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Today, the cryptocurrency market looks more than depressed as all the top-10 coins continue to slump at a ferocious rate. From Bitcoin [BTC] to Tron [TRX], all the coins have plunged by at least 9%. Here, XRP, the second-largest cryptocurrency, is showing a downfall of 9.5%, while the ninth-largest coin, Litecoin [LTC] has gone down by 12%.
The credit for the crash could be given to the hard fork of Bitcoin Cash [BCH] that has led the market into such doom. In the third week of November, Bitmain, the largest mining player in the space, shifted its focus from the BTC ecosystem to handle the BCH war with its opponent, Craig Wright, and nChain.
When Bitcoin began to crash, the coins in its correlation crashed along with it. Since then, the cryptocurrency market has not seen much of the bull as the bearish run does not want to take a leave.
At the time of writing, XRP was trading at a depreciated price of $0.3, with a market cap of $12.3 billion. The 24-hour volume is set at $619.2 million.
When the 24-hour cycle began, XRP was trading at a fair price of $0.34, where its market cap was $13.7 billion. However, the coin saw an elimination of almost $2 billion in the market cap in just a day wherein the lowest cap was recorded at $11.9 billion with the trading price of $0.29.
As of Litecoin, the coin is currently trading at $26, with a market cap equivalent to $1.5 billion. Here, its total trading volume in the past 24 hours was observed to be $453.7 million.
During the 24-hour cycle, the cryptocurrency touched a high of $30, with a market cap of $1.8 billion but soon crashed down to trade at $25 where its market cap was recorded at $1.5 billion. Therefore, LTC saw a total wipeout of at least $300 million in its market cap over the period of a day.
Litecoin (LTC/USD) forecast and analysis on December 11, 2018
Cryptocurrency Litecoin (LTC/USD) is trading at 24.93. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Litecoin (LTC/USD) forecast and analysis on December 11, 2018
As part of the Litecoin course forecast, a test level of 26.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 21.00. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at the level of 27.20.
Cancellation of the option to continue the decline in the rate of Litecoin will be the breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotations of the pair above the 30.00 area. This will indicate a change in the current trend in favor of the bullish on LTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on December 11, 2018implies a test level of 26.20. Further, the continuation of falling to the area below the level of 21.00 is expected. The conservative area for selling Litecoin is located area of 27.20. Cancellation of the option of falling cryptocurrency will be the breakdown level of 30.00. In this case, we can expect continued growth.
Litecoin Price Seeks Stability at $25 Despite new Drop
Today will undoubtedly prove to be an interesting day for all cryptocurrencies and digital assets. Although the hourly chartssignal more bearish momentum is coming, the daily chart still looks pretty solid. For the Litecoin price, however, things are not heading in the right direction. A current drop to $25 is in effect, albeit that may not be the bottom for today.
Litecoin Price Pressure Piles On
It is not uncommon to see altcoins go in the red when Bitcoin looks incredibly fragile on the hourly chart. Today, it would appear it is a matter of time until Bitcoin goes in the red again, although there doesn’t appear to be overwhelming pressure to make this happen. Instead, it is the altcoins like Litecoin which are feeling the pressure first. That is a bit worrisome, as those currencies usually show a trend which will hit the remainder of the market fairly soon.
In the past 24 hours, there has been a notable downtrend in the Litecoin price department. First of all, there is a 3% decline in USD value, which looks somewhat out of place under the current circumstances. Unfortunately for LTC enthusiast,s this loss primarily stems from a decline in the LTC/BTC ratio. A massive 4.2% deficit in this regard seems to confirm most altcoins will lose ground to Bitcoin fairly quickly.
When looking at social media, there isn’t too much activity pertaining to Litecoin right now. That is not entirely abnormal, as there are tons of other projects to be discussed as well. One interesting discussion is how Litecoin – as well as other cryptocurrencies, for that matter – can be a viable solution to avoid downtime caused by banks and financial service providers.
HEADS UP: no scheduled downtime required (EVER) for $LTC. If you are fed up with banks inconveniencing you shamelessly and unapologetically, it is time to #beyourownbank with #Litecoin #IgniteTheFireLTC #PaywithLitecoinAt the same time, there is still a lot of hope regarding a potential partnership between Amazon and Litecoin. As has been the case more often than not, these discussions serve no real purpose unless Amazon decides to effectively announce something along those lines. Right now, that is not the case, and there is no correlation between Amazon and Litecoin to speak of.
Serious question: LitecoinFam, what makes you so bullish on $LTC?
It doesn’t seem to be fast or have widespread payment adoption like intended.
It would also seem there is a new crypto cloud mining service. As is always the case, these services need to be investigated thoroughly before entrusting them with money. This company seems to be mining Litecoin as well as other major cryptocurrencies. Always do one’s own research before trusting such companies, as most cloud mining providers have turned out to be scams in the end.
The current market circumstances would indicate the Litecoin price can dip below $25 in the coming hours. No major drop is to be expected right now, although there are still a lot of unknown aspects about the current market conditions. As such, traders need to be very cautious prior to making any financial decisions, primarily because the current momentum can easily swing either way in very quick succession.
Litecoin price analysis: LTC/USD not out of the woods as long as it stays under $30.00
- Broader market sentiments dictate Litecoin’s movements.
- LTC/USD needs to recover above $30.00 for a more extended upside.
Litecoin sits at the 9th place with the current market value of $1.5B and the average daily trading volume $460M. LTC/USD is changing hands at $24.92, after trading as low as $22.37 on Friday. The coin is mostly unchanged on a day-to-day basis, moving in sync with global cryptocurrencies.
Litecoin’s technical picture
On the intraday level, LTC/USD is supported by the lower border of the Bollinger Band (1-hour) at $24.67. A sustainable movement below that level is likely to increase the short-term downside pressure and take LTC towards the recent low of $22.37. On the upside, a recovery above $25.00 will improve the short-term technical picture; however, the resistance created by SMA100 (1-hour) and the mid-line of Bollinger band at $25.70 is likely to limit the upward movement for the time being.
From the longer-term point of view, the first significant resistance comes at $30.00 ( mid-line of daily Bollinger band). A move higher will open up the way towards the congestion zone $36.00 that limited the recovery at the end of November and at the beginning of December. It is strengthened by the upper border of the daily Bollinger Band and separates the coin from the psychological $40.00.
LTC/USD, the daily chart