Binance launches Litecoin futures, while Litecoin shows bullish signals
Binance recently announced the launch of a new Litecoin derivative. The closer the launch date gets, the more signs LTC shows that it could cause higher highs.
Litecoin derivatives on Binance
On January 8, Binance, the world's largest crypto exchange by trading volume, announced that it would launch Litecoin Futures. The contracts are leveraged and linked to tether (USDT). The announcement is:
“Binance Futures will launch its sixth perpetual contract, LTC / USDT.”
The perpetual swaps are expected to be on January 9 at 08: 00 o'clock (UTC) in started trading. Traders can choose any lever from 1x to 75 x. Binance has announced that it will place a price limit of ± 1 percent on the market price during the first 15 will introduce trading minutes to prevent market manipulation. Changpeng Zhao, Binance’s CEO, said that the high leverage effect on these contracts is aimed at meeting the demand of professional traders for such products.
“We have seen an increase in institutional participation in trading, and these professional traders are looking for the most efficient ways to act very quickly, both in terms of costs and also on performance … The performance of Binance Futures systems far surpasses many other platforms on the market and offers users a smooth trading experience. The market has asked for a product with superior stability and performance; now we offer one. ”
Before the announcement, Litecoin rose almost 5 percent. Now various technical analysts estimate that this cryptocurrency could prepare for a further rise.
Technical analysis by LTC
In the last week Litecoin has its price almost 25 Percent increased. The cryptocurrency rose from a low of 39 dollars on January 3 45, 60 Dollars (as of today).
The bullish momentum of recent days has caused the moving averages to form a gold cross on the 1-day chart of LTC. As the 7-day moving average over a 30 – and 50 – Daily Moving Average crossed, the potential for a significant bullish breakout increased. Many investors see this technical pattern as one of the most definitive and strongest buy signals that could trigger a long-term upward trend.
Litecoin is currently facing strong resistance at $ 48, 50 across from. A break above this level would likely continue the upward trend. Still, a sudden surge in selling pressure that could put him under the $ 41 destroy the bullish outlook.
The launch by Binance has brought Litecoin to higher highs. But there are other fundamental aspects that indicate that this cryptocurrency will start a new upward trend, as Willy Woo emphasizes in the following tweet.
1 day RSI breakout will very likely lead the LTCUSD price chart breaking it’s 6 month long bear channel. pic.twitter.com/mdw4vPJo2T
– Willy Woo (@woonomic) January 8 2020
The analyst expects Litecoin to break out ahead of Bitcoin. It remains to be seen whether the demand for this cryptocurrency will increase to start a new upward trend.
Proof of text: cryptoslate