Litecoin Price Analysis: LTC Bounces Up From Strong Support
Daily Litecoin LTC Price Forecast
- Litecoin price is on the verge of flashing red-nine candlestick.
- The MACD has reversed from green to red.
From June 15 to June 21, the Litecoin price has crashed from $180 to $120, losing a third of its overall value. During this drop, LTC managed to reverse the 20-day SMA from support to resistance.
Litecoin Price Bounces Up From $120 Support
This Wednesday, the Litecoin price has bounced up from the $120 support line and is trending currently around $130. However, keep in mind that the MACD is still negative so expect a further drop. The TD sequential detector tells us that LTC could drop for two more sessions before flashing the red-nine candlestick – a buy signal.
Image: LTC/USD daily
Looking at Into The Block’s IOMAP, the Litecoin price has a crucial support wall at $120. Previously, at this level, 71,300 addresses had purchased almost 1.5 million LTC tokens.
Swiss bank Dukascopy launches Litecoin CFD trading
Swiss bank Dukascopy recently announced the addition of Bitcoin, Ether, and Litecoin CFDs contracts to become the latest contract for difference (CFDs) broker to offer cryptocurrency trading. The brokerage unveiled that the cryptocurrency CFD trading will be accessible on the MetaTrader 4 platform, with these new features available in both live and demo trading environments.
The bank said:
Unlike traditional purchase of cryptocurrencies trading cryptocurrency CFDs (Crypto) allow speculative operations without having a digital wallet. There is no need to own cryptocurrency coins eliminating cybersecurity risks.
Moreover, traders using Dukascopy can take both long and short positions on the three crypto-fiat pairings offered, and the value of all three digital currencies will be pegged to the USD.
According to the bank's statement, traders utilizing Dukascopy Bank’s services will have a maximum leverage of 1:5, while Dukascopy Europe clients would have a maximum leverage of 1:2.
The firm elaborated:
Due to the leverage provided on trading accounts, the client can hold cryptocurrency CFD positions larger than [the] amount of traditional currency initially owned.
The banking service is offering crypto services after several of its competitors have done so responding to increased demand from traders. Additionally, the speculative nature of cryptocurrencies encourages traders to take more significant positions, thus benefiting the broker’s revenue.
Litecoin Price Is Expected To Reach These Levels
As things stand, the buyers will need to push the Litecoin price up to the $140 resistance barrier to continue with this upward trend.