Litecoin piece analysis: LTC/USD lost 4.5% on the day despite Winklevoss twins plans to add Litecoin to Gemini exchange
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Litecoin addition to Gemini may have significant implications for cryptocurrency futures market.- Next potential near-term downside targets for LTC/USD are $160.00 and $144.00.
Litecoin price has lost over 4.5% on the days, moving in lockstep with the rest of the cryptocurrency market. LTC has been declining steadily after breaking below the crucial support level at $200.00.
Litecoin futures may become a reality sooner than later
The Winklevoss twins, the founders of Gemini Exchange, announced that they were planning to expand the range of digital assets now tradable on the platform, by adding Litecoin and Bitcoin cash to the pack. This decision eventually may give birth to the futures on new coins as Cboe, a Chicago-based exchange, running cryptocurrency futures, has already expressed interest in offering futures contracts on digital currencies besides Bitcoin.
The news produced little effect on Litecoin price as its dynamic is dominated by general bearish sentiments on the crypto markets.
Litecoin price technical picture
From the longer-term perspective, LTC/USD continues to move within the downside channel, while a sustained break below 50% Fibonacci retracement level and 50-DMA at $187.00 strengthens the bearish case. As it is visible on the daily chart, the moving averages crossover also implies the continuation of the downside movement. The nearest support sits at $160.00. Once it is broken, 61.8% Fibo at $144.23 will come into focus. On the upside, the resistance is formed by the above mentioned 50% Fibonacci retracement level and 50-DMA at $187.00.
LTC/USD, the daily chart
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