Litecoin Trying to Overcome MAs and the $200 Level, As Cryptos Jump On Paypal Announcement

Skerdian Meta•Tuesday, March 30, 2021•1 min read

Cryptocurrencies have turned bullish again this week after retreating lower in the previous two weeks. This second retreat came after the first one in March, which took the cryptocurrencies crashing lower, losing about a third of the value.

BITCOIN managed to make new highs by the middle of March, after the first pullback, but other cryptos couldn’t push to record highs. The second pullback came this month, which was a signal that perhaps the massive bullish run in cryptos might have come to an end.

But, after retreating more than $60 lower, below $170, LITECOIN reversed up and this week cryptos have been quite bullish. We bought Bitcoin during the pullback and closed that trade for around $2,400, while still keeping the Litecoin and Ethereum trades still open, as our 2021 Litecoin prediction still points up.

Litecoin was finding resistance at moving averages during the climb this week, first at the 50 SMA (yellow) on Sunday, then at the 100 SMA (green) yesterday. But, today it has overcome the 100 SMA and is now flirting with the $200 level again, after cryptos jumped on Paypal’s announcement on the crypto checkout service.

The move sees PayPal allowing US customers to use their cryptocurrency holdings to pay online merchants globally, which could significantly bolster the usage of digital currencies in day-to-day transactions and commerce.

PayPal is to reveal that customers who hold Bitcoin, Ether, Bitcoin cash, and Litecoin in PayPal digital wallets will be able to convert their holdings into fiat currencies at checkouts in order to make purchases online. Litecoin has broken above the 100 SMA on the H4 chart now and bulls are back in charge, so we’re holding our buy Litecoin trade.

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.