Litecoin LTC price surged recently over 15% sailing smoothly from the highlighted support area close to $113. The crypto rose above the long-term resistance at $130, but selling pressure protected LTC/USD from breaching further above $133. The bulls briefly lost momentum and the price dropped to exchange hands below $130, however currently Litecoin price is flirting with $127 but also appears to have found a short-term support at $125.
The surge is happening in the wake of the news that Ethereum token TenX (PAY) has added Litecoin to its wallet app. TenX (PAY) is a platform that is powered by blockchain and empowers the users with the ability to spend their cryptocurrencies from one single wallet in real-time. The network has created a debit card system that can be used for spending across the globe. It promises to achieve the efficiency of a normal currency with zero additional fees and no prior local currency conversions.
Even though TenX (PAY) added Litecoin (LTC) a few days ago, the addition appears to be supporting LTC price that had been walloping in high selling pressure. TenX (PAY) could not make the announcement after the news broke on social media platforms before the schedule. TenX (PAY) says that the reason for the quiet release is that “this allowed for a slower adoption rate while we finalise live testing — going forward this will be our process for new coin integrations to ensure both stability and wide availability.”
TenX (PAY) later said on Twitter on April 11 and noted that TenX wallet will support LTC both on iOS and Android. They were also very happy with the fact that the partnership will allow them to work with Litecoin Foundation in introducing co-branded debit card but the details of this endeavor will be released at a later date. The network is very excited to bring on board LTC holders who they have gladly welcomed to the revolution!
Litecoin LTC Price Analysis
LTC/USD is currently trading below the shorter term 21 Simple Moving Average which is offering resistance to the upside towards the pivotal $130. The 50 Simple Moving Average is playing catch-up role on the hourly timeframe chart, however it is positioned to support the price at the immediate support level ($125). Litecoin may have found a support above $125, but there is build-up of selling pressure below $128.
The RSI is pointing downwards to confirm the bearish momentum in the market. The traders must continue to shift their sentiments towards LTC to gunner support and avoid declines. Another trend indicator, the MACD is slightly sinking into the negative territory to signal that sellers have the upper hand as the weekend sessions continue. On the downside, the major support for LTC/USD rests at $113. This level has been tested severally and would also serve as the last resort in supporting the price in case the trend is reversed. TenX (PAY) is however, good news for the Litecoin LTC community especially after LitePay failed to take off as planned.