It appears there is some excitement brewing among Litecoin enthusiasts. Even though the Litecoin price is not necessarily moving all that much, it would appear the ecosystem is in a slightly better place than most of its competitors. A new roundup of news seems to have a positive impact in this regard.
Litecoin Price Inches Ahead
It is evident most of the selling pressure has been removed from the cryptocurrency markets. That is a welcome sight, as the past few days have been rather unpleasant first and foremost. For the Litecoin price, the recent dip has negated its attempt at surpassing $70 altogether, although that price trend may still be reached later this year.
Litecoin community members are seemingly looking forward to what the future may hold. Some interesting observations are worth paying attention to in this regard. Technical analysis enthusiasts are eager to point out LTC is massively oversold right now. The same can be said for a lot of cryptocurrencies by the look of things, but the LTC chart below seems to hint at interesting movements ahead.
The last time #Litecoin was this oversold on the Bitfinex 2wk, it was $3.50.
Also note the 2wk bull hammer from last period, as well as the possible inverted bull hammer in the making. The combo is being seen around the alt market & is sign of reversal. pic.twitter.com/e96lCI2V3h
— Eric Thies (@KingThies) September 7, 2018
Technical analysis only tells one part of the story, as always. A new project has come to market which effectively allows cryptocurrency holders to “lease” their portfolio. Although such ventures need to be thoroughly researched prior to giving them one’s money, it is evident Triplay will undoubtedly be of short-term interest to some. The platform also supports Litecoin, among a few others cryptocurrencies. Do your own research prior to committing funds to this new project, as it has no significant track record as of yet.
The biggest headline of today comes in the form of a new Seeking Alpha article. It is clearly written by someone who favors Litecoin, although the points raised do make a lot of sense. Getting some this level of mainstream media coverage – at least on the internet – can be quite beneficial to the Litecoin price in the coming hours and days.
So far, things are looking solid for Litecoin altogether. Its overall trading volume is slightly on the rise, which is a welcome sight for all cryptocurrency enthusiasts. With $237.83m in 24-hour volume, it is safe to say the demand to buy, sell, and trade LTC is very tangible. Most of this volume comes from DOBI Trade, although it remains unclear why that exchange generates this many trades.
As is always the case prior to the weekend, cryptocurrencies can evolve in many interesting directions. For the Litecoin price, retaking the $60 level will be a big challenge, albeit it is not impossible by any means. A new attempt at $70 will not happen anytime soon, unless Bitcoin would commence a major price reversal.