- Litecoin worth is hovering just below the 50% Fibonacci retracement degree at $171.62.
- Binance introduced a reverse token break up of LTC leveraged tokens.
- A breakdown of the $135.97 assist degree will invalidate the bullish thesis.
Litecoin worth is presently experiencing a decreased bullish momentum, which might lead to a sideways motion or a pullback. Whereas this retracement is important, it would present patrons a possibility to ebook income and are available again stronger.
Binance publicizes reverse token break up
On August 9, Binance revealed plans to carry out a reverse token break up for Litecoin and Uniswap leveraged tokens. This break up will consolidate 100,000 of both LTC or UNI tokens to 1.
Based on the announcement,
A reverse token break up is a course of that consolidates the prevailing variety of issued tokens right into a smaller variety of proportionally extra beneficial tokens.
A person holding 1,000,000 LTCUP or LTCDOWN will see solely ten tokens after the break up happens.
This course of permits customers “a greater buying and selling expertise,” in line with Binance. The buying and selling for these tokens will likely be paused for a complete of 24 hours beginning August 17 at 03:00 UTC. Since leveraged tokens are dangerous, the change suggested its customers to redeem their tokens earlier than the break up to keep away from worth modifications.
Litecoin worth appears to be like to arrange greater excessive
Litecoin worth sliced under the vary low at $118.18 on July 19 because the market underwent a sell-off. This transfer resulted in LTC organising a swing low at $103.82. The altcoin has rallied roughly 64% since then to tag the buying and selling vary’s mid-point at $171.62.
Whereas this uptrend was impressive, the bulls appear to have misplaced their momentum, resulting in a retracement. The assist degree at $149.20 is the probably candidate for harboring the incoming promoting strain.
Apparently, this barrier was lately flipped right into a assist degree after appearing as a resistance barrier stopping a number of makes an attempt to breach it. Subsequently, buyers can count on this demand flooring to carry its floor.
Assuming the patrons make a comeback, LTC will probably take a jab on the mid-point at $171.62. Breaching this barrier will permit Litecoin worth to tag the $180.91 resistance degree. This transfer would represent a 21% upswing from $149.20.
LTC/USDT 12-hour chart
Buyers want to notice that the bullish thesis assumes that the patrons make a comeback at $149.20. Subsequently, an lack of ability of the patrons to observe by or an elevated promoting strain that overwhelms the bullish momentum might jeopardize the outlook defined above.
A breakdown of $135.97 to create a swing low will invalidate the bullish state of affairs and doubtlessly set off a sell-off to the vary low at $118.18.
