Litecoin creeping lower, no reaction to Gemini listing so far

LTC/USD retraced from short-term resistance created by 1-hour SMA200.
Charlie Lee hails Gemini listing, but traders are listless.

Tanya Abrosimova Independent Analyst

The short-term Litecoin picture starts looking bearish at the price bumped into SMA200 (1-hour chart) and resumed the downside to trade at $53.16 by press time, despite recent news about upcoming Gemini listing and BlockFi support.

"Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I've been on a mission to get LTC added to exchanges to help increase liquidity. With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished!" Litecoin's founder Charlie Lee tweeted in response to the announcement.

However, the community seems to be less enthusiastic, as the sentiments are chilled by falling trading volumes and reduced interest towards the industry.

Litecoin’s technical picture

On the charts, LTC/USD is capped by a confluence of 1-hour SMAs clustered around $53.80-$53.90. This area is closely followed by psychological $54.00 and by SMA50 (4hour) at $54.50.

On the downside, the local support is created at the congestion zone $53.00. If the price goes lower the selling pressure may increase with the next aim at $52.00 (pre-spike level, October 15).

LTC/USD, 1-hour chart