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Binance [$BNB] may have put the brakes on it, but traders are not giving up on Litecoin [$LTC]. Not yet. In fact, while the price pace has been strong, higher activity in the derivatives space suggested that big things might be on the way now.
Here’s what we know so far!
Binance delists $LTC/$BNB
Binance will remove the $LTC/$BNB spot trading pair on 21st August at 03:00 UTC as part of its latest review of trading pairs. The exchange stated that they regularly check for liquidity and trading activity before deciding which pairs to keep.
For Litecoin holders, the key point is that $LTC itself is not being removed from Binance Spot. Other Litecoin trading pairs will continue to be available on the exchange. Users can still buy and sell $LTC through supported markets.
Binance is also removing SUI/$BNB along with five other pairs, including F/$USDC, HIVE/$USDC, ILV/$USDC, NMR/$USDC and STEEM/$USDC.
Delisting did little damage to $LTC
At the time of writing, the token was trading near $52 after a breakout from the $44-$45 range, with the price holding on to most of its recent gains.
The RSI had a reading of 73 too. This implied that $LTC was in overbought territory, and it could be slowing down soon.
Additionally, the positive directional pace was comfortably ahead of the negative, with trend strength firm too. This suggested that volatility was likely to stay elevated as well.
Litecoin derivatives stay active as traders eye $55
Litecoin’s Open Interest (OI) was close to $197 million, while the average funding rate was also positive at around 0.0101%. These findings implied that traders are clearly still willing to hold leveraged long positions.
There also seemed to be a mammoth liquidity cluster around $55, just above $LTC’s press time price. Notable pockets were also near $49-$50 and lower at around $44.
With higher leverage and liquidity stacked on both sides, Litecoin’s next move might just be wild.
Final Summary
- Litecoin continued to trader near $52 despite Binance removing $LTC/$BNB.
- Elevated $LTC OI and liquidity clusters at $55 could make the next price swing chaotic.