Bitcoin
BTC$19 085.93

0.16%

Ethereum
ETH$1 330.59

0.20%

Tether
USDT$1.000069

0%

USD Coin
USDC$1.000044

0%

Binance Coin
BNB$278.60

-1.43%

XRP
XRP$0.487123

-1.92%

Litecoin (LTC) Goes Up After PayPal News


October 2020

Following the months of super dull price action, when Litecoin (LTC) schlepped back and forth between $42.45 and $51.4 without any particular direction, the now 9th altcoin surged by 17% in just two days, on the back of the news regarding PayPal entering the cryptocurrency space and listing LTC as one of the available means of payment.

1-month Litecoin chart

The current price of Litecoin is $54.84, established after the 4% rise to the upside in the last 24 hours, a dynamic price appreciation not seen since the last week of July when LTC has had its previous bull run that, nevertheless, ended in a massive correction that brought the price back to $42.

PayPal embraces crypto - the market erupts


On October 21, the representatives of arguably the largest online payment system in the world officially announced that PayPal is introducing crypto to its line of services. As per the announcement, more than 340 million active users will be given the opportunity to buy and sell cryptocurrencies within their accounts.

The initial list of available coins includes Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and, of course, Litecoin (LTC). The account holders won’t be able to deposit or withdraw cryptocurrencies directly. Instead, they would have to exchange the coins to fiat within the wallet and then do as they please. Even though this particular feature set is quite poor, it’s a huge step forward towards mass adoption, and the market has reacted accordingly.

The rally might last for another week 


After the red hot DeFi run had been brutally extinguished by the dumps in September and October, many deemed the cryptocurrency market as depressive at least until the end of the year, when it has traditionally seen the turn of the tide in the direction of the bull land.

1-day LTC/USDT chart

The selling pressure appeared to be insurmountable as LTC had been sinking deeper below both 50 EMA and 200 EMA. But the PayPal announcement has turned everything topsy-turvy as Litecoin drew a skyscraper-like engulfing bullish candle on October 21, which catapulted the price above the MAs as well as the stubborn resistance at $51.4. 

The next candle opened with a visible gap while the MACD moving averages started going further apart from each other, suggesting that the bullish momentum is growing stronger. However, the price has already encountered resistance at $56, the level that served as support over the course of the previous rally.

In other market circumstances, we would have suggested a fierce rejection at that level, especially since it closely coincides with the 0.5 Fibonacci retracement level, but the hype around PayPay appears to be so intense that it is very likely to induce an all-around FOMO that would keep pushing the value of LTC much higher, at least to $58 or, in case of the most bullish scenario, all the way to the high of the last six month, which stands at $68.78 - another 22% price appreciation.     

Our current advice concerning Litecoin is to refrain from taking short trades in anticipation of correction because this rally might well last for another week until it exhausts itself.

Author: Alex Paulson for Crypto-Rating.com

Related

Litecoin Price Prediction for 2025 and 2030: The Restoration to Former Glory and Beyond
Litecoin Price Prediction for 2025 and 2030: The Restoration to Former Glory and Beyond
Litecoin (LTC): The Downtrend Continues
Litecoin (LTC): The Downtrend Continues
Litecoin (LTC): The Last Days in Top 10?
Litecoin (LTC): The Last Days in Top 10?
Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?
Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?
Litecoin (LTC) Is Still Caught in the Stalemate
Litecoin (LTC) Is Still Caught in the Stalemate
Litecoin (LTC) Continues to Cede the Ground to the Bears
Litecoin (LTC) Continues to Cede the Ground to the Bears
Litecoin (LTC) - Back to 2018?
Litecoin (LTC) - Back to 2018?
Litecoin: Price Recovery is Nowhere in Sight
Litecoin: Price Recovery is Nowhere in Sight
Litecoin (LTC) Is About to Move Sideways
Litecoin (LTC) Is About to Move Sideways

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 28 $19 085.93 0.16% -4.86% $365 687 826 427 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 56 $1 330.59 0.20% -8.61% $163 019 868 487 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000069 0% 0% $67 959 400 501 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000044 0% 0% $49 716 689 539 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 86.8% 17 $278.60 -1.43% 0.09% $44 948 812 408 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 63.2% 72 $0.487123 -1.92% 25.79% $24 282 482 106 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $1.000499 0.07% -0.05% $20 527 487 034 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82.4% 32 $0.459553 -0.29% -5.59% $15 730 121 389 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 81.6% 31 $33.92 0.34% 0.25% $12 029 202 620 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 87.6% 15 $0.062968 -3.83% 2.38% $8 353 974 589 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 74.4% 43 $6.33 -1.59% -9.61% $7 092 680 964 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999909 -0.04% 0.03% $6 928 506 678 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70% 54 $0.760141 -1.47% -8.07% $6 639 314 367 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 77.2% 42 $0.000011 1.62% -3.95% $6 265 382 802 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.