Litecoin (LTC/USD) Price Analysis: Post Gemini exchange listing
- Litecoin price on Wednesday, like several other cryptocurrencies, nursing very minor losses of 0.5%.
- Gemini, a digital currency exchange and custodian that allows customers to buy, sell and store digital assets, went live with Litecoin trading yesterday.
- LTC/USD is moving within a descending channel pattern, which is seen with some of its peers.
Litecoin price on Wednesday was nursing very minor losses in the latter part of the session, down just some 0.5%. A generally flat day seen across the board for the market. However, price behavior is suggesting of an imminent breakout.
LTC/USD has been moving within a descending channel pattern. The shape began taking place from 15th October, following the excessive volatility the session before that. On Tuesday 16th October, Gemini went live with Litecoin trading on their platform for customers.
Technically, current price behavior continues to suggest of an immeinent breakout. The narrowing of the range allied with the descending channel in which the price is moving within. Near-term resistance is seen at $53.87 (50MA on 60-minute) and then $54.30 (100MA)/upper part of descending channel.
LTC/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
