Litecoin is consolidating and trading around $31.01 on Jan 22.
LTC Price Analysis
On H4, the crypto is moving within a tight range. After previously diverging and then hitting the ascending channel support, it is clear the crypto is still bearish. This is also confirmed by the MACD that is in the negatives and heading down. The descending move approached 61.80% Fibo, or $29.45. Next, the lower range boundary is likely to get broken out, with the price further heading down to 76% or $26.80, and then the low at $22.25.
On H1, the price is consolidating near the flat channel support, while the Stochastic is in the oversold territory. In case the Stochastic forms a black cross and the price heads below $30.37, this will mean the LTC will be ready to keep on going down. The resistance is meanwhile at $33.74.
Giga Watt, a US-based mining company, has stopped working recently, which is an important piece of news for the entire crypto market. The company told the users how to withdraw all their money and then just stopped powering up its equipment. Giga Watt still owes large sums of money in loans, which means there will be some trials.
Meanwhile, ICORating evaluated 135 crypto platforms in terms of where the best place to trade cryptos is. Only the exchanges with at least $100K turnover were included into the rating. Security was one of the main aspects. Kraken and Cobinhood got an A rating, taking the first and the second place respectively. The third place went to Poloniex (A-), then came Bitfinex (5th) and Coinbase Pro (10th).
Curiously, not a single exchange got an A+.
Not all exchanges are doing good at all. The Swiss-based ShapeShift is under serious investigation by the US government, having got 175% governmental requests more than before, mostly connected to the client accounts, IP addresses, and transaction ID’s.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex