Tanya Abrosimova
Independent Analyst
- Popular crypto-startup chooses Litecoin smart contracts as a primary technology.
- LTC/USD needs to stay above hourly 50-SMA to retain bullish posture.
Litecoin jumped above $130.00 handle on Tuesday session, but the upside is losing traction. LTC/USD is trading at $130.60, down 2% on the day amid market positioning.
All cryptos were on the rise, recovering from weekend losses, but Litecoin turned to be one of the growth leaders as Bill Barhydt, CEO of Abra, a high-profile crypto startup backed by American Express, confirmed the decision to include Litecoin smart contracts feature into the company's exchange and wallet products.
Barhydt cited bitcoin compatibility, good scalability, and low mining fees as primary reasons behind the choice.
"The primary asset class is now litecoin, but we're in a transition away from bitcoin to litecoin which will take several weeks. Again most users will never know that it happened," he explained during "ask me anything" session on Reddit.
Litecoin technical picture
LTC/USD dipped to $127.89 during early Asian hours before recovering back above $130.00 handle. The intraday picture remains bullish as long as the price stays above $124.00 (50-SMA, hourly interval). The next support is seen at $120.00, which coincides with 100-SMA (hourly interval). On the upside, bulls will meet a strong hurdle around Tuesday's high ($137.23) and at $140.00.
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