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Price Analysis

LTC Price Surges As Litecoin Adds New Multisignature Wallet

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. 

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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. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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