Connect with us

Litecoin

Litecoin is up 183% in 2019: What is pushing the price up?

Published

on

Litecoin (LTC) has seen a dramatic increase in price over the course of 2019, surging a staggering 183% from $30 up to the current price of $57. What is driving the price of the fourth largest cryptocurrency in 2019?

The LTC halving is set for August 2019

Litecoin operates much like Bitcoin, and will also be performing a reward halving. Unlike Bitcoin, the halving is set for August 2019 while Bitcoins next halving is set for May 2020. The LTC halving will see the mining reward per block cut down from 25 LTC down to 12.5 LTC. In the past, reward halvings have caused the token price to increase before the halving occurs. In the months leading up to the 2015 LTC halving, the coin rose over 700%. LTC is currently in the same trend since January.

BTC has always seen an increase in price following the halving of block rewards. The trend has proven to be true in the past two halving and there is no reason why it should not be true for bitcoins 2020 halving.

Image from Gyazo

Litecoin is a proven cryptocurrency

Litecoin has proven itself to be a real digital asset over the past few years. The project, which was founded by Charlie Lee in 2013, makes it one of the oldest projects that are still relevant, only beaten by Bitcoin. Litecoin has remained and continues to remain relevant in the crypto industry.

Litecoin continues to develop and evolve

Litecoin might be the fourth biggest cryptocurrency in the world, but that has not stopped the team from continuously pushing upgrades and development on the project. Litecoin founder Charlie Lee recently admitted that he is “now focused on making Litecoin more fungible by adding confidential transactions.” Lee clearly has big plans for Litecoin to continue pushing the project with new features.

Litecoin continues to push mainstream media marketing

When it comes to marketing, LTC is not shy to splash the cash to get the LTC name out in the public. Litecoin has most recently partnered with the Ultimate Fighting Championship (UFC) for UFC 232. The UFC, which was last evaluated to be worth over $7 billion by Forbes Magazine, featured the Litecoin logo in the octagon for UFC 232. The event which was viewed to millions of UFC fans across the globe would have received plenty of attention. This easily could have caused an increase in the price of Litecoin.

Ultimately, LTC has proven to be a project that has stood the crypto test of time. Founder Charlie Lee continues to remain active with his project and is now looking to create privacy features to the project as well. Litecoin will continue to market itself to the world in an attempt to push mainstream adoption. If Bitcoin can reach $20,000 again in the future, there is no reason why the world’s fourth most popular cryptocurrency, the little brother of Bitcoin, cannot reach $300 once again.

Image from Gyazo

News Source

Advertisement
Click to comment

Litecoin

Litecoin (LTC/USD) forecast and analysis on March 21, 2019

Published

on

Cryptocurrency Litecoin (LTC/USD) is trading at 58.58. 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 middle border of the Bollinger Bands indicator.

Litecoin (LTC/USD) forecast and analysis on March 21, 2019

As part of the Litecoin course forecast, a test level of 57.50 is expected. Where can 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 64.20. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator bars at the level of 57.10.

Litecoin (LTC/USD) forecast and analysis on March 21, 2019

Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower limit of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotes pair below the area of ​​54.20. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of a breakdown of the upper 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 March 21, 2019 suggests a test level of 57.50. Further, the continuation of growth to the area above the level of 64.20 is expected. The conservative area for buying Litecoin is located area of 57.10. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 54.20. In this case, we should expect the continuation of the fall.

News Source

Continue Reading

Litecoin

Litecoin [LTC] Price Analysis: Potential price rally forecast even as coin exhibits bearish momentum

Published

on

The fourth largest coin on CoinMarketCap, Litecoin [LTC], was trading above $60, at press time. LTC emerged as one of the winners in the recent market surge, and the coin has doubled in value since the beginning of the year.

At press time, the crypto asset held a market cap of $3.67 billion, and was priced at $60.50. The digital silver registered a 24-hour trading volume of $1.85 billion. LTC exhibited a growth of 1.71% against the US dollar in the past 24 hours, while a growth rate of 7.23% was recorded over the past seven days.

Coineal continued to contribute significantly to the coin’s 24-hour trading volume, providing 7.86% of the total trade volume via the LTC/BTC trading pair. Coineal was followed by DigiFinex and Coinall with 5.82% and 4.48% of the trading volume, respectively.

1-hour

Source: TradingView

LTC’s one-hour chart exhibited a minor uptrend from $52.39 to $55.44, and another uptrend from $55.86 to $60.29. The minor downtrend from $61.40 to $59.28 can be attributed to the latest dip in the coin’s price, following a bullish recovery. The immediate resistance was at $65. The support for the coin was found at $52.39.

Bollinger Bands: The mouth of the bands depicted a volatile future for the coin’s price in the short term.

Awesome Oscillator: The closing bars of the indicator were red, and indicated bearish price momentum for Litecoin.

Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that the money was flowing into the coin market. Hence, a bullish price pattern was predicted for the silver crypto asset.

1-day

Source: TradingView

The candlestick arrangement on the one-day chart of LTC showed an uptrend from $32.84 to $45.63, and a major downtrend from $83.85 to $33.98. Immediate resistance for the crypto asset was marked at $88.55, while the immediate support firmly stood at $28.84.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting that the coin was following a bullish trail.

Klinger Oscillator: The reading line was below the signal line, posting bearish pattern for the crypto coin.

MACD: The MACD indicator suggested a potential bearish crossover.

Conclusion

The short-term indicators for Litecoin projected mixed signals, with a hint of potential breakouts. However, a majority of the long-term indicators sided with the bear.

Source. ambcrypto.

Continue Reading

Litecoin

Litecoin (LTC) Unlikely To Break Past $65 As Price Runs Into Trend Line Resistance

Published

on

Litecoin (LTC) has been on a roll for the past few weeks and it has now broken past the 61.8% Fibonacci retracement level and is eyeing the 1.272% Fib level to finish this rally. We saw LTC/USD run into the top of the ascending channel soon after it broke past the 61.8% Fib level but it did not decline sharply. Instead, the price started to rise again after a minor pullback and ran into the trend line resistance once again. The price is expected to do the same once more after a small retracement short term. This next rally would most likely result in a test of the 1.272% Fib level at the top of the ascending channel. That is expected to be the final move to the upside before the next major decline sets in.

The halvening FOMO had a big impact on the price of Litecoin (LTC) and we saw the price rise aggressively when the mainstream media started talking about Litecoin (LTC)’s next halvening in August, 2019. We are still a long way from August but considering that Litecoin (LTC) is not a big enough cryptocurrency to be a bought on OTC markets, most of the buying and selling is done on exchanges and when some traders started to see the whales accumulating large amounts of Litecoin (LTC) they followed. This led to the herd following both the whales and the professional traders and the price of Litecoin (LTC) shot up until it topped out on most time frames. Please note that whenever the whales want something so bad, they want to create a negative experience.

Chart for LTC/BTC (1W)

The way this works is that you prop up the price of an asset prior to an expected development and then you crush its price well before that development (halvening). They have been doing it with stocks, commodities and a plethora of other financial assets for years. Let’s say a company had good earnings and Wall Street wants the stock really bad. So, they crush the price so the retail investor would feel bad about the price going down on positive news. We saw the same happen with Ripple (XRP) when the price kept declining sharply during its Swell Conference in 2017. A lot of people took this as a sign of weakness but the professionals knew what was going on so they bought the dips. In the weeks after, Ripple (XRP) rose to a new all-time high.

Litecoin (LTC) is having a good run now but when the market starts to decline, a lot of people are going to give up and Litecoin (LTC) is most likely going to get crushed one of the hardest because it has already rallied so aggressively. This will once again result in a lot of people giving up on Litecoin (LTC) but the smart money as always will know when to buy for long term. Litecoin (LTC) is down more than 83% from its all-time high and we expect it to go down further. However, let us not forget that the price cannot just decline 100%. No matter where the bottom is, there is no doubt that it is very close. So, if anything this is the time to be accumulating, not selling.

News Source

Continue Reading
Advertisement
Advertisement
Open

Close