Litecoin gained just 4.23% on Monday, with the Litecoin fork having a relatively muted impact on Litecoin, while Litecoin Cash rallied more than 400% on its first day of trading.
What You Should Know Ahead of the Litecoin Hard Fork
Litecoin gained just 4.23% on Monday, with the Litecoin fork having a relatively muted impact on Litecoin, while Litecoin Cash rallied more than 400% on its first day of trading.
Monday’s gains reversed most of Sunday’s 4.96% losses, to set up a bullish trend going into Tuesday, as investors respond to Litecoin’s price stability and the lack of a sell-off following the Sunday hard fork.
Having tested support levels through the weekend, it’s another day of breaking through resistance levels, with Litecoin testing its 3rd major resistance level of $245 at the time of writing, with plenty of support sitting at sub-240 levels.
It’s looking particularly bullish for Litecoin, with the anticipation of LitePay’s rollout next week adding strong support, as investors begin to attribute last week’s gains to blockchain tech and Litecoin’s outlook, rather than Sunday fork.
Things could have gotten messy for Litecoin and the cryptomarket, in general, had Sunday’s fork proven to be a scam and Litecoin Cash’s success through the first 24-hours of trading will have provided some comfort to investors sidelined ahead of the fork.
While the next milestone for the Litecoin rally will be a move back through to $300 levels, there will likely be some selling pressure, at $250, with investors looking to lock in some profit.
We will however not expect Litecoin to test its first major support level of $215 today, barring any majorly negative regulatory news, which should be supportive of further gains, with any move through to $255 supporting a run at $270 in the early part of the week.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.