Litecoin Price Analysis: LTC added as a collateral on Binance Loan
|- LTC/USD stays at $41.00 amid directionless trading.
- Binance added LTC to the list of available collaterals.
Litecoin (LTC) has stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The 7th largest digital asset with the current market value of $2.6 billion is changing hands at $41.00. The coin is moving with the short-term bearish bias maid shrinking volatility.
LTC/USD: On-chain data
According to the statistic provided by Intotheblock, nearly 15% of LTC addresses are in the money at the current price with a cluster of 125k addresses waiting for the coin to move towards $45.00, which will bring them to the break-even point. This area may serve as a resistance zone that separates LTC from a stronger recovery towards $50.00. Notably, the number of large transactions has increased recently even as the price declined. At the same time, the aggregated average large transaction volume slashed from $4.3 billion on April 10 to $1.7 million in April, which can be partially explained by the price decrease.
Binance Loan adds LTC support
The world's largest cryptocurrency exchange added LTC along with BCH and XRP, to the list of coins that can be used as collateral on its Binance Loans platform. The users of the platform can use their coins as collateral to get a loan in digital assets. The maximum loanable limits based on market conditions and our internal risk management.
LTC/USD: Technical picture
On the intraday charts, LTC/USD is moving in a tight range. The recovery is limited by 1-hour SMA100 and the upper line of 1-hour Bollinger Band on approach to $42.00. Once this barrier is out of the way, the upside is likely to gain traction with the next focus on 1-hour SMA100 at $43.40 and the recent recovery high at $43.75.
On the downside, the initial support is created by psychological $41.00 and 1-hour SMA50. A sustainable move below this area may increase the selling pressure and push the price towards $40.00 and $39.50 (April 13 low, 4-hour SMA200). This support is likely to slow down the bears; however, if it is broken, the sell-off may continue towards the longer-term bearish target at $36.00 created by the lower line of daily Bollinger Band.
LTC/USD 1-hour chart
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