driver seat when it comes to achieving mass-market cryptocurrency adoption,” Travala.com CEO Mathew Luczynski.
Litecoin reacted positively to Bitcoin’s surge above $6,300 on Friday. Prior to the trend today, the crypto had ignored BTC’s correction above $6,000 yesterday. Instead, LTC/USD had corrected downwards sliding below both the 50 Simple Moving Average (SMA) and the 100 SMA 15-minutes. The declines continued below $73.00 short-term support before the price found support around $72.76.
A reversal followed the establishment of support at $73.00 - $73.50. Litecoin sprung up in a couple of engulfing candlesticks outdoing the resistance at both the 50 SMA and the 100 SMA. The surge today hit levels above $78.00 but failed to sustain growth towards $80.00. Litecoin, instead, has retraced in a bullish flag pattern to lows slightly above $75.00. The bearish momentum appears to have slowed with the downside supported by the 50 SMA at $75.34.
The bullish flag pattern is considered a continuation pattern and suggests that price will eventually embark another bullish trend following a short-term consolidation leading to an upside breakout. Therefore, the building bullish momentum at press time could break past the pattern resistance and trend further up to $80.00 (short-term) target.
In other news, the Litecoin Foundation has entered into a partnership with Travala.com. The platform is powered by blockchain and works as booking site. Litecoin intends to boost crypto payments on the platform that is currently offering a 40% discount for all bookings.
“The consumer is in the driver seat when it comes to achieving mass-market cryptocurrency adoption, and we’re delighted to embark on this journey with the Litecoin Foundation with a unified goal: to bring the mainstream use of cryptocurrencies into everyday life,” comments the CEO of Travala.com Mathew Luczynski.
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