Litecoin Price Surpasses $33 yet Needs to Find Stable Support
As most people keep a close eye on the current cryptocurrency market momentum, interesting things will happen sooner or later. For those people who like to watch the Litecoin price charts, the current momentum will be a welcome sight first and foremost. Although this uptrend seemingly won’t last all that long, every brief spell of positive momentum is welcomed with open arms.
Litecoin Price Starts Moving up Again
Although the value of Litecoin primarily hinges on what happens to Bitcoin, it seems this symbiotic relationship works in favor of the altcoin sometimes. In the case of Litecoin, there is a small gain in both USD and BTC value over the past few hours. Combined with a relatively strong trading volume, the altcoin appears to be in a good place prior to heading into the weekend.
Over the past 24 hours, there has been a 4.8% gain in USD value. because of this rather solid uptrend, one LTC is now priced at $33.08 once again. There is also a 3.7% increase in BTC value, as the LTC/BTC ratio now sits at 0.00946 Bitcoin again. A jump to 0.01 Bitcoin seems unlikely, although one never knows what the weekend will bring.
On social media, it quickly becomes apparent there is no real technical or merchant development affecting the current interest in Litecoin. In fact, all everyone talks about is the current price and where it might head next over the weekend. Crypto Capital Venture seemingly considers a new all-time high may be on the horizon, although that will primarily depend on Bitcoin. So far, the cards are not lining up correctly.
Last 2 times #Litecoin 50EMA (blue line) made a cross above 200EMA (pink line) on the LTC/BTC pair, #LTC saw all time highs
I am not saying that will definitely happen again here, but it's one of the most solid data points we have on Litecoin right now pic.twitter.com/bSHjtxucyz
— Crypto Capital Venture
Taylor, on the other hand, is resorting to different matters when it comes to Litecoin’s value. This user is simply praying for a retest of the support level. A bit of a more down-to-earth approach to the current market momentum, albeit it remains to be seen if the support can hold its own in this regard. Weekends have turned out pretty bearish for all currencies as of late, thus this week may not necessarily be any different.
$LTC Praying for a retest before hitting the range high
Not worried though as I have a huge bag of #LTC pic.twitter.com/Zx9vZyudaz
— Taylor (@taylorcreationz) February 1, 2019
For those who do not want to wait until the market makes up its mind, other money making methods are well worth exploring. Arbitrage trading can make traders a lot of good money in exchange for very little effort. The pairs below offer some interesting options, as most of the platforms involved usually provide decent liquidity. As such, the profits are literally ripe for the taking.
#LTC
Buy at #OKEx and sell at #Bitfinex. Ratio: 1.39%
Buy at #Poloniex and sell at #Bitfinex. Ratio: 1.07%
Buy at #Gate.io and sell at #Bitfinex. Ratio: 1.35%
Buy at #LiveCoin and sell at #Bitfinex. Ratio: 2.20%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) February 1, 2019
With all of this uneasy market momentum still in place, it seems rather unlikely the coming days will yield significant changes in a positive manner. At the same time, it is due time some of the top altcoins decouple themselves from Bitcoin in a decisive manner. Whether or not Litecoin will be one of the first to do so, remains to be determined. It would certainly shake the market up in a positive manner.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
by JP Buntinx via The Merkle Hash