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Litecoin Foundation has announced a partnership with Bitgo Wallet to provide custody services. The firm announced the news of a new multisignature wallet on Twitter on Jan 3, 2020. The LTC price has skyrocketed since this announcement.
Litecoin Price Analysis:
The new custody wallet news has sent the crypto market into a frenzy. There is a lot of activity on the Litecoin front as the news surfaced. The Litecoin price is currently trading at $42.61 USD with a 2.66% price surge. LTC / BTC price is also 0.00578432 BTC with a 1.67% increase. The market cap has reached $2,716,334,707 USD & circulating supply is 63,781,157 LTC.
Since the news, LTC / BTC price increased by 4% from 0.00564 to 0.00572 in a matter of time. Even the LTC / USD price increased marginally. There is a steady price growth since then.
The technical indicators are trading in the green region showing bullish support to Litecoin price.
- RSI Indicator – The 4hr indicator is nearing the level-70. This indicates bulls in the short term.
- MACD Indicator – The 4hr MACD indicator is trading green with an increasing bar chart for the last 24hrs. The price is reaching 0.5 level.
Overall, Litecoin is having a short bull squeeze. It is yet to see the long term effect of Bitgo partnership on Litecoin.