Litecoin has been trading in the range since Monday this week. The consolidation in Litecoin price reflects the consolidation in the cryptocurrency market. The market has in the last ten months lost more than $600 billion according to Bloomberg. In addition to that, an article published by FXStreet suggest that the cryptocurrencies are likely to correct lower in the medium-term. The top ten cryptocurrencies by market capitalization volatility has reduced considerably since September 2018.
The Bollinger Bands applied on the Litecoin chart show that the cryptocurrency consolidation has entered a new phase this week. Litecoin recently recoiled towards $60 but the trend started to deflate on reaching $59.00. The spike at the beginning of the week saw the bulls revenge against the bears. Prior to the surge, LTC/USD had plunged sharply during the trading session last week where Litecoin explored the levels towards $50.00.
The price has been in a bearish trend since the trading on Monday. As mentioned above, the failure to break above the resistance at $60.00 allowed the sellers a free entry. The price fell to the low of $53 and embarked on a range movement. At the time of press, Litecoin (LTC) is trading at $53.6 and is likely to correct higher in the short-term. In the medium-term the price will lean towards the bear trend according to the Galaxy Crypto Index at Bloomberg.
The index shows that the larger cryptocurrency market is poised for declines. However, stability in the market has continued to increase exponentially in the period between the highs in September and the current trading levels. At the time of press, the total market capitalization has remained stable above $208 billion as from Friday 19.
Presently, Litecoin is stuck in a range between the upper limit at $60 and the lower limit at $50. A retracement towards the support at $50 will see LTC/USD spike in a bullish movement. In the meantime, the stochastic is heading south as the bears battle to gain ground against the bulls. The MACD momentum indicator as well as the signal line are under the mean level (0.0). This signals that the sellers are increasing their activity. Moreover, the price is below the 100SMA, which shows that the bears have the upper hand in the medium-term. Besides, the current consolidation indicated by the Bollinger bands will culminate in a bullish breakout.
The founder of Litecoin (LTC), Charlie Lee recently shared his excitement following the listing on the United States-base cryptocurrency exchange Gemini. Charlie reckoned that Litecoin is currently available on all major digital exchange platforms in the world. Gemini exchange listed LTC on October 13 although, it had mentioned the intentions to add support for the asset during the Litecoin Summit held mid-last month.
“LIVE from the @LTCFoundation Litecoin Summit, “We are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!”
Gemini is among the few exchanges that have been granted the Bitlicense by the New York regulator. In addition to the listing of LTC, Gemini has hinted that it will soon be launching the support for Bitcoin Cash (LTC). Moreover, the exchange recently launched its own stablecoin referred to as the Geminin Dollar.