Get the best parts of DailyFX.com in the new DailyFX App Fundamental analysis and financial markets. IG Client Sentimentshows retail have remained net-long of LTC since late-December when the token was trading around $253, nearly $180 higher than its current level.
Litecoin hit a recent mini-high of $81 earlier this week on the news that Litecoin Foundation has bought a 9.9% stake in German bank WEG via an agreement with payment provider TokenPay. According to Litecoin managing director Charlie Lee the acquisition will make it easier to buy and use Litecoin.
After the initial spike, the longer-term downtrend in the coin regained control and pushed the price back down to around $74, just above the recent $72.5 low print made at the end of June. A break below here could spark further selling back down to the $40-$60 trading range seen between mid-June and late-August last year.
We analysed the top five cryptocurrencies by market capitalization at our Weekly Cryptocurrency Webinar on Wednesday and came away with a neutral to negative outlook across the board. The generation of USD250 million of new USDTs late June was also expected to boost the value of the cryptocurrency market as a whole but little impact has been seen up to now. Read more from dailyfx.com…
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