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LTC/USD trades rangebound, dip till 3.31 likely
LTC/USD traded in a narrow range on Monday, between 4.03 and 3.89 levels. The pair currently trades at 3.95 levels at press time (BTC-e).
Ichimoku analysis of 4-hour shows:
Tenkan Sen: 3.98
Kijun Sen: 3.81
The pair is expected to run into resistance at 4.03 levels (21 4HMA), and a break above will see the pair testing 4.35 levels (55 4H EMA)/4.65 (200 4HMA). On the other hand, support is seen at 3.81 (Kijun sen) and any weakness below this level will drag the pair to 3.65/3.31 (June 23 low). Long-term trend remains weak for the pair and a dip till 3.31 is possible.
CoinJournal reported on Friday that the Litecoin Association is likely to win a case against an individual who tried to trademark the name ‘Litecoin’ within the European Union.
Litecoin Association board member Andrew Vegetabile explained that initially they wanted to show the courts that no one owned Litecoin. However, to improve their chances of winning, they had the inventor of Litecoin, Charlie Lee, transfer the rights of Litecoin to the Litecoin Association.
“The plan going forward is that we win this opposition, then apply for a trademark ourselves. After receiving one, we will be releasing it to the public free of use for any products and services. Because the Litecoin Association truly believes that no one owns Litecoin, it belongs to everyone”, he added.