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Litecoin (LTC) Price Surges Over 7% to Nearly $47 as it Continues its Upwards Surge

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After an incredibly positive week for Litecoin (LTC), it has been able to continue its upwards price surge today and is one of the few major cryptocurrencies that has surged during an overall quiet trading session in the crypto markets.

Today’s upwards move has brought LTC to the top of its resistance region, and a break above this level could lead to a significantly further price surge.

Litecoin Price Surges During Quiet Trading Session

At the time of writing, Litecoin (LTC) is trading up over 7% at its current price of $46.8. LTC is up significantly from its weekly lows of $32, which were set earlier last week before the cryptocurrency began climbing.

Instinct, a popular cryptocurrency trader on Twitter, spoke about LTC’s recent price surge, noting that it is now pushing up against another resistance level.

“$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level… Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now,” he explained.

Litecoin (LTC) Nears Weekly Resistance Level

Although today’s upwards surge is certainly positive for LTC, it still has a ways to go before it pushes against its major weekly resistance level.

SalsaTekila, another popular cryptocurrency analyst on Twitter, noted that Litecoin’s strong weekly resistance level currently lies around 0.0165 BTC, up slightly from LTC’s current price of 0.0128 BTC.

“$LTC analysis, tapping a fresh daily supply zone. Bottom grey is weekly support, top grey is weekly resistance. Looks to me like a local top.”

Other Cryptocurrencies Experience Mixed Trading Session 

Although LTC is surging today, most cryptocurrencies are trading mixed today.

At the time of writing, Ethereum is trading down marginally at its current price of $118.65. ETH is up significantly from its weekly lows of $103 and has established the low-$100 region as a strong level of support.

XRP has dropped over 1% today and is currently trading at just above $0.30. XRP has historically treated $0.28 as a region of support, which is slightly above its 2018 low of $0.25.

Bitcoin Cash is one of today’s worst performing cryptocurrencies, as it is trading down 2.3% at its current price of $123.86. However, BCH is still up from its weekly lows of $112.

Source: newsbtc

Litecoin

U.S. Treasury Discloses Bitcoin and Litecoin Addresses of Alleged Chinese Drug Smugglers

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According to a press release dated August 21, 2019, the U.S. Treasury Department has blacklisted three Chinese citizens and one Chinese Entity for allegedly leading an online-based drug trafficking organization that was smuggling opioids inside the US. Criminals have been blacklisted and personal data have been disclosed including several bitcoin addresses and one litecoin address.

Buy Drugs with Bitcoin? Think Twice!

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) alongside with the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced in a notereleased on August 21, 2019, to bring additional financial pressure upon those who manufacture, sell or distribute synthetic drugs or their precursors’ chemicals.

The Offices, in a coordinated action, have identified three Chinese citizens member of the Zheng Drug Trafficking Organization (DTO) as foreign narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (also known as Kingpin Act). Fujing Zheng, Guanghua Zheng, and Xiaobing Yan have been blacklisted for significant drug trafficking and support to the illegal activities of the criminal organization. Alongside them, OFAC has also designated an additional Chinese entity, Qinsheng Pharmaceutical Co. Ltd, for being controlled by Fujing Zheng himself.

According to Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence, Zheng drug cartel “has shipped hundreds of packages of synthetic opioids to the U.S., targeting customers through online advertising and sales, and using commercial mail carriers to smuggle their drugs into the United States.”

Directed by Fujing Zheng, the Zheng DTO manufactures and distributes hundreds of controlled substances, including fentanyl analogs such as carfentanil, acetyl fentanyl, and furanyl fentanyl. Reportedly,  Zheng created and maintained numerous websites to advertise and sell illegal drugs in more than 35 languages.  The Zheng DTO touted its ability to create custom-ordered drugs and avoid detection from customs and law enforcement officials when shipping the drugs through express mail and the U.S. Postal Service.

As a result of the investigation, all properties and interests in the U.S. of these alleged drug smugglers have been frozen. Email addresses, numbers, and other passport information have been disclosed in order to encourage any useful additional reporting.

Alongside this personal information, the U.S. Department of the Treasury also disclosed several bitcoin addresses, as well as one litecoin address, that allegedly belongs to the criminals. Data available here.

Bitcoin Is Not Anonymous

This episode signs the second time the U.S. Office of Foreign Asset Control (OFAC) has linkedbitcoin addresses to specific individuals that the Office claimed to have undertaken illegal activities. Back in November 2018, OFAC had already blacklisted addresses of two Iranian individuals, Mohammad Ghorbaniyan and Ali Khorashadizadeh, for facilitating ransom payments made in bitcoin.

With the latest U.S Treasury actions which displayed their ability to reveal the true identities of individuals using the Bitcoin blockchain network, it brings a question on how private Bitcoin transactions genuinely are.

A problem that had already been raised by NSA Whistleblower Edward Snowden who claimed that bitcoin alleged anonymity is highly misleading. Indeed, according to Snowden, as the owner converts the cryptocurrency into fiat, law enforcement agencies could easily discover and identify the identity of the owner.

by: https://btcmanager.com

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Litecoin Dumped Over 50 Percent but a Bounce Is in Sight

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The halving was supposed to be Litecoin’s bullish catalyst; it failed to live up to the hype. However, analysis of the chart shows potential. | Source: Shutterstock

By CCN Markets: Litecoin’s price action has been less than stellar as of late. After posting a 2019 high of $146 on June 21, the cryptocurrency succumbed to heavy selling pressure. Today, August 22, Litecoin dropped to as low as $70 for a plunge of over 50 percent in two months.

The halving, which was supposed to be the coin’s bullish catalyst, failed to live up to the hype. With no other catalyst in sight, the crypto token’s prospects appear grim. Some traders are already calling for Litecoin to dump to even lower levels.

However, we took a closer look at Litecoin’s chart and we feel optimistic about its short-term prospects. We are already seeing signs of what could be a strong bullish insurrection.

Litecoin Trading at Key Support Areas While Flailing Oversold Readings

One play that has worked very well for us is to bottom pick a market while it is trading near a key support area and flashing oversold conditions. The expected selling relief from oversold signals, plus the demand at the support level often leads to a buying frenzy.

We’re seeing these conditions brewing in Litecoin.

Litecoin crypto chart
Litecoin is printing numerous bullish signals suggesting a bounce. | Source: TradingView

A quick look at the daily chart shows that price is being buoyed by multiple supports between $70 – $75 as the coin approaches the apex of a falling wedge. In addition, momentum is swinging to the side of the bulls as well. The daily RSI is printing a bullish divergence while trading close to oversold territory. These signals tell us that bears are exhausted as they lose interest in selling at current levels.

This stance is supported by the dwindling volume. The thin volume over the last few weeks suggests that sellers are losing ammunition.

Max, also known as Bitcoin Jack, is the lead analyst at BravadoTrading. He supports our view that Litecoin is due for a bounce.

Litecoin analysis from Max
Max, also known as Bitcoin Jack, provided analysis on Litecoin to CCN

Max told CCN:

“DECENT FALLING WEDGE WITH CORRECT VOLUME PATTERN WITH SUPPORT AT GREEN MAKES FOR A DECENT LONG OPPORTUNITY. SETUP I WOULD FAVOR MOST IS WICKING THROUGH LIQUIDITY AND CLOSING ABOVE. THIS WOULD SIGNAL A LONG ENTRY. $92 AND $104 WOULD THEN BE THE TARGETS WITH $111 AND $117 TO FULLY CLOSE OUT ANY REMAINING LONG POSITION IF YOU CAN RIDE THE LOCAL CORRECTIVE BOUNCE TREND.”

Ideally, we want Litecoin to break out of the wedge and seal $75 as support. If our expectations play out, we can likely see Litecoin rising to $100 first and then $120.

DISCLAIMER: THIS ARTICLE IS INTENDED FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE TAKEN AS INVESTMENT ADVICE.

This article is protected by copyright laws and is owned by CCN Markets.

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Litecoin’s Post-Halving Dumping Worsens, What Went Wrong With LTC?

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Litecoin halving was anticipated for so long as traders expected it to push LTC price. Sadly, this did not happen and LTC price is on a downward spiral. This move follows the rejection from the price levels slightly above the $100 area (immediately after LTC’s 2019 halving event). Why is history not repeating following this years’ halving event for LTC?

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$74.121.68%

Litecoin Price Was Expected to Double Post Halving

The miner reward split as a rule in the Litecoin Blockchain code must occur after every four years. Hence, analysts have concluded that, if history is anything to go by, then we should expect the price of Litecoin to double post the halving event.

However, this doesn’t seem to be the case because several weeks after the network’s block reward halving, Litecoin is dumping in value instead of going higher. It is difficult to understand how the dynamics of halving events work. Hence, we have to stick to what we know and follow the coin’s price analysis on the charts.

The Technical Picture of Litecoin Price

From the LTC/USD charts, we can see that there are multiple support positions that have let the bulls down for LTC. Take an example, if the Litecoin price sustained gains over the $100 mark in the early days of August, we would have seen a further breakout to the $120 area. Nevertheless, the retreat by LTC price into the $90 position left the price of the coin extremely vulnerable to dips.

For this reason, most sellers have decided to force Litecoin under the descending pattern. Consequently, the LTC bulls have opted to use their remaining energy to defend the coin’s $70 support area.

Moreover, the dips have begun to push the price of Litecoin near a falling wedge pattern breakout. These falling wedge patterns are typically interpreted as the reversal indicators. This is so whenever they happen during a downtrend such as the one that LTC is in at the moment. Litecoin is struggling to find its place above the $70 mark.

A Breakout over the Wedge Resistance to $100 Will Take LTC above the 50 MA

If there is a breakout above the current wedge resistance, we can expect the coin to launch an upward trajectory. This will ensure that it approaches the $100 price point. This should ensure that the bulls take over once again.

Additionally, the price of LTC is also likely going to find a price boost after it has stepped well above the 50 Moving Average. All the technical indicators have reacted in the bulls favor. Of course, this includes LTC/USD Relative Strength Index which is currently at the 40 position.

This along with the Moving MACD pattern (Average Convergence Divergence) for LTC (which is about to cross into the positive price position) also shows that the scenario will bring back the bulls for LTC.

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