In line with recent trends, a brand new litecoin inspired currency has hit the markets in Cyprus – the Aphroditecoin. The latest addition to the cryptocurrency world comes after a spate of other nations have released their own brand versions, specifically Iceland’s Auroracoin and Spain’s eponymous SpainCoin. All three nation specific coins have kicked off their existence with a so-called nationwide “airdrop”, which in simple terms means giving the coins away. While their names and locations differ, all three are based on the opensource litecoin code; surely, therefore, their creation must have some impact on the LTC/USD? Let’s take a look.
Coming off the back of a relatively flat Tuesday, the LTC/USD kicked off Wednesday’s trading with some considerable volatility. From strong support at 16.1589, the pair gained strength throughout the European morning session and broke through in-term resistance at 16.3498 to reach fresh weekly highs at 16.9482. The level offered some resistance, and the pair has corrected, and reversed from, support at 16.5693, and now sits just shy of in-term resistance at 16.7981. The technical momentum supports an upside bias in the pair, and a break above aforementioned resistance would validate this bias. In this instance, look for an initial target at daily highs 16.9482. A close above this level would offer up a secondary target at Friday highs of 17.1808.
Conversely, the upsurge in price action may be due further correction before resuming its uptrend. If the LTC/USD fails to close above 16.7981, look for a break towards in-term support at 16.5693. If a further correction is indeed due, look for a break below this level (and a solid close) to validate a downside target just shy of the 200-period moving average at 16.3490 resistance. Beyond that, look for a secondary downside target at 16.1589. Bear in mind that a break below these levels will warrant fresh daily lows, which looks unlikely in light of the current momentum.
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