Community post
LiteCoin Back Tests $34 Breakout Level
A few days ago, I posted my very first market commentary on steemit and pointed out the 50 resistance level for #litecoin traders to make note of.
The post may be viewed here: https://steemit.com/cryptocurrency/@syncubate/will-litecoin-finally-breakout-above-usd50
Since then, litecoin has back tested the $34 level twice on the daily time frame and has not closed below it:
The past several days have been profitable for litecoin bears but the bulls may apply some buying pressure in the near term given the successful back test and support realized at the $34 level.
In the intermediate to long term, bulls will need overcome the 34 level is again defended from any further selling pressure.
Litecoin has predominantly traded in sync with #bitcoin and #ethereum in terms of sentiment. #Cryptocurrency is a speculative market overall and as such it is important to keep in mind one's risk/reward tolerance before assuming any trade or position.
Replies (8)
Litecoin is still an undervalued crypto in comparison to all others. In the long term Litecoin will do very well!
Instant transaction speeds, handles high levels of traffic with ease and cheap transaction fees...
Once it breaks past the $50 mark, more people will start to take note of it.
Agreed that it's undervalued relative to the current market caps of similarly notable #crypto's.
From a liquidity standpoint I think it definitely helped that coinbase now offers it via its platform.
Litecoin would have to quadruple from current levels to surpass a $10B market cap. It may achieve this organically over time or an extraneous catalyst may compel it higher in a more abrupt fashion. It's ultimately contingent on it being more broadly supported, similar to #bitcoin and #ethereum.
I agree...a very underrated coin. People loved to say LTC was dead and served no purpose when the price was low. Once more people realize the potential of LTC it will cruise past $50. Here's to the "silver" to BTC's "gold."
I'm impressed by the fact that the founder of #litecoin, Charlie Lee, is actively engaged with the public as far as the latest updates/happenings are concerned. He maintains a fairly up to date Twitter account and has nearly 50K followers there so far.
It has definitely made a comeback this year with the spike in the overall #crypto markets and it will be interesting to see if its recent gains are upheld and whether it manages to continue higher. I do think it is a positive sign that it has trended higher in a relatively gradual manner since breaking into the double digits, with healthy pullbacks to allow for accumulation and distribution. $50 is the key figure to watch on the upside.
Definitely, as soon as more markets start supporting litecoin, its market cap and hence price will increase. This shouldn't be a problem with Charlie back at the helm, I remember he said:
"All I have to do is speak to 3 people and the major exchanges in china will be dealing in litecoin"
So its only a matter of time before the price of #litecoin skyrockets.
It's funny that #litecoin now serves a much better purpose than #bitcoin haha
Considering #litecoin has now gained >20% since its second retrace and bounce off the $34 breakout level, it's safe to say that buying interest remains strong.
If Charlie Lee is able to further establish exchange liquidity through Asian market integration, then the $50 overhead resistance level should be easily breached.
Yes, definitively LTC will take over the place of ETH.
Will go ahead with XEM and ZCASH.