Unlike most coins, Litecoin is slowly forging itself as a merchant’s coin. The Litecoin Foundation social media campaign brought in some few leads while most incoming agents don’t want to miss the revolution. Besides merchants, exchanges and cryptocurrency buy-sell apps as Buda.com also help bring in market liquidity. Going forward, I expect Litecoin prices to appreciate as the crypto market recover.
From the News
After Crypterium, we now have a Chilean cryptocurrency exchange, Buda.com supporting Litecoin and three other coins in Argentina. By now you might have heard how Argentina is open to new technologies of which blockchain stands out. Pound to pound, Argentina is easily the largest cryptocurrency market in Latin America and we can gauge that by the recent steps taken by the central bank and the number of Cryptocurrency ATMs in place. With Buda.com opening their services to Argentinians and majority of South American countries, their CEO hopes that this will open doors for many more to join in the crypto revolutions. With Buda.com, they can now buy, hold or even sell cryptocurrencies.
Chile: ¡Estamos operativos! Estamos recibiendo abonos en CLP y desde las 17:00 estarán todos los mercados abiertos: BTC, ETH, BCH y también LITECOIN #CRYPTO #chilequierecryptos #LTC #ComunidadBuda
— Buda.com (@BudaPuntoCom) May 30, 2018
Buda.com shall allow bi-directional exchange of Bitcoin, ETH, and in the coming days Litecoin with Argentina’s Peso. Inevitably, moves as such will play a role in reducing volatility and uncertainty that continues to plague cryptocurrencies. This same volatility stifles institutional investment. In a statement, Pablo Chavez of Buda.com said using cryptocurrencies would go a long way in helping shape Argentina’s financial industry and their economical interaction with the internet.
@Nasdaq interested in supporting #Stellar, #Litecoin, & #Bitcoin. “LTC will soon function as a cross-blockchain decentralized app.” ?? @SatoshiLite #PayWithLitecoin https://t.co/SA07SN1yJF
— Art [ŁTC] (@HODL_Whale) May 26, 2018
As this was happening, NASDAQ couldn’t hide but comment on Litecoin capabilities. In my view and assuming Bitcoin continues to be the dominant cryptocurrency with current valuation, it shall cement its reputation as a store of value. On the other hand, Litecoin is quickly emerging as a perfect medium of exchange complementing Bitcoin in line with their white paper assertions. As a complementing coin, we can easily see how Litecoin is performing by checking the number of retail adopters, merchants and their average daily transactions.
Litecoin (LTC) Price Analysis
Weekly Chart
Litecoin Weekly Chart by Trading View
If by any chance this week’s candlestick close as a bull then we shall have to wait for next week’s confirmation of a nice triple bottom. Of course, for buyers and Litecoin supporters, this is but a reprieve happening inside a month that is largely bearish. Note that even if bears might seem to be in charge, there is a caveat that might be their undoing.
Trading volumes for the better part of May have been consistently low. This cements our assertion that May claw back of April gains were largely long coverings. Remember that in this depreciation, sellers did recover more than 80 percent of April Bull rally. In my view, long term traders can consider trading this coin after next week. Otherwise, swing traders can hitch bear or bullish moves in the daily chart.
Daily Chart
Litecoin Daily Chart by Trading View
Just like our in our general analysis, Litecoin prices are bottoming out. We can trace this to May 29 which was overly bullish reversing from our main support line at $110. But that’s not the deal though. Besides, volume spikes on May 29 exceeds recent averages. Despite yesterday’s bear candlestick, buyers might step on the accelerator today. In this case, aggressive traders can begin buying on dips in lower time frames while conservatives can wait for a breach above $130. Ultimate targets stand at May highs at $180 and ideal buys is round $110.