Litecoin has increased its adoption prospects as HTC Exodus 1, the brand new blockchain-based phone, incorporates LTC into its system.
The announcement came during the Slush 2018 conference where Charlie Lee, founder of Litecoin, publicized the support for Litecoin in the smartphone alongside Phil Chenn, the decentralized chief officer at HTC.
Lee later tweeted about the addition, highlighting that you can now buy the phone directly with Litecoin for a fixed cost of 19.84 LTC. In the early access release of the phone, you can only purchase the smartphone with BTC, ETH or LTC.
The smartphone brings the cryptocurrency market to a wider audience with its integrated Zion wallet that will keep users’ keys secure and private.
To add to the news, Lee has also joined the HTC Exodus team as a consultant, bringing his long-standing cryptocurrency and blockchain expertise to the table.
Staying true to their word of keeping privacy at the forefront of their device, the company has also announced that the privacy-focused Brave browser will be the default web browser for users on the phone, further increasing the adoption of Basic Attention Token at the same time.
Let us take a look at the Litecoin market and proceed to highlight any potential areas of support and resistance moving forward.
Over the past 24 hours of trading, Litecoin has suffered a 5.36% price decline as the cryptocurrency presently trades around the $24 handle, at the time of writing.
The market has suffered a 24.85% price drop over the past 7 trading days and a 53% price plummet over the past 30 trading days.
Litecoin is now ranked in 9th position, and presently holds $1.42 billion in market cap value. The 67-month old project has seen a considerable 97% drop since placing its all-time high value.
Analyzing price action from the previous 2 months, we can see the extreme bearish trend in play, as Litecoin dropped from a high above $55 in November 2018 to a low of around $22 during trading in December 2018.
The LTC/USD market had found some significant support at a long-term downside 1.618 Fibonacci Extension level (Drawn in dark red) priced at $24.74.
However, with the recent BTC decline witnessed today, we can see that LTC/USD has just broken slightly below this support level as it trades around the $24.01 handle.
The trend has been overwhelmingly bearish over the past few weeks.
Today’s candle is still yet to close but if it does close below the support at $24.74, we can expect the bearish trend to continue and push price action even further lower.
If the market manages to collapse below the identified support above, we can expect price action to head lower into initial support at the medium-term downside 1.618 FIbonacci Extension level (Drawn in purple) priced at $21.52.
If the selling pressure continues and price action drops below support at the $20 psychological round number level, more support beneath can be located at the short-term downside 1.272 Fibonacci Extension level (drawn in green) priced at $19.89.
Further support below $19 can then be located at the even shorter-term downside 1.272 and 1.414 Fibonacci Extension levels (drawn in blue), priced at $18.60 and $16.56 respectively.
If the bulls can continue to defend the $24 handle before the day’s end and begin to climb up above resistance at $25, we can expect further higher resistance to initially be located at the previous long-term downside 1.414 Fibonacci Extension level (drawn in light red) priced at $28.
This is followed by the previous medium-term downside 1.414 Fibonacci Extension level (drawn in purple) priced at $30.69.
Resistance above $30.69 can then be expected at the previous medium-term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $37.07.
If the buyers can climb above this level, we could consider that the LTC/USD may travel higher in an attempt to regain some of the recent losses incurred.
The RSI is not showing any favor to the bulls whatsoever as it turns toward the downside to approach oversold conditions once again.
If we would like to see any form of recovery, we would need to see the RSI reverse and make its way back toward the 50 handle.
The addition of LTC to the HTC Exodus 1 project will certainly bring more awareness to the Litecoin market.
However, it is important to realize that we are in an industry-wide bear market and price action would need some considerably higher level of exposure to be able to reverse the overall market downtrend.
If the market collapses below $24 today, we can look toward the $20 handle as the next strong level of support for the bulls to defend.
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