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Litecoin’s Comeback: Breaks Back Above $100 Following 14% Price Surge – LTC Price Analysis

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Litecooin saw a significant rebound today, allowing the price of the cryptocurrency to sail above the $100 level. Litecoin has increased by a total of 14% over the past 24 hours of trading, bringing the price up to $101.83. The cryptocurrency has now seen a price hike of 30% over the past 30 days and a further 103% price increase over the past 90 trading days.

At press time, Litecoin is trading at the 2019 high day close price of $101 and currently faces strong resistance. The crypto asset is now ranked 5th among the top cryptocurrency market cap rankings, holding a $6.24 billion market cap value on CoinMarketCap at time of publication. 

Looking at the LTC/USD 1-Day Chart:

  • Against USD, we can see Litecoin has now surged into resistance at the $101 level, provided by a long term bearish .5 Fibonacci Retracement level.
  • From above: The nearest level of resistance lies at $101. If buyers can continue to climb higher, the next level of resistance is at $110, which the market has not seen since June 2018. Above $110, further resistance lies at $119 and $125.
  • From below: The nearest level of support now sits at $100. Beneath $100, further support lies at $97.18, $90, $87.81, $82.97 and $80.
  • Trading volume has started to increase over the past 24 hours.
  • The Stochastic RSI is approaching oversold territory, suggesting that the market may be ready to continue higher. Furthermore, the RSI has rebounded above the 50 level, which shows buyers are still in control of market momentum.

Looking at the LTC/BTC 1-Day Chart:

  • Against Bitcoin, we can see Litecoin has fallen significantly from the high of 0.01826 BTC, set in April 2019. LTC/BTC has fallen into support at 0.01128 BTC, provided by the short term .618 Fibonacci Retracement level.
  • From above: The nearest level of resistance lies at 0.126 BTC, where LTC/BTC currently trades at press time. Above this, further resistance exists at 0.0135 BTC, 0.014 BTC , 0.0145 BTC and 0.015 BTC. If buying continues above 0.015 BTC, further resistance above sits at 0.01550 BTC and 0.016 BTC.
  • From below: The nearest level of support now lies at 0.01198 BTC and 0.01128 BTC. Beneath this, further support lies at 0.011 BTC and 0.0106 BTC.
  • Trading volume also has increased significantly over the past 24 hours.
  • The RSI has managed to climb back above the 50 level to indicate bulls have retaken control of market momentum.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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