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Should you buy LTC as it consolidates at key resistance?

Should you buy LTC as it consolidates at key resistance?

Litecoin is currently trading at $60.94, a 1.76% dip in the past day The…

The post Should you buy LTC as it consolidates at key resistance? appeared first on CoinJournal.

Should you buy LTC as it consolidates at key resistance?
  • Litecoin is currently trading at $60.94, a 1.76% dip in the past day

  • The pair is in a consolidation amid bullish indicators

  • Investors should wait for it to clear above the level

Cryptocurrencies are currently on a retracement following an industry-wide recovery. Bitcoin and Ethereum are down 3.8% and 1.92% in the past day. Litecoin’s LTC/USD dipped 1.76% in the same period.

Created in 2011, Litecoin is one of the earliest blockchains. It was forked from bitcoin as an improvement of the proof-of-work network. The platform is more scalable with a faster block time and a larger token supply. It also uses the Scrypt hashing algorithm to reduce energy consumption.

Despite being a hard fork of Bitcoin, LTC has failed to stage a recovery similar to that of the latter. LTC has gained a paltry 4% in the past month compared to 25% in BTC. This takes into consideration the wide market cap difference between the two. While bitcoin has a valuation of $454 billion, LTC is at a fraction of that with $4.3 billion.

Currently, LTC/USD is changing hands for $60.94. Its trading volume is down 17.39% at $437,281,262. Aside from the dynamics in price and volumes, LTC has important technical levels to watch.

LTC consolidates at the $61 resistance level

Source: TradingView

According to the daily chart above, LTC is consolidating around $61 resistance. The token’s attempts to break above the level have been resisted three times since June 25. Nonetheless, the chart shows that the technical indicators favor the bulls, and the token could break above. 

The RSI is currently at 55. Although the momentum indicator can be interpreted as neutral, more traders are buying the token than selling it. The MACD is above the signal lines with the histograms on the green. However, investors should exercise patience until the token clears above the resistance.

Bottom line

Litecoin has strong fundamentals around efficiency and faster transaction speeds. Its native LTC token is consolidating at an important resistance level amid strong bullish momentum. Patience is recommended until the tokens clear the level.

The post Should you buy LTC as it consolidates at key resistance? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Top 3 Ethereum competitors to keep an eye on in October

The U.S is one of the most important crypto markets globally, and events there…

The post Top 3 Ethereum competitors to keep an eye on in October appeared first on CoinJournal.

The U.S is one of the most important crypto markets globally, and events there tend to have an impact on the entire market. That’s why regulatory clarity in the U.S is one of the things that cryptocurrency investors have been yearning for over the years.

The good news is that even those in positions of authority are bullish on cryptocurrency if the proper regulatory mechanisms come into place. For instance, in a recent fireside chat at the New York University, Rostin Behnam, the Chairman of the Commodity Futures Trading Commission, said that if the proper regulations come in place, the price of Bitcoin could easily double. 

While the regulatory framework around crypto is still not yet clear, they have been getting better. For instance, the SEC has made transparent cryptocurrencies that qualify as securities and those that fall under the commodities category. 

Under this improving environment, the statement by the CFTC Chairman is likely to create excitement around cryptocurrencies going into October. Bitcoin is already in the green and seems set to start October above the $20k mark.

If Bitcoin sustains its current momentum, among the cryptocurrencies to watch would be Ethereum competitors. That’s because while the Ethereum merge was a considerable success, fees remain high, contrary to the expectations of many. This has given a new lease of life to Ethereum competitors, most of which run on Proof-of-Stake, just like Ethereum today.

With this in mind, here are some of the top Ethereum competitors to watch in October and possibly for months.

Solana (SOL)

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SOL with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy SOL with Binance today

Solana (SOL) rose to prominence in 2021 and remains one of Ethereum’s fiercest competitors despite many issues with its network. That’s because it is one of the most scalable networks, and its transaction costs are unmatched at under $0.01.

Besides these features, Solana is increasingly recording growing adoption, especially in the area of NFTs. This coupled with the new lease of life that Layer-1s have got after the Ethereum merge, makes it a high potential cryptocurrency to watch in October. 

Solana is already showing signs of a potential rally and is currently up by 4%. While this is a minor gain in crypto terms, Solana buying volumes are on the rise, which is a good sign in the short to medium term.

Avalanche (AVAX)

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy AVAX with eToro today

Uphold

Uphold is a platform which has over 50 cryptocurrencies to choose from. It's users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades. Users who are on Brave's internet browser can also earn BAT tokens based on their browsing habits.

Buy AVAX with Uphold today

Avalanche (AVAX) is another top Ethereum competitor that has had a slow month since the Ethereum merge took centre stage. However, now that there is little change in Ethereum scalability, Avalanche, one of the most scalable and stable Ethereum competitors, is beginning to see an uptick in price. At the moment, Avalanche is recording an increase in buying volumes, and if Bitcoin crosses the $20k mark and keeps gaining, AVAX could outperform most cryptocurrencies in October.

Near Protocol (NEAR)

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy NEAR with Binance today

Okcoin

Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin's mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.

Buy NEAR with Okcoin today

Near Protocol (NEAR) is another Ethereum competitor worth keeping an eye on in October 2022. Its scalability and security have made it one of the most attractive cryptocurrencies, especially in the first growing Web 3.0 space. Besides its capabilities, Near Protocol is likely to get a boost from news that it is partnering with USDC.

The post Top 3 Ethereum competitors to keep an eye on in October appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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