Litecoin price analysis: LTC/USD catapults as CoinText adds support for the coin in US and Canada

Litecoin, the 7th largest digital asset by market value, jumped to $65.59 within several hours on Thursday before retracing to $63.20 by press time. Litecon’s market cap has increased to $3.7B, while an average daily trading volumes doubled from $300M to over $600M. LTC/USD gained over 9% since this time on Thursday and became a growth leader among top20 cryptocurrencies.

What’s behind the move?

The news that a popular SMS cryptocurrency wallet service CoinText added support for Litecoin and Dash for US and Canada might trigger Litecoin’s strong growth. The service allows sending digital money to anyone either via mobile phone or cryptocurrency address. The process of sending and receiving coins is simple and intuitive as there is no need to download apps or register accounts. It is supposed to attract new non-tech savvy users to crypto universe and thus foster the ass adoption of digital assets. 

“CoinText makes sending cryptocurrency as easy as sending a text message. It’s a powerful tool for communities to spread adoption of their cryptocurrency,” CoinText founder and lead developer Vin Armani said in the official press-release.

Litecoin’s technical picture

LTC/USD continues moving within an upside channel. It came close to its upper line amid strong bullish momentum where new sellers came in and pushed the price to the current level. The nearest resistance is produced by $65.00, followed by $66.20 (the above said upper line). Once it is broken, the bullish momentum will gain traction with the potential to take the price towards $70.00

On the downside, LTC/USD is supported by psychological $60.00 and $58.67 (SMA50, 4-hour chart). Once below, the selling pressure may increase and push the price to the lower border of the short-term upside channel (currently at 56.50). 

LTC/USD, 4-hour chart