Litecoin shows good stability either side of crazed trade as a result of a fork in midweek trading.
- Fork of the Litecoin blockchain sees frenzied trading disrupting Litecoin stability
- Litecoin loses over 25% of value in correction resulting from fork
- Litecoin’s stability beginning to regain some of its reputation
Litecoin (LTC) was officially forked this week causing huge interest in LTC and the new forked coin. This interest saw a huge spike in trading volume for LTC. The spike equalled almost double the week’s regular trading activities. According to Charlie Lee, founder of LTC, Litecoin Cash has nothing to with LTC and is a Scam coin in his opinion.
Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams trying to confuse users into thinking they are Litecoin.
This also applies to all Bitcoin forks trying to confuse.
— Charlie Lee [LTC] (@SatoshiLite) January 30, 2018
Regardless of the Litecoin Cash fork, The irregular spike in interest around LTC meant that markets temporarily found LTC to be overpriced and a heavy correction followed. Dipping by more than 25%, the price LTC moved erratically until after the market storm had lifted according to information from CoinMarketCap.
Despite the instability the fork cause the price of LTC, LTC has shown some encouraging signs of stability returning a little to its reputation of being a stable alt-coin. Whether this kind of stable trading volume and price can continue is unclear. Some good signs are appearing on the horizon though.
LTC started trading the week at a healthy US$226.50 and soon made a week high of US$251.81 on the back of some positive news, according to CoinMarketCap.
The high soon gave way to crushing lows, stripping way over 25% of the value of LTC. The week’s low for LTC came at US$184.07 and can be seen as a correction from an over excited market.
Considering the disruptive week LTC has shown some evidence of its trademark stability. Despite the losses, LTC has closed out the week only 7% down from this time last week at US$209.58.
LTC market cap fell largely in line with pricing differentials. Beginning the week at US$12.5 billion, LTC made a strong upwards bound to US$13.9 billion.
From those heights LTC market cap came down with a thud landing 27.33% the wiser, after a heavy correction.
Markets considered LTC as undervalued and provided liquidity that saw LTC market cap move upwards near early week levels to close out the week at US$11.6 billion.
Despite the disorderly trading LTC saw midweek, The the other 75% of the week saw very stable trading volumes. Outside of the frenzied trade LTC traded at no less that US$1 billion.
To put that in context, the highest trade volume of LTC saw a chaotic market place just shy of US$2 billion worth of LTC trades.
Litecoin Takes a Blow of 2.63% and Falls to $73 Overnight
- Litecoin falls by 2.63% over the last 24 hours to touch 73 USD.
- The next support for LTC may come at 71 USD.
Litecoin (LTC) has been reeling under the last day’s pressure and has already lost 2.63% over the last 24 hours. The value of LTC against USD has fallen to 73 USD from 79 USD. It has shown four major price swings in this period.
LTC to USD Price Analysis:
The first variation of LTC happened between 00:29 and 07:53 UTC and this swing added 2.47 USD and placed it at 76.72 USD. The second variation started at 12:04 UTC when it strengthened over the next 4 hours and 56 minutes, it grew by 5.24 USD to be placed at 79.94 USD, marking the highest point for the day. However, the value could not be sustained at such a high figure and later took a downward path to 72.79 USD having a break at 79.06 USD. The last variation of LTC started at 03:06 UTC and in the next 2 hours and 2 minutes, it could lift the value to 73.35 USD.
Litecoin Price Prediction:
Litecoin’s latest fall has taken it far away from its target figure of 100 USD. However, this fall may not push it for long. It may take some time but a price rally seems imminent before 2020 sets in. In the next few days, it may find the support of 71 USD.
|Litecoin (LTC)||Resistance and Support levels|
|1st Support Level||$74.86|
|2nd Support Level||$71.75|
|3rd Support Level||$69.35|
Litecoin (LTC/USD) forecast and analysis on September 19, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 75.93. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on September 19, 2019
As part of the Litecoin course forecast, a test of level 74.10 is expected. Where should we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 81.50. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator strip at 68.20.
Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower boundary of the Bollinger Bands indicator strip. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 67.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect acceleration of the cryptocurrency fall.
Litecoin (LTC/USD) forecast and analysis on September 19, 2019 implies a test level of 74.10. Further growth is expected to continue to the area above the level of 81.50. The conservative area for buying Litecoin is located area of 68.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 67.20. In this case, we should expect the continuation of the fall.
Litecoin Chooses Celsius Network as Crypto Interest Wallet
The Litecoin Foundation has reportedly selected the wallet of crypto lending platform Celsius Network to allocate a portion of its funds.
Litecoin will deposit a part of its treasury in the Celsius Network wallet in order to generate interest. This will allow the Foundation to give Litecoin (LTC) owners up to 10.53% back on their crypto holdings annually or enable users to use LTC as collateral to receive dollar loans at rates of 4.95%.
Celsius Network CEO Alex Mashinsky has stated in an interview that Litecoin’ decision to choose their interest wallet proves the legitimacy of their platform.
“Litecoin being the first foundation to work with us and endorse us is a real milestone. It’s a huge event. That’s the first time I can say that the general community is recognizing Celsius for the utility it provides.”- said the CEO.
Celsius Network was funded by an initial coin offering (ICO) in 2018 where it gathered $50 million. The company was reported to have completed last month loans worth up to $2.2 billion since July 2018, over 160,000 lending transactions, and given over $3.5 million in interest payments.
The company also stated that it returned to its depositors 80 percent of its profits.
Charlie Lee, Litecoin founder and Foundation managing director, has cited in a CoinDesk interview that the main reason for enlisting Celsius Network’s service was the interest-bearing deposits for LTC owners.
“We’ve chosen Celsius as the LF’s preferred interest bearing wallet as we are always interested in helping LTC holders take advantage of new use cases for their holdings. What better way to show our confidence in the product than by allocating a portion of the LF’s treasury,” said Lee while highlighting that the Foundation will not be taking loans on collateral.
In August, Litecoin halved its mining rewards at the block height of 1,680,000, decreasing the reward to 12.5 LTC per block. LTC has a trading price of $74 at the moment and ranks 5th in terms of market capitalization.