• Upticks in the LTC coin were mainly sponsored by the latest optimism over the launch of crypto services by PayPal.
• Litecoin (LTC) is currently trading at $190.446 and has gained 4.50% on the day. 
• The bullish bias could dominate the bullish breakout at the 190.95 resistance level.

The LTC/USD coin extended its early-day winning streak and remained well bid around the $190.00 level. Over the past few days, the LTC price started at around $162.66 and traded above the resistance level of $184.

Today, the market opened with a little increase, after which the sellers grabbed the price, thus dragging it towards the point where it started trading yesterday. In that state, Litecoin (LTC) might not be able to maintain its gaining streak, as the intraday price action of the coin is quite unstable.

If the buyers put in more effort, it might push the LTC price above the channel’s upper boundary. Therefore, it could reach the resistance levels at $210, $220 and $230. Currently, Litecoin (LTC) is trading at $190.446, and it has dropped by 0.11% on the day.

 

LTC/USD

PayPal Launches Crypto Services

The upticks in the LTC coin were mainly sponsored by the latest optimism over the launch of crypto services by PayPal. The global payments provider stated on Sunday that UK customers would soon have access to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) through PayPal’s website and mobile app. This was the first development of PayPal’s cryptocurrency services beyond the United States — a service that was first launched in November of last year.

By providing cryptocurrency services for UK citizens, PayPal could play a key role in improving exposure to digital assets in the country. It is worth reporting that, among all European countries, PayPal penetration is highest in the UK, at over 2 million active users per month. Thus, the positive development raised investor confidence, which in turn had a positive impact on some cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Litecoin (LTC).

The US dollar slips from a nine-month high.

The gains in the LTC coin were further bolstered after the safe-haven US dollar dropped from a high of more than nine months against major peers on Monday. The upbeat mood tends to undermine the safe-haven US dollar. The fresh reports supported the market trading sentiment, suggesting that, for the first time since July, China had reported no new locally transmitted COVID-19 cases.

This, in turn, raised hopes for economic recovery in the second-largest world economy, China. Apart from this, the declines in the greenback were further bolstered by the latest remarks by Dallas Federal Reserve President Robert Kaplan, who said that “he might need to adjust his view of the taper in October”, in the wake of the recent upsurge in the number of infections with the COVID-19 Delta variant, and its potential impact on the economy. Thus, the bearish sentiment surrounding the US dollar was seen as a significant factor that kept the LTC/USD prices higher.

Litecoin (LTC/USD) – Technical Outlook – Can LTC Violate 190 Today?

In early Monday trading, the LTC/USD pair was trading with a strong bullish bias at the $189 level. However, the pair is facing strong resistance at the $190 level. The 4-hour timeframe is exhibiting an ascending triangle pattern that is providing resistance at 191 and support at 184 and 179. The bullish bias could dominate the bullish breakout at the 190.95 resistance level. Therefore, the bullish breakout could drive a sharp buying trend until the 195.93 and 202.05 resistance levels.

The upward trendline and the RSI also support the bullish trend in Litecoin. Let’s consider taking a buy trade above the 190 breakout today. Good luck!