By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
The LTC is declining Thursday, trading at $59.60. After making new local lows, the crypto has been going down for the third day in a row.
On H4, the Litecoin is inside an ascending channel that looks quite stable. The MACD, however, is forming a black cross after divergence, which means the price may soon start going down. The LTC is already testing the local support, and in case it’s broken out, the next target will be at $52.65, and then the projection support at $40.70.
The same situation may be confirmed with H1, where the LTC already started declining after the Stochastic had formed a black cross. In the short term, the local support will get tested and probably broken out.
The financial sector is still unable to determine whether cryptos are good or bad. Citigroup opted for not issuing its own crypto; they believe that the existing techs are better than those based on blockchain. Citi had been studying this since 2015, but finally decided to stick to traditional technologies. Indeed, SWIFT is well enough to support all the necessary functions, while the systems being tested proved to be quite mediocre.
Conversely, VISA may well start developing the crypto techs. The company is looking for people knowledgeable in cryptography, digital money, and blockchain.
As for the LTC, there are news on Huobi including the Litecoin into their Huobi OTC platform. The crypto is available there starting today, and one may buy it with no commission. Huobi is number 19 in the exchange rating according to the trading volume, so this is quite good for the Litecoin.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.