FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
95,482,598Confirmed
2,039,653Deaths
68,169,314Recovered
Fetching Location Data…
Advertisement
Advertisement
Bob Mason
Litecoin fork

Key Highlights

  • Litecoin hit an intraday high 234.75 on Saturday, before easing back to end the day up just 0.99% at $239.49.
  • Following a bullish trend through the week, Litecoin has seen a bearish trend form through the early part of this morning, with Litecoin hitting an intraday low $215.03.
  • Litecoin’s first major resistance level sits at $213.6, with Litecoin having fallen through its first 2 resistance levels of $234 and $222 this morning.
Advertisement

Litecoin Price Support

A particularly stellar week has turned somewhat bearish this morning, with Litecoin down 3.93% to $220.86 at the time of writing. This morning’s poor start to the day comes off the back of a lackluster Saturday that saw Litecoin gain just 0.99% during a relatively bullish Saturday, while the likes of Bitcoin gained more than 9% on the day.

Having broken resistance levels through the week, this morning has been a day of testing support levels, with Litecoin’s heavily anticipated hard fork this evening in focus through the day.

Advertisement
Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

This morning’s decline has seen Litecoin fall through support levels, with the next major support level sitting at $213.6. We will expect major resistance at 38% FIB Retracement of $222.56 to keep the pressure on Litecoin through the day.

Any pullback through to sub-$219 levels will likely see Litecoin test its next major support level of $213.6 ahead of today’s fork.

The continued speculation on whether this evening’s fork is just a scam to manipulate Litecoin’s price has likely pegged back Litecoin seeing more material gains through the weekend, with sentiment towards the fork certainly mixed.

A scam and we can expect Litecoin to reverse last week’s gains, with investors reacting to having been duped into going back into the market. Even if the fork takes place and Litecoin Cash results, some pullback is inevitable as investors move out following the fork in anticipation of a sell-off, once the Litecoin Cash coins have been received.

How much of a reversal will be indicative of how much influence the announcement of the LitePay’s release on 26th February had on an appetite for Litecoin last week?

It’s certainly a testy time for Litecoin and the crypto market, with the crypto market having a tendency to go into reverse on Sundays, ahead of Monday’s open, as concerns over regulatory chatter continue to plague the market.


What You Should Know Ahead of the Litecoin Hard Fork


Looking at the Technical Indicators

  • Major Support Level: $213.6
  • Major Resistance Level: $234
  • Fib 23.6% Retracement Level: $219.68
  • Fib 38% Retracement Level: $222.56
  • Fib 62% Retracement Level: $227.22
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US