Litecoin [LTC], the silver counterpart of Bitcoin [BTC] is considered as one of the most dominant altcoins. The coin is scheduled for a block reward halving on August 6, 2019.
After a particular halving, the virtual asset is supposed to witness a bullish trend. However, Tone Vays believes that Litecoin [LTC] halving will be bearish for the altcoin’s future.
At a recent meet up held in Philadelphia, Tony Vays was asked to express his views on the LTC halving. Vays stated that it would be entirely bearish for Litecoin and would be particularly bullish for Bitcoin [BTC].
He explained his statement and said that Bitcoin [BTC] halving usually reminded miners of scarcity. The scarcity factor usually drives up the value factor of a virtual asset, which makes it more profitable for the miners to mine.
Tony Vays stated,“In the case of Litecoin [LTC], the scarcity is not a major factor because Litecoin is unsecured inflation on top of Bitcoin.”
Additionally, Tone Vays stated that Litecoin [LTC] had more competitors in the market compared to the dominant Bitcoin [BTC]. He mentioned that Litecoin halving should remind the industry that there was no value to mine Litecoin [LTC] in the current market. On the contrary, he believes that Bitcoin [BTC] halving will create opportunities for miners to find more valuable Bitcoins.
Tony Vays said,“Litecoin is easily replaceable, so investing a lot of money in Litecoin mining infrastructure only to watch Litecoin disappear in the halving is a problem. Hence, halving is a major problem for Altcoins but, not necessarily for Bitcoin.”
He added that the bullish trend after the Litecoin [LTC] halving would not drive Bitcoin’s [BTC] price valuation through any major highs, but would still play a crucial role.
Litecoin market update: LTC/USD trims gains within a falling channel
- Lower lows and lower highs within a descending have seen Litecoin test the support at the 23.6% Fib level.
- The trends shown by the MACD and the RSI show that the price has found a short-term bottom.
Litecoin is trading below the moving averages after extended the declines from the highs achieved in April. Lower lows and lower highs within a descending have seen Litecoin test the support at the 23.6% Fib level between the last drop from $98.1092 to a low around $60.8035 close to $70.00.
Meanwhile, attempts to beat the bearish pressure in the three weeks have failed miserably. At the time of writing Litecoin is trading at $74.36 while battling the resistance at the 38.2% Fibo. LTC/USD needs to zoom above this hurdle in order to enter a bullish zone between $75 and $80.
The trends shown by the MACD and the RSI show that the price has found a short-term bottom. The RSI touched the oversold but recovered to 47.05. Although it is unable to correct above the average at 50.00 the ranging motion means that traders can expect LTC/USD to say above the key support at $70.00 and the immediate resistance at $75.00.
Litecoin (LTC) Price Remains At Risk Of More Losses
- Litecoin price failed to stay above the crucial $75.20 support and extended losses against the US Dollar.
- LTC price tested the $70.40 level and it remains at a risk of more losses.
- There is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could decline sharply if there is a break below the $70.40 and $70.00 support levels.
Litecoin price is currently trading below key supports against the US Dollar and bitcoin. LTC could tumble towards the $65.00 or $62.00 support if the $70.00 gives way.
Litecoin Price Analysis
In the past few days, there were range moves litecoin price below the $84.50 and $85.00 resistances against the US Dollar. The LTC/USD pair made a few attempts to break the $84.50 resistance, but it failed. As a result, there was a drop below the $78.00 support and the 55 simple moving average (4-hours). The decline was such that the price failed to stay above the crucial $75.20 support and extended losses. Sellers even kicked the price below the $72.50 support level and a new monthly low was formed near $70.40.
The price is currently consolidating gains above $70.50. It broke the 23.6% Fib retracement level of the last drop from the $79.77 high to $70.72 low. On the upside, there is a strong resistance formed near the $75.20 and $75.40 levels. The 50% Fib retracement level of the last drop from the $79.77 high to $70.72 low is also near the $75.20 level. Moreover, there is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair.
Finally, the 61.8% Fib retracement level of the last drop from the $79.77 high to $70.72 low is at $76.20. Therefore, the price is likely to struggle near the $75.20 and $76.20 resistance levels. Only a successful close above $78.00 and the 55 simple moving average (4-hours) could start a fresh increase.
Looking at the chart, litecoin price is clearly trading below key supports at $75.20. If it fails to recover above $75.20 and breaks the $70.40 support, there could be more losses. A clear break below the $70.00 support may push the price towards the $65.00 level. However, the main support is near the $61.40 level (the previous breakout resistance area).
4 hours MACD – The MACD for LTC/USD is placed heavily in the bearish zone, with a lot of negative signs.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently recovering from 30, but it is well below 50.
Key Support Levels – $70.00 and $65.00.
Key Resistance Levels – $75.20 and $78.00..
Litecoin (LTC/USD) forecast and analysis on April 25, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 73.92. 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 lower border of the Bollinger Bands indicator bands.
Litecoin (LTC/USD) forecast and analysis on April 25, 2019
As part of the Litecoin course forecast, a test level of 77.20 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 64.10. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 82.00.
Cancellation of the option to continue the decline in the rate of Litecoin will be a 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 84.20 area. This will indicate a change in the current bullish trend for LTC/USD. In case 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 April 25, 2019 implies a test level of 77.20. Further, it is expected to continue falling to the area below the level of 64.10. The conservative area for selling Litecoin is located area of 82.00. The cancellation of the option of falling cryptocurrency will be the breakdown level 84.20. In this case, we can expect continued growth.