Friday saw a subdued beginning to crypto trading. All the major coins were seen almost unchanged for the past 24 hours. Binanace coin being the exception was seen trading at $14.70 at the press time. Over the past one week, BNB saw 31% change. According to the data from CoinMarketFeed the bullish rally of Binance coin pushed it north and currently reached 7th position by market capitalization overtaking TRON and Stellar.
One of the top performing coins over the past month has been Litecoin (LTC). Going back to October of last year, the coin has moved very much in tandem. In February, LTC started to considerably outperform.
As March approached, Litecoin (LTC) rose above $47.2460 but the bulls could not sustain the higher levels. On March 02, Litecoin was seen trading to make a new high for 2019, around $58.85. The price has again corrected to the 20-day EMA, forming a head and shoulders pattern, which will complete on a breakdown and close below the neckline.
The breakdown has followed a target pattern of $32.00, however, $40.4240, the 50-day SMA and the uptrend line can act as important supports. The trend shows, 20 day EMA has straightened out and the RSI has also declined to reach midpoint. If the LTC/USD pair rebounds either from the 20-day EMA or from the neckline, it will try to scale above $50.
Suppose, if there occurs any break above $58.00 resistance levels, the price is most likely to rise above the $58.60 and $60.00 resistance levels in the near future. The next stop for buyers could be near the $62.50 and $64.00 levels. If there is any more gains then the price will rise to $65.00 level.
According to CoinMarketFeed Litecoin is seen trading at $57.51 at the press time with a market capitalization of $3,476,303,455. Except TRON all other cryptocurrencies are showing a green trend.
UK’s financial Conduct Authority conducted a survey in which over 73% of UK consumers do not know what a cryptocurrency is. This survey is an eye opener and points out one of the major hindrance for adoption in real world. More efforts are needed to be applied on finding ways to make every individual aware about the existence of cryptocurrencies and other related areas.