Tanya Abrosimova
Independent Analyst
- Litecoin dips $150 as upside momentum wanes.
- Someone transfered $99M worth of Litecoin on a single day.
Litecoin retraced from Friday's high of $156.00 to trade at $147.70 early on Monday. The coin lags behind other altcoins as the upside seems to be fizzling out despite positive news about new partnership deals and listing on large Korean cryptocurrency exchange.
Reddit users noticed a huge LTC transaction to the tune of $99M that might have served as an additional boost for LTC at the end of the previous week. There were 700,000 LTC deposited n a single wallet address on Thursday, April 19, according to bitinfocharts. The identity of the transaction parties are unknown, but it was carried out at the exchange rate $140 with the fee as low as $0.40. It took 2/5 minutes to settle it.
Litecoin proponents note that it would take days, lots of effort and money to settle the transaction of that size with traditional financial institutions, which proves the point that such cryptocurrencies as LTC have a potential to transform the financial industry.
Litecoin technical picture
On the intraday interval, LTC/USD is moving within the upside channel, supported by the upside trendline at $146.00. If this area is broken, the sell-off may gain traction to take the price towards $140.00 handle. The bulls have to take LTC above $150.00 and above Friday's high of $156.00 to regain control. The next upside target is $171.00 (61.8% Fibo).
LTC/USD, the hourly chart
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