Litecoin price analysis: LTC/USD skyrockets ahead of LitePay launch

  • LTC/USD is up nearly 45% since Wednesday’s opening level
  • LitePay launch news may be overhyped

LTC/USD enjoys the status of the crypto market growth leader. The daily chart looks impressive as the price cleared several important resistance levels in one go and jumped nearly 45% in less than two trading days. 

In recent trading, the price moved above 100-DMA and the longer-term downtrend line around $200.00 level. This development allowed bulls to push LTC/USD further towards 38.2% Fibonacci at $234.00 level. Should it be broken, the price may rally to $288.16 (23.6% Fibonacci) and towards the psychologically important $300.00. The downside correction will take the coin to $217.51 (Wednesday’s high) and then to $200.00.

Fundamentally, the crypto market people are excited about the upcoming the LitePay launch. The Litecoin payment solution offers the ability to receive a settlement from Litecoin payments directly to the bank account and spend crypto anywhere the debit cards are accepted. 

While this solution is sure to bring the cryptocurrency closer to the mainstream, the news is overhyped, which means we may face "buy the rumor, sell the fact" tactic once the solution is actually deployed.

LTC/USD, daily chart

LTC/USD daily chart

 

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