Litecoin Market Update: LTC is now available on LocalCryptos along with BTC and ETH

Peer-to-peer trading platform added Litecoin to the list of available assets.
LTC/USD is locked in a tight range on the short-term timeframe.

Tanya Abrosimova Independent Analyst

LocalCryptos, a peer-to-peer trading platform, has added Litecoin to the list of available assets. The users of the platform can get access to LTC in addition to Bitcoin and Ethereum now available on LocalCryptos. Moreover, all transactions with the digital silver are free until June 18. The team announced in the official twitter account:

Litecoin trading begins! You can now trade $LTC on the most popular non-custodial P2P crypto marketplace. To celebrate, we’re cutting our trading fee to 0% for the first three days. Until June 18, buying and selling LTC on LocalCryptos is free!

Litecoin was chose by the platform's community via an open vote launched in mid-February. The users were invited to decide, which coin it would list next: Dash, EOS, or Litecoin.

LocalCryptos noted that they wouldn't have troubles with addding LTC to the platform due to its similarity with Bitcoin:

“Because Bitcoin and Litecoin are so similar, we can port our non-custodial BTC escrow script to Litecoin without any major changes,” the firm explained in an email to users. “LTC escrows on LocalCryptos will be on-chain P2SH transactions.”

Litecoin: Technical picture

At the time of writing, LTC/USD is changing hands at $43.92, mostly unchanged since the beginning of the day. On a day-to-day basis, the coin has gained 3.3%. Litecoin now takes the seventh place in the global cryptocurrency market rating with the current market capitalization of $2.88 billion and an average daily trading volume of $1.98 billion.

On the intraday chart, LTC/USD has settled in a tight range limited by 1-hour SMA50 at $43.70 and SMA100 at $44.15. The coin has recovered from June 15 low of $41.45; however, the further recovery seems to be limited for now. The flat RSI on 1-hour chart support the range-bound scenario.

A sustainable move above the upper boundary of the channel will open up the way to $45.00 reinforced by 1-hour SMA200. Meanwhile, on the downside, the local support is created by $43.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent low.