Prices of almost all critos fell after the Association of China Banks recently warned member banks about the risks associated with digital currencies. Ambiguity in stricter regulations on digital tokens has put pressure on them. Despite this massive crash, investors and traders remain optimistic about cryptocurrencies.
The cryptocurrency market has been less volatile lately, but major digital tokens have fallen by a third this month, weighed down by mounting regulatory pressures on the sector. Many cryptocurrencies are trading at half their peak after posting gains at the beginning of this year.
Back home, leading local banks are cracking down on customers who use bank accounts for cryptocurrency transactions. Major lenders such as HDFC Bank and State Bank of India have sent formal notices to clients warning them of restrictions, including permanent account closures.
The move comes after the “unofficial” dictates issued by the Reserve Bank of India (RBI) last week asked banks to stop dealing with cryptocurrency exchanges. The move saw a huge backlash from cryptocurrency exchanges and traders.
“The weekend was pretty flat with most of the majors moving north. We will see this behavior continue as the markets consolidate further and money stabilizes in the ecosystem. Over the next few days we will see the decline of bitcoin’s dominance and most of that money flowing into Altcoins like ETH and BNB. said Edul Patel, CEO and Co-founder, Mudrex
Analysts advised investors to exercise caution, despite the belief that the market is likely to go in an upward direction over the next few days, and possibly weeks.
Cryptocurrency prices as of 09:50 IST (Source:
- Bitcoin: $3,4266.93, down 1.37%
- Ethereum: $2,291.19, up 0.40%
- Rope: $1.00, up 0.05%
- Cardano: $1.54, up 3.30%
- Binance Coin: $309.24, up 0.32%
- XRP: $0.8874, up 5.92%
- Dogecoin: $0.2945, down 1.25%
- Dollar coin: $0.9998, up 0.03%
- Polkadot: $19.19, down 1.56%
- Uniswap: $23.64, up 1.74%
Technical presentation of ZebPay Trade Desk
Litecoin (LTC) is a cryptocurrency designed to provide fast, secure and low-cost payments. After BTC, LTC is the second most popular pure cryptocurrency. Its success is largely attributed to its simplicity and benefits. It is the fifteenth largest cryptocurrency with a market size of over $10 billion.
The cryptocurrency is based on the Bitcoin (BTC) protocol but differs in terms of hash algorithm, hardcover, block transaction time along with some other technical factors. LTC currently has a block time of just under 2.5 minutes and very low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
Today, Litecoin is one of the most widely accepted cryptocurrencies, now accepting more than 2,000 LTC merchants and stores worldwide.
From a technical point of view, LTC, on the four-hour time frame, made a “hammer” (trend reversal pattern) at the $117.58 support and the price started moving higher forming a “higher top-lower” formation up to the $208.98 resistance level. After that, the asset is consolidated and trades in a range from $160 to $200. Thus, breakouts on either side will also determine the direction of the asset.
supports: $117 and $155
resistance: $220 and $247