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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to move along with the bulls on a long run

Laira Rebecca

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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to move along with the bulls on a long run

The cryptocurrency market seems to have recovered from the bearish hit after Bitcoin [BTC] crossed the $4,000 mark this Sunday. Most of the digital assets have shown a significant surge in the past week. Litecoin [LTC] is one of the top gainers for the week with a massive 31.5% hike.

At press time, LTC is trading at $40.53, with a market cap of $2.4 billion. The cryptocurrency is currently at the sixth spot in the market list right below EOS. It has also shown 6.2% hike in the daily statistics. About 10% of the trading volume is seen to be on an exchange named Bit-Z for LTC/BTC trading pair.

1-hour

LTC 1 hour chart | Source: TradingView

LTC 1 hour chart | Source: TradingView

The hourly chart of LTC is showing a significant uptrend ranging between $33.62 – $40.65 – $41.76, with a support point set at $29.63.

The Parabolic SAR has been depicting a fusion of upward and downward trend from the time LTC was on its sideways movement. However, the indicator is currently forming the dots below the candlesticks showing a bullish trend.

The Awesome Oscillator is demonstrating a bullish trend for LTC as the green spikes are picking up the momentum right now.

Chaikin Money Flow is moving upwards indicating that there is a strong inflow of money in the LTC market compared to yesterday’s market scenario.

1-day

LTC 1 day chart | Source: TradingView

LTC 1 day chart | Source: TradingView

The daily chart of Litecoin [LTC] shows a downtrend extending from $176.76 – $40.2 and an uptrend from $24.03 – $28.03 – $38.05. Also, the resistance is formed at $96.28 and $117.8.

The Bollinger Bands is depicting a bullish momentum for the cryptocurrency as the candlesticks are forming above the moving average line.

The MACD has taken a bullish crossover wherein, both moving average and signal line is moving upwards.

The Relative Strength Index shows that the buying pressure is higher than the selling pressure in this timeframe as the indicator is moving towards the overbought zone.



Conclusion

All the indicators are demonstrating a strong bullish trend, in the case of Litecoin. However, the diverging Bollinger Bands indicate that there are chances of slight volatility in the market.



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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

76497|Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

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Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

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Altcoins

76476|DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum

Akash Anand

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Source:Pixabay

The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.

Source: CoinMarketCap

At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.

Source: CoinMarketCap

The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.



DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:

“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”

Another DigiByte fan, Mark Brown replied on the same thread saying,

“Tell that to @barrysilbert , he’s the one to talk to brother 😏

@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.

I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”

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