Litecoin changes the ‘boring-not recommended to trade’ flow on Nov 7 as it increased past $60. Could this be due South Korean Exchange Coinone stepping in.
LTC bulls taking over beginning of the Week
Litecoin price after enduring almost a week long range bouncing experience between $53.00 and $57.00 has jumped to $64.00 in a couple of hours today. That particular area has been present as a moving path even before the dip on Nov 2nd for a week also from 24th of Oct to the 30th.
As the price is closing in to the $64.00 it is reaching for a mark which is a hurdle to overcome and might not be closed above successfully tonight on the first attempt at least. A pullback or consolidation could take place on the very next short term.
The best to hope for now is that if a drop occurs because of the sellers tanking the pair LTC/USD to profit on the trade, the price not entering the range bound again but finding supports above it to form a new trading ground around the $60.00 mark.
One confidence ‘booster’ event that might have affected the market was the South Korean Major exchange Coinone adding LTC on its platform beginning of this month. The adoption by Coinone of Litecoin is a much-needed lift for the Bitcoin sibling, which was left by the wayside due to the phenomenal performance of the leading cryptocurrency Bitcoin. Before the Coinone inclusion, Litecoin’s trading activities have been virtually flat, with the virtual currency’s price hovering around the $55 mark in the past fortnight.