Tanya Abrosimova
Independent Analyst
- Litecoin broke below important technical levels.
- Wirex news may provide support later during the day.
Litecoin lost 12% on Wednesday amid technical correction. The downside pressure increased when the price broke below psychologically important $150.00 and below the upside trendline visible on the hourly chart.
Currently, LTC/USD is trading at $144.90, below all hourly MAs, which gives the short-term picture a distinct bearish touch. The coin may find support at $140.00, and if it holds, we may see a recovery towards $150.00, The bulls need to take the coin above this level to improve the short-term forecast.
Wirex, the crypto wallet app, announced support for LTC, which means that users can swiftly convert their Litecions into fiat currencies such as US Dollar, Euro or British Pound and spend them with Wirex Visa Card.
"Litecoin wallets have landed. Verified users around the world can now buy, trade & spend LTC. Full product features, benefits, and how to get your hot little hands on one," Wirex announced on its Twitter account.
While there is little reaction to the news, it might prove to be supportive later during the day, when European players join the game.
LTC/USD, the hourly chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum attempts recovery following first rate cut in four years
Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.
Bitcoin offers diversity for traditional investors: BlackRock
Bitcoin (BTC) is trading above $60,000 on Wednesday following the release of BlackRock's latest white paper, which addresses some of the top crypto assets' unique advantages to investors compared to traditional asset classes.
XRP pulls back 4% even as Ripple releases details of stablecoin RLUSD
Ripple (XRP) shared details of its stablecoin project Ripple USD (RUSD) in a blog published on Tuesday. The cross-border payment remittance firm discusses relevant legislation and plans to support the digital asset economy through RLUSD.
Bitcoin traders keep powder dry ahead of Fed decision on interest rates
Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve, which is expected to lower interest rates for the first time in more than four years.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.