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Litecoin (LTC/USD) Jumps as LitePay Announces Date of Launch

Litecoin (LTCUSD) is soaring after LitePay announced its launch for Feb 26. There was a lot of excitement back in December (when LTC soared as well). The most recent tweet had a more specific date, which added to the anticipation.

LitePay Tweets about launch

LTC/USD rallied sharply from around 160 to almost 220 in 24  hours. 

LTC/USD Daily Chart

(click to enlarge)

  • Note that during the bearish correction, price held above the 200-day simple moving average.
  • Also note that price has shot up to a key support/resistance pivot in the 210-220 area.
  • The RSI is now at 60. If the overall mode is still bearish, the RSI should hold under 60. 
  • Therefore, price has essentially shot up to a critical resistance. I think we should anticipate some correction here.
  • Then, we should monitor the 160-180 area for support. Support here can give LTC/USD bulls confidence. Seeing the RSI hold above 40 (instead of pushing to 30) would also be a good sign that the bearish correction is over. 

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