Litecoin price analysis: LTC/USD sits in a range as Litecoin Cash goes online on YoBit Exchange
- The newly forked Litecoin Cash is trading at $2.94, up more than 100%
- LTC/USD is consolidating with upside bias
Litecoin price recovers from Sunday’s low, as Litecoin cosh hard fork produced little effect on coin dynamics.
Litecoin Cash was born on Sunday eve, through the much-touted hard fork of the fifth largest cryptocurrency by market value. All Litecoin holders that use the wallet with access to their private keys got LCC tokens for every LTC, just as promised.
As there were rumors that Litecoin cash is a scam, cryptocurrency experts advise the users taking prudent measures to avoid being defrauded of their LTC holdings. Bad actors may record swiped private keys and use them to transfer the assets to a new wallet.
Litecoin Cash is trading on YoBit Exchange. The coin opened at $1.40 and quickly surged towards $4, but the move proved to be unsustainable as now the exchange rate settled around $2.94. The team behind the fork expects that Trade Satoshi and Mercatox will add LCC pairs to their sets of crypto instruments.
According to the Litecoin Cash foundation website, the project has nothing to do with Litecoin, and it is not associated with Charlie Lee in any way. Actually, it employs bitcoin’s SHA-256 algorithm for the mining purposes, while original Litecoin uses Scrypt to verify transactions.
LTC/USD technical picture
Meanwhile, Litecoin price is trading sideways after having recovered from Sunday lows at $211.89. LTC/USD is trading at $233.00, up 10% on the day. Looking technically, the longer-term technical picture remains bullish as long as the price stays above the broken downside trendline, which now comes at $195.00 and coincides with 50-DMA. On the upside, the resistance is potentially eyed at $237.00 (February 15 high).
LTC/USD, daily chart
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Author
Tanya Abrosimova
Independent Analyst
