Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

 

Fastex raises $23.2 million in a token generation event (TGE) last week.
Funds will be used in accelerating development and community growth.
Fasttoken (FTN) is the utility token in Fastex’s expansive Web 3 ecosystem.

Up-and-coming Web 3 ecosystem, Fastex, announces a successful capital raise of $23.2 million, following the recent completion of its private and public sale of its Fasttoken (FTN). The additional funding was raised in a token generation (TGE) over the past few months, with two phases of private investments running from December to mid-January and the public sale that launched on January 18 and sold out in less than 72 hours.

According to the official statement, the funding will be used in developing new features, accelerating the innovation of its Web 3 ecosystem, and global marketing to boost its GameFi and Web3 ecosystems. Vigen Badalyan, the co-founder of SoftConstruct, the incubator of Fastex, believes the latest round of funding will “bring the benefits of web3 to game players and gaming partners [on Fastex]” as it heads towards its next growth phase.

“We’re excited for the next phase of growth for Fasttoken and the Fastex ecosystem,” Badalyan said. “Our goal has always been to bring the benefits of web3 to game players and our gaming partners and we’re laser-focused to make that happen.”

The FTN is the official utility token of Fastex and helps power its comprehensive crypto ecosystem including ftNFT (Fastex’s NFT marketplace), Fastex Pay for crypto payments, FastexVerse, a gaming metaverse, and the Fastex exchange. So far, over 100 gaming platforms and developers have collaborated with Fastex to incorporate the FTN token in powering their GameFi projects, the statement further confirmed.

“We are also immensely grateful to the more than 100 gaming partners who have chosen to adopt Fasttoken as their in-game token,” Vigen Badalyan said.

Many developers choose FTN as it is built on a scalable and secure Fastex chain, a Proof of Staked Activity blockchain solution, which uses staking and user activity to secure the chain. As a utility token, FTN provides game developers with a highly scalable and low transaction fee token to power their Web3 games and run in-game marketplaces. The token also provides an onramp for gamers and crypto aficionados who find it hard to join the world of Web 3 gaming.

Fastex aims at building a comprehensive Web 3 ecosystem, in response to the fragmented and complicated onboarding process currently hampering the adoption of Web 3 services and products, specifically Web 3 gaming. The platform is introducing new concepts of diversification by building an impressive ecosystem of services, not limited to gaming or trading. FTN will support other DeFi utilities such as staking, block creation, validation mechanisms and rewards to build out a fully comprehensive Web3 ecosystem for its gamers. In addition, unified wallet accounts will allow users to submit KYC details only once to access the full spectrum of on-chain applications.

Finally, FTN will be the umbrella token for all the web3 products and services within the Fastex ecosystem, including its B2C and P2P payment solutions.

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Digital assets got government support in 2022

2022 was a disruptive year for crypto, but despite the market and industry turmoil surrounding cryptocurrencies, several forward-thinking countries took steps to embrace digital assets. Whether it is through legal recognition, clearer regulation or the debut of CBDCs, crypto is gradually becoming established as a legitimate financial phenomenon throughout the world.

Crypto exchange StormGain explains the cases of five countries that are entering 2023 after making significant progress in the crypto sector:

The United Kingdom

Britain can hardly be said to have had an easy 2022, losing its long-reigning monarch, Queen Elizabeth II, and cycling through two prime ministers during the aftershocks of Brexit. Throughout this turmoil, the government doggedly took steps to modernise its economy and establish clearer crypto regulations.

The UK introduced the Financial Services and Markets Bill in July 2022. The legislation clarified regulations around stablecoins and introduced the concept of Digital Settlement Assets (DSA). The bill enables the UK Treasury to regulate DSAs for a variety of financial activities, including payments, settlements, etc.

Britain also took steps to make crypto safer for users in the country with the Economic Crime and Corporate Transparency Bill, introduced in May, which grants authorities extra powers to seize illegally acquired crypto assets. It also loosened data collection requirements on crypto transfers between unhosted wallets.

The UK’s High Court of Justice also established a major legal precedent in the case of non-fungible tokens, ruling that NFTs represent “private property”. Finally, at the end of the year, Britain also made “designated crypto assets” not subject to UK tax for investments conducted by an investment manager in the country.

The Central African Republic

The Central African Republic (CAR) made history in May 2022 when it became the first African nation to legalise cryptocurrencies in financial markets. Lawmakers unanimously approved the new cryptocurrency bill that supported crypto payments in all kinds of businesses and set a framework for paying tax in cryptocurrency. Two months later, the CAR launched Sango Coin, its official CBDC. Over $1.5 million worth of Sango Coin has been sold, and the country has floated plans for allowing global investors to buy citizenship using the CBDC.

The United Arab Emirates

The United Arab Emirates has been steadily making progress in building a crypto environment that is attractive to foreign investors. In March 2022, Dubai deployed a new regulatory framework around crypto that proposed clear international standards for governing the digital asset industry. A new body, called the Dubai Virtual Asset Regulatory Authority (VARA), was established to enforce regulations in the Emirate’s special development and free zones (except the Dubai International Financial Centre).

These positive actions were followed by the Dubai Metaverse Strategy in July 2022, which lays the groundwork for turning the Emirate into a Web3 economic powerhouse. The strategy details research and development (R&D) partnerships, venture capital incentives to entice global projects, and support for a metaverse education programme targeting users, creators and developers alike.

Other emirates in the UAE have not been slouches either when it comes to crypto. In October 2022, the Emirate of Sharjah opened Sharjahverse, a virtual replica of the emirate’s 1,000-square-mile territory that aims to drive the metaverse tourism industry. Abu Dhabi drafted recommendations for NFT trading that define NFTs as intellectual property and legalise NFT marketplaces under various trading organisations.

El Salvador

El Salvador has been a crypto champion since 2021, with president Nayib Bukele’s government continuing to push its vision of ‘Bitcoin bonds’ in the intervening years, although hitting several delays along the way. Most recently, economy minister Maria Luisa Hayem Brevé introduced a bill detailing plans to raise $1 billion to fund the construction of a ‘Bitcoin city’, although without a concrete follow-up to date.

El Salvador’s crypto-friendliness appears to have done wonders for its tourism industry. According to the country’s tourism minister, the sector jumped by more than 30% since advertising its support of Bitcoin (BTC) in 2021. Crypto is a legal tender in El Salvador, and 20% of businesses in the Latin American nation now accept Bitcoin as payment. El Salvador has also hosted multiple crypto conferences and invited central bank representatives from around the world to discuss the application and development of digital assets.

Brazil

Cryptocurrency has been growing in popularity in the Latin American nation of Brazil, which legalised the use of crypto payments for licensed financial service providers in 2022. This regulatory framework for cryptocurrencies was one of the last acts of former president Jair Bolsonaro, and a timely one at that. A record number of Brazilian companies were recorded as holding one or more cryptocurrencies in 2022, according to the nation’s tax authorities. The Brazilian Stock Exchange also lists several financial instruments connected to cryptocurrencies.

The best access to the global crypto market

As various countries, large and small, take steps to legitimise cryptocurrencies, it creates opportunities that traders in the global market can take advantage of. Wherever you’re located, StormGain gives you the advantage in trading, exchanging and investing in digital assets via a user-friendly smartphone app or web platform.

Designed to be easy to use for veteran and newer traders alike, StormGain offers the best tools to help you find success in this exciting market, including educational materials, detailed analytics and trading signals, plus special perks such as a free Bitcoin cloud miner.

Registering with StormGain is fast and easy. Sign up in just a few seconds and try a demo account to see what you can achieve trading crypto!

 

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Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A ‘Happy’ Price?

Dogecoin, the original memecoin, is currently showing a solid performance, retesting its current resistance which is at $0.09370. According to Coinhecko, the token is still up in all time frames with the biggest gains being made in the monthly time frame at 27%. This bullish continuation is the result of Elon Musk’s recent mentions of the coin. 

Musk tweeted back on January 25 last year about how he will eat a McDonald’s happy meal if the fastfood company accepts Dogecoin as a mode of payment. Since then, the DOGE community has been putting pressure on the company as they show support for Elon’s proposal. 

If McDonald’s ever implements DOGE as a mode of payment, the coin would have access to 40,031 restaurants while simultaneously adding a big name in the already large number of merchants that accept the coin as payment method. 

Is this offer still open? pic.twitter.com/lTE4wdl0jf

— DogeDesigner (@cb_doge) January 27, 2023

Elon’s Influence On Dogecoin Remains

Elon Musk’s effect on the price action is certainly evident on the coin. Following that tweet, DOGE started a rally after it slumped by 34% in under a week. Now that Musk renewed his offer to McDonald’s, it remains to be seen if the company even accepts the offer. 

Obviously, the DOGE community has been very optimistic about the acceptance of the coin as a mode of payment. Matt Wallace, a huge crypto influencer, replied to Musk showing his support for McDonald’s acceptance of DOGE as a payment method: 

McDonalds #Dogecoin Acceptance Coming!

— Matt Wallace (@MattWallace888) January 27, 2023

However, this bullishness does not consider McDonald’s side on whether it should accept Dogecoin, or crypto in that matter, as a mode of payment.

Optimistic Investors Should Be Cautious

Optimism is good for the market as this means investor confidence in the asset is high. However, DOGE’s market movement right now might be reminiscent of last year’s price increases when the billionaire tweets about the meme coin.

But it is no wonder that the industry is very bullish as Tesla, an electric vehicle company owned by Elon Musk, already accepts DOGE as a form of payment for Tesla merchandise. 

Meanwhile, Dogecoin is trading at $0.0892 with more than enough leg room for a steady upward price movement. Investors and traders can also enjoy the coin’s high correlation with major cryptos like Bitcoin and Ethereum as these coins are bullish with BTC nearing $24,000 and Ethereum (ETH) breaking $1.6k. 

Featured image by Inc. Magazine

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Litecoin Price Prediction: Bullish Break To $120 Still In Sight

Litecoin price extended its increase above the $90 zone against the US Dollar. LTC is rising and might attempt a fresh rally above the $100 resistance.

Litecoin started a fresh increase above the $90 zone against the US Dollar.
The price is now trading above $90 and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $89.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
The price could start another rally if there is a clear move above the $100 resistance.

Litecoin Price Outperforms Bitcoin

This past week, litecoin price formed a support base above the $85 level against the US Dollar. LTC price started a steady increase above the $90 resistance zone, outperforming bitcoin and ethereum.

The bulls were able to push the price above the $95 resistance. A new yearly high was formed near $97.72 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the recent increase from the $86.98 swing low to $97.72 high.

Litecoin price is now trading above $90 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $89.50 on the 4-hours chart of the LTC/USD pair.

Source: LTCUSD on TradingView.com

On the upside, an immediate resistance is near the $97.75 level. The next major resistance is near the $100 level. If there is a clear break above the $100 resistance, the price could start a strong increase. In the stated case, the price is likely to continue higher towards the $108 and $115 levels. Any more gains might send ltc price towards the $120 resistance zone.

Dips Limited in LTC?

If Litecoin price fails to clear the $100 resistance level, there could be a downside correction. An initial support on the downside is near the $92.50 level.

The first major support is forming near the $90 level or the 76.4% Fib retracement level of the recent increase from the $86.98 swing low to $97.72 high or the trend line. Any further losses may perhaps send the price towards the $85 support.

Technical indicators:

4-hours MACD – The MACD is slowly losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Major Support Levels – $92.50 followed by $90.00.

Major Resistance Levels – $97.75 and $100.00.

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Ethereum Price Hints At Potential Rally But This Resistance Is The Key

Ethereum started another increase above the $1,620 resistance against the US Dollar. ETH is rising and might rally if it clears the $1,665 resistance zone.

Ethereum is slowly moving higher above the $1,600 and $1,620 levels.
The price is now trading above $1,620 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rally if there is a clear move above the $1,665 resistance zone.

Ethereum Price Starts Increase

Ethereum price remained well bid above the $1,550 level. ETH formed a base and started a fresh increase above the $1,600 resistance zone. There was a clear move above the $1,620 resistance, similar to bitcoin.

There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. The bulls were able to pump the price above the $1,640 resistance. A high is formed near $1,658 and the price is now consolidating gains.

Ether price is now trading above $1,620 and the 100 hourly simple moving average. It is trading near the 23.6% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high.

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,655 level. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send ether towards the $1,800 level.

Dips Limitd in ETH?

If ethereum fails to clear the $1,665 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 level or the broken trend line.

The next major support is near the $1,600 level or the 50% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high. If there is a break below $1,600, the price might drop towards the $1,550 support. Any more losses might call for a retest of the $1,520 zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,665

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Bitcoin Price Resumes Uptrend as The Bulls Aim The Key $25K Barrier

Bitcoin price started another increase above the $23,000 resistance. BTC is rising and the bulls might aim a test of the $25,000 resistance zone.

Bitcoin is gaining pace above the $23,500 resistance zone.
The price is trading above $23,000 and the 100 hourly simple moving average.
There was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further towards $25,000 if it stays above the $23,450 support zone.

Bitcoin Price Starts Increase

Bitcoin price remained well bid above the $22,500 support zone. BTC formed a base and started a fresh increase above the $23,000 resistance zone.

The bulls were able to pump the price above the $23,200 resistance and the 100 hourly simple moving average. The price even cleared the $23,500 resistance zone and traded to a new yearly high at $23,950. During the increase, there was a break above a key contracting triangle with resistance near $23,145 on the hourly chart of the BTC/USD pair.

It is now consolidating below the 23.6% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. Bitcoin price is also trading above $23,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance is near the $23,800 level. The next major resistance is near the $24,200 zone, above which the price might start a strong increase. In the stated case, the price may perhaps rise towards the $25,000 level. The next resistance could be near the $25,500 level. Any more gains might send btc price towards the $26,000 level.

Dips Supported in BTC?

If bitcoin price fails to clear the $23,800 resistance, it could start a downside correction. An immediate support on the downside is near the $23,650 zone.

The next major support is near the $23,450 zone or the 50% Fib retracement level of the recent increase from the $22,900 swing low to $23,950 high. A downside break below the $23,450 level might send the price towards the $23,150 level. Any more losses might send the price to $22,650 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $23,450, followed by $23,200.

Major Resistance Levels – $23,800, $23,950 and $24,200.

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Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time high value of $3.46.

However, with the entire crypto market attempting to pull off a recovery, FTM has been one particular token with lots of investor attention, as its price has surged by over 136% since the start of 2023. 

Fantom Records 39% Profit In Seven Days

According to data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself.

While FTM has been on an upward trend since the first week of the year, its price rally in the last week can be attributed to Fantom’s recent integration with the Axelar Network. On Jan. 24, the Fantom Foundation announced a partnership with Axelar, which will introduce interchain communication to the Fantom Network.

As of the time of writing, FTM is trading at $0.4724, having gone up by 1.98% in the last 24 hours. Based on more data from CoinMarketCap, the daily trading volume of FTM is currently $240.7 million, while its total market cap is $1.312 billion.

FTM trading at $0.4790 | Source: FTMUSD chart of Tradingview.com

What Does Axelar’s Integration Mean For Fantom Users?

According to a blog post by Fantom, “Axelar network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar functions as a medium for communication and transfer of value between several blockchains.

Following the integration with the Axelar network, Fantom automatically becomes part of an ecosystem that consists of over 30 different blockchains capable of seamlessly interacting with one another. 

Using the General Message Passing (GMP) protocol, developers on the Fantom network will be able to easily access smart-contact codes on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across the multiple chains in Axelar’s ecosystem.

Another benefit of Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s biggest decentralized exchange, SpookySwap. Using Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap users will seamlessly swap native tokens of different chains in one click.

In every transaction, the Axelar network will process the cross-chain gas conversions from the source-chain token to the destination-chain token, ensuring that users need not own crypto wallets on multiple chains or hold native tokens of other chains for gas fees,

That said, other chains on the Axelar Network aside from Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc.

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Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.

On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.

Why Is SHIB Burn Rate Increasing?

In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday.

According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens. 

Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down.

For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.

Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges. 

3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/0mdLkwpPQQ

— Whale Alert (@whale_alert) January 26, 2023

This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit. 

New SHIB Whales Emerge – What’s Next?

While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.

The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.

According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.

This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23.

So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.

Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.

Featured Image From Pixabay Kevin_Y, Chart From Tradingview

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AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?

The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022. 

However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year. 

 With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. 

The Gist Of The Proposal & On-Chain Developments

Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.

This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol. 

The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked. 

At $86.02, What’s In Store For AAVE? 

The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started. 

Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70. 

Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.

As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground. 

With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.

Featured image by Kanalcoin.com

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Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50% appreciation in January this year. Currently, however, the altcoin has witnessed a price pullback and is consolidating on its daily chart.

Over the last 24 hours, the Litecoin price moved down by 0.3%, which signified a range-bound movement. The altcoin also lost close to 3% of its market value. The technical outlook of Litecoin pointed towards bullish momentum as demand for the altcoin remained high on the daily chart.

Accumulation also reflected the same. Price noted a decline as LTC receded from the overbought zone. Buyers still have the upper hand on the chart.

A continued fall in accumulation will cause bears to secure Litecoin’s price action. That momentum would continue for the upcoming week, causing LTC to fall below its nearest support level. At the time of writing, LTC was trading 78% below its all-time high set in 2021.

Litecoin Price Analysis: One-Day Chart

LTC was trading at $88.11 at the time of writing. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC met with two rigid resistance levels before it started to move south again.

The two important resistance lines for the coin stood at $90 and $92. Immediate resistance stood at $90. If demand for the altcoin remains steady, then LTC might attempt to breach the $90 price mark.

On the flipside, the nearest support line for the Litecoin price stood at $86, and a continued price correction will force LTC to fall below the $86 price mark and settle at $82. The amount of LTC traded in the last session was red, indicating a fall in buyers.

Technical Analysis

The altcoin has been hovering in the overbought region for several weeks now, and at the moment there is a slight fall in demand for Litecoin. The Relative Strength Index stood a little below the 60-mark after it noted a recent downtick indicating that demand was shrinking.

A reading close to the 60-mark, however, signifies that buyers outnumbered sellers. In accordance with that, LTC price shot past the 20-Simple Moving Average (SMA) line as buyers were driving the price momentum in the market.

The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased bullishness.

Concerning the fall in buying pressure, the LTC chart displayed a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which depicts market momentum, underwent a bearish crossover and formed red signal bars tied to sell signals.

This could also imply that the price will fall in the coming trading sessions. The Parabolic SAR, the indicator that reads the trend and change in price momentum, was still positive. The dotted lines were below the candlesticks, suggesting that the LTC price was still positive.

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