Litecoin lifts from long slumber

The start of this year has been nothing short of epic for cryptocurrencies with the majority of them surging for the first couple of days of January. One favorite from last year however remained asleep and even fell a little while the rest were on fire. Litecoin has finally awoken during the Asian trading session this morning and is once again heading upwards.

Like many of its siblings LTC had a great year in 2017 starting off around $4 and climbing steadily over tenfold to reach some stability around $50 where it remained for several months. In November it moved up again towards the $100 level where again it halted for a while. Between December 8 and 13 Litecoin went parabolic and jumped to $340, it reached a record high of $375 a few days later.

Since those heady days the altcoin has fallen from grace somewhat on a downward trend for three weeks to lows of just over $220. News that founder Charlie Lee had sold his entire holdings of LTC left the community with a sour taste. Hodlers were starting to get concerned as all of the other altcoins were making upward motions and Litecoin was getting left behind.

Things started to change this morning during the Asian trading session when LTC broke through its weekly resistance level of $255 and shot skywards in a couple of hours to just over $300. Litecoin has finally awoken from its slumber to break $300 again for the first time since December 22. The majority of trading has been on Hong Kong exchange OKEx in Bitcoin Cash, followed by GDAX and South Korean Bithumb.

Charlie Lee is still extolling his baby and Tweeted this today in reference to transfer volume;

“Over $12B worth of LTC has been sent in the last 24hr. That’s almost 95% of its marketcap. See how this stacks up against the other coins. Litecoin IS the payments coin!”

News that Japanese entertainment giant DMM unveiled details of a crypto exchange that will be launched next month could have boosted investment in Litecoin as it will be carrying 7 currencies of which LTC is one.

Litecoin is currently up 21% on the day, its market capacity is $16 billion and it has lost a couple of spots in the cap charts to Cardano and the recently surging Ripple. It the momentum continues Litecoin could reach its previous high and even continue on to $400 where it is likely to climb back up those charts.

 

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DASH/USD

DASH continues to be volatile against the US dollar, as we have slammed into the $1000 handle. Currently, we are in very thin markets, as we are between 2 major holidays. Because of this, I think we are more apt to continue the overall consolidation. That means we could very easily bounce towards the $1200 level. However, if we were to break down below the $900 level that would be cause for concern.

 

LTC/USD

Litecoin had a slightly negative session on Thursday, but we have enough support just below to keep me somewhat optimistic. I think we could drift towards the $275 level without much effort, as the $225 level underneath offer significant support. With low-volume, I would not expect much of the next couple of sessions, but certainly it looks as if we could settle into a nice tight range between $200 on the very bottom, and $300 and the very top.

Thanks for watching, I’ll be back next time.

DASH/USD

DASH continues to look very quiet during holiday trading, as the $1200 level has offered a bit of resistance. We are rolling over in the stochastic oscillator, so this suggests that we will eventually start looking towards lower levels, perhaps finding support closer to the $1000 level. I would be much more comfortable buying at that level than trying to go long here.

 

LTC/USD

Litecoin looks similar, and struggling as there is almost no volume. I think there is significant support near the $250 level though, so any type of bounce in that area should be thought of as potential value that you can take advantage of. If we break down below the $225 level, the market will probably test the $200 level, and then break down to the $150 level. I currently believe that the market is going to go looking towards the $325.

Thanks for watching, I’ll be back tomorrow.

DASH/USD

DASH continues to be very noisy during the trading session on Tuesday, as the $1200 level offers resistance. We are getting close to the overbought part of the stochastic oscillator on the 4 hour chart, so perhaps more sideways action is to be expected. I also recognize that the $1000 level underneath is massively supportive, so we may retest that area to find more buyers. If we break above $1200 though, that could be a very bullish sign.

 

LTC/USD

Litecoin continues to go sideways as well, essentially going nowhere. The volume is almost nonexistent in this market as we are in the middle of the holiday trading season, and right now it looks more likely that we will drift towards the $250 level than anything else. Breaking above $300 would be a very bullish sign though.

Thanks for watching, I’ll be back tomorrow.

DASH/USD

DASH drifted a bit lower over the holidays, dropping from the $1200 level. However, I suspect that there is a significant amount of support at the $1000 handle. What’s interesting for me is that we could be forming a bit of a descending triangle, or a descending channel, so I think we are going to have a bit of a fight on our hands at that $1000 level. Because of this, I am on the sidelines but if we break down significantly below the $1000 handle, I would be willing to start selling. Otherwise, that could be an excellent opportunity to buy on the cheap.

 

LTC/USD

Litecoin has been rather lackluster after its founder admitted to being completely out of the digital coin. We now have support at $250, but that has been broken a few times, only to turn things back around. The question is whether we can continue to build up momentum to the upside, or does the support finally fall apart? If we break down below $200, it could be lights out for Litecoin in the short term. Otherwise, these dips could offer short-term scalping opportunities.

Thanks for watching, I’ll be back tomorrow.

Over the past 24 hours, the bitcoin price has dropped from $15,900 to $13,000, recording a 19 percent decline in value.

Major Market Correction

The price of bitcoin fell sharply as the entire cryptocurrency market experienced a major correction. The combined market valuation of cryptocurrencies fell from $600 billion to $489 billion within a single day.

Analysts have attributed the recent decline in the price of bitcoin and every other cryptocurrency in the market to the latest bull run and strong rallies of the cryptocurrency market. Several cryptocurrencies including bitcoin, Litecoin, Ripple, and Ethereum have recorded nearly 100 percent gains in the past 30 days.

Bitcoin in particular has recorded a 63 percent monthly increase in value since November 23, even with the recent price correction which sent the bitcoin price from $15,900 to $13,340.

Last week, as soon as the price of Litecoin recorded a staggering 150 percent increase in a three-day span, Litecoin creator and former Coinbase executive Charlie Lee cautioned investors and Litecoin users about a potential correction.

He emphasized that a strong rally or a bull run in the cryptocurrency market is almost always followed with a minor or a major correction

“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly,” said Lee.

Large-scale corrections are beneficial for bitcoin and the cryptocurrency market because they prevent short-term bubbles from forming. Upon the occurence of corrections, the market shakes off weak hands and stabilizes, as speculators drop off.

Bitcoin Has Had Many Major Corrections of Similar Scale

Cryptocurrency analyst and researcher Robert Reid noted that bitcoin has had six major corrections during which its price fell by more than 30 percent in 2017. Each correction was followed by an increase in value of 76 percent, 237 percent, 183 percent, 165 percent, and 152 percent, as the market stabilized and prepared for new rallies.

As it always had done in the past, the price of bitcoin will likely recover and gear towards a new all-time high in the upcoming weeks. The price of bitcoin has already recovered after falling to $12,000 merely hours ago. At the time of reporting, the price of bitcoin remains above $13,400 across major markets and exchanges.

In several regions such as Japan and South Korea, investors are still trading bitcoin with a huge premium, demonstrating that the demand for the cryptocurrency has not decreased largely over the past two days. On Bithumb, South Korea’s largest cryptocurrency exchange, the bitcoin price is $16,460, with a daily trading volume of $530 million.

DASH/USD

DASH lost 30% in the early part of the session on Friday, breaking below the $1000 level again. There is a significant amount of support just below at the $900 level and again at the $800 level. If we sliced through those areas, the game is probably over. The $600 level will be targeted at that point, but clearly this is not the time to get involved in the market. I know many of you have made money buying the dips, but this is not adept this is a collapse. That’s not to say that we can’t stabilize, but don’t be the hero, let other traders support this market first. Stability of a couple of days is probably necessary.

 

LTC/USD

Litecoin has broken down as well, shedding 27% as I record this. The $200 level was almost certainly going to be targeted at this point, but I don’t see anything structural that is going to keep the market above that level. I suspect we are looking at a return to the $160 level. Again, let other traders try to pick this market up, because quite frankly you don’t want to be the hero. Catching a falling knife is much different than buying the dips.

Thanks for watching, be back next time.

DASH/USD

DASH continues to look bullish, although we have had a choppy session during the day on Thursday. We are currently forming an ascending triangle, which measures for another $150 gain. Because of this, I anticipate that the next target is $1650. We clearly have a lot of bullish momentum, so selling is something that I have no interest in doing. I suspect there is a “floor” at the $1200 handle.

 

LTC/USD

Litecoin has been a bit limp over the last couple of sessions, as we currently grind away above the $300 level. I believe that this is a buy on the dips situation, but I suspect that you have plenty of time to put money into the market, as Litecoin is essentially a retail coin, meaning that most retail traders will be putting a lot of money into the marketplace during the holidays.

Thanks for watching, see you next time

We know OpenBazaar will integrate support for a few different altcoins. Both Bitcoin Cash and ZCash are in the testing phase already, which is good news. Moreover, it seems Litecoin integration is also on the agenda. That is a good thing, as Bitcoin remains a far too expensive payment method right now. Come January 2018, things will get very interesting for OpenBazaar, by the look of things.

No one can deny good things are happening for OpenBazaar. This peer-to-peer marketplace solution has been well-received by the cryptocurrency community. However, this solution has always been hindered by only supporting Bitcoin. Although it is still the world’s leading cryptocurrency, it also has a lot of problems right now. Slow transactions, network congestion, and high fees are just some of the issues. Not an ideal situation by any means.

Litecoin may Come to OpenBazaar Soon

As a result, it makes a lot of sense for protocols such as OpenBazaar to support alternative currencies. Bitcoin Cash will certainly play a big role in this regard. This alternative version of Bitcoin has seen some major success in recent weeks. Its price has also soared to a new all-time high not that long ago. It is unclear how all of this will play out in the long run, though. For now, supporting BCH makes a lot of sense.

Additionally, we also see ZCash integration. A coin with optional privacy and some questionable development decisions is an interesting addition, for sure. Whether or not anyone will ever spend ZEC on OpenBazaar, remains highly doubtful at this point. There are a few different coins which could provide more privacy and would generate more transaction volume as well. An interesting decision by the protocol developers, but it may not yield any significant results.

Last but not least, the team is working on Litecoin integration as well. That in itself is pretty interesting. It is true Litecoin has had a good year throughout 2017. It would make a lot of sense to use this payment method on a decentralized peer-to-peer platform. For now, the Litecoin implementation is still in the exploration phase and actual testing has yet to begin. We can only hope to see a few more prominent altcoins get added to this platform in Q1 2018.

DASH/USD

DASH has gone parabolic during the trading session on Wednesday, slicing through the $1500 level at one point. It looks as if short-term pullbacks will offer buying opportunities though, so therefore I think being careful bullish is probably the best way to go in this market as it looks like a market that is ready to launch much higher.

 

LTC/USD

Litecoin had a very quiet session on Wednesday, but it looks as if we are continuing to try and form a bit of support just below, with $300 being a very important level overall. I believe that buying the dips continues to be the way going forward as Litecoin looks very bullish.

Thanks for watching, I’ll be back tomorrow.