Litecoin (LTC) Price Analysis – February 19

  • The price of Litecoin faces resistance at the $48 price level.
  • The crypto's price is expected to rise if the bulls break the $48 and $50 resistance levels.

Litecoin, LTCUSDLitecoin Chart by Trading View

LTCUSD Medium-term Trend: Bullish

  • Resistance Levels: $60, $65, $70
  • Support Levels: $40, $35, $30        

The LTCUSD pair is in the bullish trend zone. In retrospect, the price of Litecoin was range bound above the $30 price level since January 10, 2019. On February 8, the bulls broke out of the range-bound movement and reached a high of $48.10. The LTC price faced resistance at the $48 price level and the crypto fell to the support of 12-day  EMA.

At the support of 12-day EMA, the bulls made another attempt at the resistance level at $48. On the upside, the crypto's price is expected to rise if the bulls break the $48 resistance level. Meanwhile, the Stochastic is in the overbought region but below the 80% range which indicates that the crypto is in a bullish momentum and a buy signal.

LTCUSD Short-term Trend: Bullish 

Litecoin, LTCUSDLitecoin Chart by Trading View

On the 4-hour chart, the price of Litecoin is in a bullish trend. The crypto's price was making a series of higher highs and higher lows when the trend line was broken at the $48 price level. From this chart, the bullish trend is terminated because the trend line has been broken and the following candlestick closed in the opposite of the trend line.

The bulls are still pushing towards the resistance level. Meanwhile, the Stochastic is in the overbought region but below the 80% range which indicates that the crypto is in a bullish momentum and a buy signal.

           

 

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

Ethereum-Based DeFi Project Reportedly Grew Nearly 780% Last Year

Decentralized finance (DeFi) projects based on the Ethereum blockchain have grown by 778% when compared to the first quarter of 2019, driving growth in the decentralized application space.

According to a report published by DappReview, compared to the first quarter of 2019 the total value of transactions made on decentralized applications grew by 8.2.2% to $7.9 billion, across a total of 13 different blockchains.

The top three blockchains – Ethereum, TRON, and EOS - contributed a total of 99.1% of the volume. The report notes that both TRON and EOS, however, lost users and transaction volume year-over-year, while Ethereum kept on growing.

This growth saw decentralized finance projects increase 778% compared to the first quarter of last year. Notably, these grew even though the total active addresses interacting with decentralized applications dropped by 22.1%.

The report notes that on the Ethereum blockchain, the total transaction volume on decentralized applications during the first quarter of the year was of $5.64 billion, an increased of 652% compared to last year. The report reads:

The main growth was driven by DeFi projects which have become the growth gist of Ethereum since 2019, with the largest transaction volume. It is worth noting that most of the volume of DeFi projects are in ERC-20 tokens (such as WETH, DAI, USDC, etc.), rather than the native token Ether.

ERC-20 tokens, it adds, made up 84% of the total transaction volume. Per DappReview the Ethereum dApp ecosystem “remains diverse and the performance was very steady compared to the other blockchains.”

The report further notes that casino decentralized applications, which were popular last year, saw their volume drop 64.6% year-over-year, while still remaining among the top three sectors when it comes to active addresses.

As CryptoGlobe reported, earlier this year the total value locked in decentralized finance apps hit a $1 billion all-time high, before dropping over one project being exploited through so-called flash loans, and over the value of cryptocurrencies going down.

Cryptocurrency wallets have also been making it easier for users to earn interest on DeFi platform, with Coinbase wallet integrating support for these project late last month.

Featured image via Pixabay.