Litecoin (LTC) Price Analysis – August 7

  • The price of Litecoin is likely to fluctuate again within the range bound zone.
  • If the bears break the support level at $74, the LTC price will fall to the lows of at $ 52 or $57.                                                                                                                                                       

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

LTCUSD Medium-term Trend: Ranging

Resistance Levels: $75, $77, $79                                                                                                                          

Support Levels: $70, $72, $74

Yesterday, the price of Litecoin was in a bearish trend. However, after the bears broke the support level at $ 74, the price pulled back into the range-bound zone. Now we are waiting for a retest of the support level at $74 by the bears. From the daily chart, the LTC price retested the support at $74 but the bulls defended and pulled the price back into the range-bound zone.

The pirce of Litecoin is likely to fluctuate again within the range-bound zone. But if the bears succeed in breaking the support level at $74, the LTC price will find support at $ 52 or $57. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. 

LTCUSD Short-term Trend: Bullish   

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

On the 4-hour chart, the LTC price broke the support level at $74 twice and had a pullback twice. Meanwhile, the Relative Strength Index period 14 is level 49 which indicates that the price of Litecoin is in the range-bound zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

TRON, BitTorrent Prices Surge After Justin Sun Announces ‘Something Huge and Amazing’

TRON’s TRX and the BitTorrent token have both recently seen their prices surge in a not-so-positive day in the cryptocurrency space, thanks to a tweet published by Justin Sun announced ‘something huge and amazing’ is going to be shared in the near future.

On the microblogging platform Justin Sun told his over 1 million followers something “huge and amazing” was soon to be shared with them, after June 1. Even though some criticized this as an announcement to an announcement, the market seemingly reacted.

CryptoCompare data shows that the price of TRON , a cryptocurrency Justin Sun created that can handle a large amount of transactions per second and deploy smart contracts and decentralized applications, surged after the tweet, and is currently up 7.5% in the last 24-hour period.

Similarly, BitTorrent’s BTT token saw its price rise after the tweet was published, to the point it hit a new all-time high of $0.014 per token . The BTT token is a TRC-10 token based on the TRON blockchain. It was announced after TRON’s acquisition of BitTorrent was confirmed .

Notably, the piracy-focused token has seen its price double since the start of the month. Its rise started as 990 million BTT tokens were being distributed to TRX holders. Per a Medium post from BitTorrent, a total of 1.2% of BTT’s supply , 11.88 billion tokens, will be distributed this year.

Some analysts believe that such an airdrop could easily see TRX’s price drop, but add selling pressure to the price of BTT as most users would likely sell their tokens as soon as they got them.

Others point to a recent announcement from the Opera browser, which revealed it’s set to add support for the TRON blockchain and multiple others on its built-in cryptocurrency browser. Opera is a remarkably innovative browser that introduces features the likes of Chrome and FireFox add later on.

It was the first browser to add a built-in cryptocurrency wallet, and the first to stop cryptojacking scripts from running within it. Years ago it was the first to add a dedicated BitTorrent add-on, and the BTT token could now be benefiting from that move.