Litecoin Became Strong After Defense of Multi-Year Support

Litecoin (LTC), the once silver to Bitcoin’s gold, has been showing excellent performance in the new year. Last week, it defended a vital level. As a result, this level possibly secured by all reasonable criteria, LTC’s uptrend for the foreseeable future. For the shorter term, they might need to view more consolidation before further moves.

In the weekly LTC/BTC chart, the most important feature to note is the blue support band. And this price zone is significant for Litecoin going back to 2015. And following continuous tests into that zone in the past several weeks, LTC finished far over it on Monday.

Aside from that, they can also observe the 8 EMA, which is in the middle of crossing bullish over the 21. still, LTC is coursing up with its MTF uptrend. Compared to Bitcoin, Litecoin never lost its MTF trend – at least on this trading pair – although people may see that soon.

Going to the daily LTC/BTC chart, there is a more detailed cross-section of the development. In here, things seem to be less bullish for the MTF. Then, a double top is emerging with a sharp bearish divergence on the RSI. And the histogram has lost much steam in its progress on the positive side of the range.

If Litecoin loses its MTF, few consolidations above the multi-year support zone will not affect the HTF trend. In addition to that, given the bigger uptrend, LTC should quickly reverse and break the current local top out of nowhere if the market pushes it.

Above all, turning to the weekly LTC/USD chart, there are a couple of positive signs. Price has held well above it for two weeks. Also, the 8 EMA has crossed bullish over the 21 and 55 EMAs.

The Future of LTC

Soon, the histogram might be rolling over, as it is on BTC’s and other crypto charts. However, the last three weeks have shown a flat bullish contraction up, so strictly speaking, people will not see it rolling over yet.

All in all, Litecoin has held on to nearly all of its gains from 2020. On the other hand, some key indicators look bullish, and key price levels have something to look forward to once the cryptocurrency markets began to wake up.

Coinbase Against the Coronavirus

The COVID-19 or the coronavirus has affected cryptocurrency and traditional markets. And this is with Bitcoin falling 3% in value because of the virus seen in Italy. So, Coinbase is getting ready for the worst-case scenario when it comes to crypto exchanges handling the spread of the virus.

Based on a document shared publicly by CEO Brian Armstrong, Coinbase prepares a four-tier escalation response to COVID-19. Every phase of the plan will be awakened by an increase in the number of people infected with the coronavirus or local governments responding with quarantines close to Coinbase officers.

Moreover, during the document’s release, the crypto exchange has restricted business travel for its employees to China, Hong Kong, Japan, Italy, and South Korea. Despite these rules, Armstrong is still confident that the risk of COVID-19 to employees is low.