Litecoin price analysis: LTC/USD locked in a range, despite upcoming Litecoin futures launch
- LTC/USD is sidelined, waiting for an incentive to break free from the range.
- Crypto Facilities will introduce Litecoin futures.
Litecoin is changing hands at $97.70, up 2.2% on daily basis and unchanged since the beginning of the day. Litecoin's market value is registered at $5.6B with average trading volume at $252M.
Litecoin is down nearly 60% since the start of the year, but it is still 120% higher in 12-month span, which is in sync with global cryptocurrency market developments.
Crypto Facilities, a UK-based cryptocurrency futures trading platform, announced the decision to launch Litecoin-based futures, that will go live on Friday, June 22. The news produced litttle market reaction so far, though some experts are worried that LTC futures will lead to an increased downside pressure on the coin as the derivatives make selling cryptocurrency much easier.
"We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets," Timo Schlaefer, CEO of Crypto Facilities commented.
Litecoin technical picture
LTC/USD stays in a tight range, capped by $100 on the upside and $93.00 on the downside. A clear breakout in either direction si needed for the coin to gain momentum in the near-term. Near-term support is seen at $96.00 with a host of SMAs creating a strong hurdle for LTC bears.
LTC/USD, 30-min chart
Author
Tanya Abrosimova
Independent Analyst
