Litecoin (LTC) enthusiasts have recently been riding a rollercoaster of emotions as bears have taken control, pushing the cryptocurrency below the critical $60 support level. However, there’s a glimmer of hope for a potential rebound as Litecoin marks its 12th anniversary and a significant development on one of the leading crypto exchanges.
As of the latest data, LTC is trading at $61.56, struggling to regain its footing after a fall from the $65 point earlier this week, which sent it tumbling to its support level at $60. Currently, the primary resistance lies near the $62.00 level and the 55 simple moving average (4 hours). The major hurdle to overcome is at $63.00.
A decisive move above the $63 mark could potentially propel LTC toward the $66.40 level, with $70 being the next significant resistance. Conversely, immediate support is at the $59.50 level.
Litecoin’s recent 12th-anniversary celebration signifies its remarkable resilience in the crypto world. From its inception as “silver to Bitcoin’s gold” to its recent ventures into NFTs, Litecoin’s journey is an extraordinary example of endurance in the volatile cryptocurrency market.
Litecoin Perpetual Futures: A New Avenue
A recent announcement from a leading cryptocurrency exchange, Coinbase, further enhances the prospects of a price rebound. Starting on October 18th, Coinbase Advanced, a platform catering to sophisticated retail traders, introduced trading for Litecoin perpetual futures for customers in eligible non-US jurisdictions.
This launch positions Litecoin among a select few cryptocurrencies available for perpetual futures trading, indicating growing demand for such products in the crypto derivatives market.
Coinbase Advanced’s introduction of Litecoin futures offers up to 5x leverage (3x for XRP) and settles in USDC, a widely trusted stablecoin. The exchange also plans to expand its offering in the coming months. Customers will benefit from an attractive introductory fee rate of 0% (maker) and 0.03% (taker).
By providing a seamless interface to trade highly liquid spot markets alongside derivatives, Coinbase Advanced is making it easier for traders to explore new strategies and tools such as advanced order types, TradingView charts, and APIs for automated trading.
In this move, Coinbase caters to the growing needs of its customers, recognizing the demand for a secure and transparent platform for crypto derivatives trading. Institutional customers and retail traders can now access Coinbase International Exchange’s perpetual futures contracts, all built within rigorous compliance standards.
Litecoin’s price journey may currently be shrouded in uncertainty, but its resilience over the years and the expanding options for trading on trusted platforms offer a ray of hope for both long-term HODLers and short-term traders. The crypto world, as always, remains a dynamic and exciting space to watch.