Litecoin Chart Suggests Further Losses; LitePay Closed
27 Mar 2018 10:00, GMTWhat's on this page
Litecoin News and Talking Points
- Litecoin gives back all of its LitePay/LitePal rally and more.
- LTC chart suggests further losses ahead.
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Litecoin Hit Further as LitePay Unexpectedly Shutters
News that Litecoin’s merchant payment processing system LitePay would close immediately hit Litecoin’s price and worse may be to come for the fifth-largest digital token. A tweet sent out by Litecoin creator Charlie Lee late Monday followed on news from the Litecoin Foundation website saying that LitePay had ceased all operations.
The announcement in early February over LitePay more than doubled the value of LTC in three weeks, jumping from around $105 to $253. However ever since the company announced in an email in early March that the launch of LitePay would be delayed, the price of LTC has fallen steadily.
The daily LTC chart also shows how the down channel from the $253 top has been respected and may point to further losses. On the downside, Fibonacci support cuts in at $119 ahead of a pair of lows around $106, before a void opens up all the way down to $50, the start of the November 2 – December 19 rally.
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Litecoin (LTC) Price Chart in US Dollars(November 18, 2017 – March 27, 2018)
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What’s your opinion on Litecoin – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.