13 May 2021 | ZebPay Trade-Desk
This week we are taking on Litecoin, as part of our weekly Altcoin Thursday snapshot. LTC is a cryptocurrency designed to provide fast, secure, and low-cost payments. Behind BTC, LTC is the second most popular pure cryptocurrency. Its success is largely attributed to its simplicity and utility benefits. Today, Litecoin is one of the most widely accepted cryptocurrencies, and more than 2,000 merchants and stores now accept LTC across the globe.
Litecoin, after correcting, started to move upwards from 25th April 2021 and it made the all time high of $413.49 surging almost 93.5%. Post this feat, we saw some corrections and the prices fell by almost 28% making the low of $297.86. On the technical front, LTC can take the support at $288 (61.8% Fibonacci Retracement level) and $335 can act as a crucial resistance. Breakouts on either side with good volumes will further decide the trend for the asset.
|Support 2||Support 1||LTC||Resistance 1||Resistance 2|
This concludes on Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!
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