Litecoin slips off below $230 – Market Still Cautious
Feb, 26th 13:17
Litecoin is currently up 10% on the day, according to Coinmarketcap. This time 24 hours ago, it was trading at just over $200, and during Asian trading this morning, it hit a high of $234 before retreating a little to $228. LTC peaked at $252 on February 21st but has fallen back by 20% in subsequent days. Today, however, it has rallied upwards once again.
Litecoin founder Charlie Lee has remained very vocal about his baby since he sold off his stash a few months ago. The latest prediction is that Litecoin market capacity will exceed that of Bitcoin Cash in what has been referred to as a ‘flappening.’
Greater Segwit integration and Lightning Network adoption for Bitcoin will decrease the advantage Bitcoin Cash once had, and its value may not be sustainable. As Litecoin adoption grows, the likelihood of it surpassing BCH is strong as it is already seen as undervalued by many.
There are a total of 84 million Litecoins with 55.3 million already circulating. Market capacity at the time of writing is $12.6 billion, and it is traded heavily in Southeast Asia on OKEx and Bithumb. Trade volume over the past 24 hours has been 10% of the total at $1.26 billion.
On the technical charts, LTC/USD is trading in the negative zone above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 55.67 and the MACD is above the signal line. Negative bias is dominating the market.
Buy digital Put options between 215 and 206, valid until 23:00 GMT February 22, 2018