The former fourth-largest coin on the CoinMarketCap, Litcoin [LTC], slipped a spot lower, succumbing to EOS’ price spike in price. Currently, LTC sits at the fifth position, after putting on a major show last weekend.
The price of the silver coin climbed to $44.51, transcending previous resistance during the early hours of February 13. Later the same day, the coin’s valuation fell near the support zone of $42.10.
The price recorded for the previous day opened at $43.17 climbing to $44.14. The low registered for the day was at $42.54 before closing at $43.94. The volume of the digital coin traded during the day accounted for $1.09 million.
The pair LTC/BTC led the queue at DOBI Exchange at $42.69, sweeping a volume $60.30 million being traded during the last 24 hours. Coineal stood next with a volume of $54.52 million being traded across the exchange at a value of $42.68. This was followed by OKEx trending third at a volume of $42.72 million at a valuation of $42.68.
At the time of writing, Litecoin was trading at a market cap of $2.58 billion with a value of $42.80. The circulation volume accounted for $1.08 billion. A decline of 1.05% was exhibited by the silver coin over the day.
An upward trend from $33.55 to $43.30 and a downtrend from $46.57 to $43.31 had been recorded by the coin in the hourly chart. The resistance is marked at $43.72 and support is at $41.02.
Bollinger Bands: The BB indicator shows a slight expansion. This predicts an odds-on price fluctuation of the coin.
MACD Indicator: The MACD line is below the signal line, indicating a bearish trend for the coin’s valuation.
Klingor Oscillator: The KO indicator currently in the bear zone, points towards a potential bullish cross-over after a bear phase for LTC.
Parabolic SAR: The dotted line aligned below the candles predicts the coin to follow a bullish trait.
Awesome Oscillator: Additionally, the lines turning green in AO indicator also depicts a bullish phase for LTC.
Chaikin Money Flow: The CMF graph is still above the zero-line further indicating a bullish trend for the coin’s value.
The hourly chart for LTC by MACD and KO predicts the coin hovering in bear’s territory along with a hint of price volatility. While the indicators- Parabolic SAR, AO and CMF for the 1-day chart fleeing to the bull’s zone after the brief collapse.
U.S. Treasury Discloses Bitcoin and Litecoin Addresses of Alleged Chinese Drug Smugglers
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.
Litecoin Dumped Over 50 Percent but a Bounce Is in Sight
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.
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.
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.
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Litecoin’s Post-Halving Dumping Worsens, What Went Wrong With LTC?
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
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.