. Daily Crypto Analysis - Litecoin Hits 180 Million Transactions, Thrives Despite Challenges

Daily Crypto Analysis – Litecoin Hits 180 Million Transactions, Thrives Despite Challenges

Daily Crypto Analysis – Litecoin Hits 180 Million Transactions, Thrives Despite Challenges

11 Oct 2023

Introduction:

“Litecoin, one of the stalwarts in the cryptocurrency arena, has achieved a significant milestone with 180 million transactions, bolstered by its strategic partnership with Bitpay. As it approaches its 12th year since inception, Litecoin growing market acceptance and $4.64 billion market valuation reflect its reliability. This surge in transaction volumes, attributed to Bitpay collaboration, has positioned Litecoin as a promising player in the crypto space. While challenges persist in price dynamics, Litecoin robust fundamentals continue to draw attention.

Litecoin:

Litecoin reaches 180 million transactions, Bolstered by Bitpay partnership.

With its recent celebration of its 180 millionth transaction, Litecoin—the fifteenth-largest cryptocurrency by market capitalization—highlighted a rise in its usage and expanding market acceptability. The digital asset is approaching its 12-year anniversary and has a $4.64 billion market valuation as of Tuesday.

This spike in transaction volumes has been ascribed by the Litecoin Foundation to the network’s dependability and stability. Specifically, the foundation highlighted a notable surge in usage via its collaboration with Bitpay, which accounted for over one-third of all consumer transactions in September.

The price of Litecoin is having difficulty rising beyond $66.40 in relation to the US dollar. In relation to the US dollar, Litecoin is recovering losses from the $63 support zone.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 62.79 | Negative Crossover | Bearish
  • MA 20: 63.98| Negative Crossover | Bearish
  • MA 50: 64.50 | Negative Crossover | Bearish

Simple:

  • MA 5: 62.77 | Negative Crossover | Bearish
  • MA 20: 64.29| Negative Crossover | Bearish
  • MA 50: 64.79 | Negative Crossover | Bearish

RSI (Relative Strength Index): 36.13| Sell Zone |Bearish

Stochastic Oscillator: 14.41 | Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 65.65| R2: 69.26
  • S1: 61.85 | S2: 57.54

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 60.84 | Take Profit: 57.54 | Stop Loss: 63.35.

Elsewhere In the Crypto Market

Bitcoin price drops to $27,354 amid miner sell-off and geopolitical tensions. Ethereum falters as it faces supply inflation and whale offloading pressure.

Bitcoin down (0.61%) at 27,288.00, Ethereum up (0.35%) at 1,573.1, Litecoin down (2.02%) at 62.49, Solana up (0.41%) at 22.21, Doge coin down at (0.36%) at 0.36 as of writing time.

Key Economic Events & Data Release Today:

(USD) PPI (MoM) (Sep) Forecast 0.3%, Previous 0.7% at 18:00.

(USD) FOMC Meeting Minutes at 23:30.