Latest Litecoin News
Crypto assets may be ranging and down from 2017 peaks. However, on another lens, adoption is on an upward trajectory. The best way of measuring participation and or interest spikes is to check transaction volumes. There are many trackers out there but all agree that the number of Litecoin transaction volumes has been on the rise in the last few years.
Surprisingly, the prolonged bear market seems not to deter participation and with every low, enthusiasts as well as investors are ramping up purchases at these low prices. Long term hodlers are convinced that crypto assets are available for cheap and moving on we expect demand to increase.
Already there are hints. Robinhood, the crypto as well as stock trading app, has received BitLicense as well as a money transmission license from New York DFS. For players to list and handle cryptocurrencies in New York they must make an application to the NYDFS and upon approval, applicants can proceed.
The New York Financial Services Superintendent Maria T. Vullo said:
“Today’s approvals (of Robinhood) add to the growing list of responsible virtual currency providers who recognize and appreciate how a comprehensive regulatory framework fosters a competitive marketplace that benefits both consumers and industry”
Undoubtedly, this is a step in the right direction especially for a platform that lists Litecoin and allows free trading. While there are murmurs that the $5.6 billion company plans to crowdfund, their road map is crystal. For example, in May 2018, the platform raised $363 million will the intention of expanding their crypto offerings.
Vlad Tenev, Co-Founder and Co-CEO of Robinhood Markets, Inc added:
“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform. The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York”
LTC/USD Price Analysis
Back to the chart and the path of least resistance in the short term is upwards. Not only is Litecoin resisting lower lows but increasing demand and favorable fundamentals seem to shore prices. Note that LTC is finding resistance from around $30 which is around the 61.8 percent Fibonacci retracement level of the last leg up.
In line with our previous LTC/USD trade plan, we shall maintain a neutral to bullish stand in days to come. While risk-off traders can initiate long positions at spot rates as they ride with yesterday’s bulls, risk-averse traders will wait until after there is high volume break and close above $35. The $35 level mark doubles up as the 38.2 percent Fibonacci retracement mark for the Nov-Dec 2018 downswing and Dec 2018 highs.
Clearly, it will be vital if bulls build enough momentum and drive prices above this barrier triggering short term bulls aiming for $50. Once that happen and prices do retest $50, conservative traders would be on standby as they wait for trend continuation and reversal of the bear breakout trade of mid-Nov 2018. Sustained bulls will buoy bulls and the ecstatic demand that would follow will likely thrust prices towards $110 or higher by Q2 2019.
All Charts Courtesy of Trading View–BitFinex
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.