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LIT Pumps +146% Amid listing on Binance Launchpad – Litentry Breakout Analysis
After the launch of Litentry on Binance Launchpad today, LIT took a strong Breakout with +146% gains in a single day. Let’s take a quick look at LIT, price analysis, and possible reasons for the recent breakout.
What is Litentry?
Decentralized identity authentication and user activity data management Infrastructure. Build on Substrate, Ready for Polkadot. Litentry is helping support change that is in favor of a user-centric network with the blockchain. Litentry includes an identity-based network and related tools, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data management infrastructure.
Litentry Quick Stats
| SYMBOL: | LIT |
| Global rank: | 240 |
| Market cap: | $168,710,752 AUD |
| Current price: | $11.41 AUD |
| All-time high price: | $12.25 AUD |
| 1 day: | +146.26% |
| 7 day: | +160.70% |
| 1 year: | +160.74% |
Litentry Price Analysis
At the time of writing, LIT is ranked 240th cryptocurrency globally and the current price is $11.41 AUD. This is a +160% increase since the launch of its ICO at Binance Launchpad on (4th February 2021). Have a look at the chart below for price analysis.
After the launch of Litentry on Binance Launchpad, It pumped up to $12.41 AUD having +394% gains in just a few minutes and the initial opening price of LIT was $2.85 AUD at Binance Exchange with many different trading pairs like LIT/BTC, LITL/USDT, and LIT/BUSD.
Currently, LIT is trading at $11.50 AUD price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.
What do the technical indicators say?
The Litentry TradingView indicators (on the 1 day) mainly indicate LIT as a strong buy, except the Oscillators which indicate LIT as a neutral.
So Why did Litentry Breakout?
After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news of Exchange Listings.
Where to Buy or Trade Litentry?
Litentry has the highest liquidity on Binance Exchange so that would help for trading LIT/BTC or LIT/USDT pairs. However, you can also buy LIT from different exchanges listed on Coinmarketcap.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
