In the first week of March 2019, the Venezuelan government launched a remittance program that supports payments with only Bitcoin (BTC) or Litecoin (LTC).
Venezuela’s fiat currency has suffered massive hyperinflation in recent years. The country’s economy is in shambles, and cryptocurrency may be the only way out. Will Venezula help Litecoin reach the moon?
Key Highlights For March 6
- The price is currently on a swing high
- The price is moving inside a parallel channel
- There is bearish divergence developing in the MACD and the RSI
- There are resistance areas near $57 and $63
- There are support areas near $45 and $42
Gradual Upward Movement
The price of LTC on Bitfinex was analyzed on 4-Hour intervals from Feb 10 to Mar 6. The price of LTC made a high near $49 on Feb 10. A gradual drop took it down to slightly above $41. It has since been on an overall upward trend despite several dips. At each dip, a new low was reached. Each low was greater than that of the previous low. Using four of these ascending lows, a support line is created.
- Feb 14
- Feb 25
- Feb 28
- Mar 5
The Parallel Channel
Dips along the upward trend correlated with subsequent rises. Just as the lows grew gradually higher along the support line, the highs increased across an ascending resistance line. Four highs. They occurred on:- Feb 10
- Feb 21
- Feb 24
- Mar 6

The Long-Term Divergence
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move. The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.
Movement Outside The Channel
Resistance and support areas are created when the price reaches the same level several times. They can effectively act as a respective ceiling or floor to create a structure in which the price of an asset can fluctuate. They can be effective in predicting areas of reversal when the price breaks out/breaks down of a trading channel.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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