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Litecoin Enters the Fight Game: What’s Coming Next?

  • Thomas Hughes
    📈 Price Predictions

    Litecoin enters the Fight Game, becoming the first cryptocurrency to appear on the UFC Canvas

Litecoin Enters the Fight Game: What’s Coming Next?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Litecoin is making history by entering the mainstream sports world and being the first official cryptocurrency partner of the Ultimate Fighting Championship (UFC).

Litecoin’s logo will be featured on the Octagon canvas on Dec. 29, at UFC 232, which will take place in Los Angeles, with the main event being the championship fight between former UFC Light Heavyweight Champion Jon Jones and contender Alexander Gustafsson.

Whether you’re an MMA fan or not, this is great news for cryptocurrency in general and Litecoin in particular as the fight is expected to be viewed by hundreds of thousands or maybe even millions (attendance and pay-per-view). Bullish? Let’s see what happens after the event takes place.

Chart Analysis – LTC/USD

image

Litecoin, the 8th cryptocurrency by market cap, is currently trading at around $30 after reaching a high at $37.70 just a few days ago. The last 24 hours have been sluggish and mostly sideways, with a drop of 1.75% and the pair is currently in the middle of a bearish retracement after the latest rally.

The current drop is normal after the big climb which took the pair from $23 to $37. The Relative Strength Index breached its 70 level several times, indicating overbought and creating regular bearish divergence (the price was making higher highs and the RSI was making lower highs), so all of this was an early warning that a retracement will occur sooner rather than later.

Considering that people are celebrating the Winter Holidays, we may see continued low volatility but once things are back to normal, if the pair moves above 31.30 and above the 200 EMA (4-hour chart), we will probably see another test of the recent high.

Support zone: 28.70

Resistance zone: 31.30; 200 EMA (4-hour chart)

Most likely scenario: choppy markets, move above immediate resistance once the pair finds support

Alternate scenario: brief drop below 29.70 followed by recovery above it

 

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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TOP 3 Price Predictions for BTC, ETH, XRP: Next Stop for the Bears?

  • Denys Serhiichuk
    📈 Price Predictions

    Analyzing the reasons for today’s cryptocurrency market decline

TOP 3 Price Predictions for BTC, ETH, XRP: Next Stop for the Bears?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

November 22nd started with a huge market dump as Bitcoin, the top cryptocurrency, lost nearly 10% of its value since yesterday. The altcoins have also followed today's downward trend, as the top 10 coins are all located in the red. 

Top 10 coins by Coinstats

Here is key information about Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$129,201,282,733

$7,153.53

$29,610,280,555

-9.95%

Ethereum

ETH

$16,292,927,175

$149.96

$10,741,686,263

-11.77%

XRP

XRP

$10,151,900,406

$0.234456

$1,818,796,100

-4.67%

BTC/USD 

Our BTC prediction from yesterday came true as the price has almost reached the expected $6,875 mark.

BTC/USD chart by TradingView

Today’s sharp price drop for the leading crypto has more to do with a fundamental reason than a technical one. This mainly happened because of China's policy to ban any providers of crypto transactions to its citizens.

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Looking the 4H chart, BTC has updated the bottom by touching the $7,000 mark. It is unlikely to go any deeper according to the Stochastic RSI and other indicators because they are showing that BTC is oversold. Meanwhile, the $7,500 mark will be retested soon as this previously served as a support level for BTC. A bounce back might occur through the end of the current week.

At press time, BTC is trading at $7,114.

ETH/USD

Compared to BTC and XRP, ETH has faced the biggest price drop (more than 11%) since yesterday.

ETH/USD chart by TradingView

Even though ETH has lost significant value from its shares, it is more likely to return to its previous positions faster than BTC. The last bearish candle has a long wick, which suggests that sellers could not fix the rate below $150 for a long period of time. Moreover, the coin is oversold on all time frames, especially the daily ones. Respectively, this chief altcoin could come back to the $155-$160 range soon.

At press time, ETH is trading at $149.74.

XRP/USD

XRP has shown the best price dynamics against the market decline. While the majority of altcoins have lost about 10%, the rate of the third most popular crypto has been reduced by 5%.

XRP/USD chart by TradingView

XRP has more than justified our previous scenario as the rate has gone far below the $0.24 mark. In terms of a short-term price projection, it is bullish as sellers have almost sold everything, giving a chance for buyers to accumulate positions before an additional decline against the bearish market. To sum it up, a bounce back could push the price up to $0.2450. 

At press time, XRP is trading at $0.2323.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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