Cryptocurrency Litecoin (LTC/USD) is trading at 102.41. 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 July 14, 2019
As part of the Litecoin course forecast, a test level of 105.40 is expected. Where should we expect an attempt to continue the fall of LTC/USD and further development of the downward trend. The purpose of this movement is the area near the level of 86.20. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 117.20.
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 the moving average with a period of 55 and closing quotations of the pair above the 120.50 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 July 14, 2019 implies a test level of 105.40. Further growth is expected to continue to the area above the level of 86.20. The conservative area for buying Litecoin is located area of 117.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 120.50. In this case, we should expect the continuation of the fall.
Litecoin (LTC) Trading Volume Grows, Will $100 Stop Buyers?
- Litecoin (LTC) recovery, adds 13.3 percent in 24 hours
- Ron Paul is a supporter of cryptocurrencies
Despite FUD around cryptocurrencies, Litecoin bulls are active. Rejecting lower prices, LTC could float higher to $100 or better in coming days. Currently, bears will likely press lower since prices are down 17.4 percent week-to-date.
Litecoin Price Analysis
Undoubtedly, for what they seek to achieve, cryptocurrencies are the building blocks of a borderless future. As Bitcoin’s founder Satoshi Nakamoto laid down the seed that is now blossoming, attracting comments from Donald Trump and high-ranking policymakers, cryptocurrencies now finds itself at a crossroad.
Although bans tend to reinvigorate participation, tempering digital assets and making the network robust as seen in Q4 2017 following China’s ban, there is a risk of a clampdown as regulators force market players to comply with relevant rules.
Even so, not everyone is in sync with Steven Mnuchin or Donald Trump’s view that cryptocurrencies are tools for criminals. Ron Paul, a former Presidential candidate, is fond of cryptocurrencies.
Talking to CNBC, he said:
“I’m for the least amount of regulation. I don’t know what’s going to happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud […] I think that the government has a role. And somebody has a case that there is fraud, I think it should be investigated […] What I want to do is legalize the freedom of choice, absent blatant fraud.”
Presently, there is a slight recovery of asset prices across the board. However, this is common after a period of steep price decline. Trading below the $100 round number and the six-month support trend line forming a strong resistance confluence, sellers are in control. Regardless, there is a tinge of optimism.
Following a double bar bull reversal pattern from $75, LTC bulls may print higher. In that case, the first target will be $100. From there, sellers can fine-tune their entry in smaller time frames in readiness for $50 in a possible retest.
On the flip side, if there is a high-trade volume close above $100 ahead of August 5 halving, LTC could float higher towards $120 and $180 in a trend continuation phase.
Anchoring this trade plan is June 27 bear candlestick with high trading volumes of 824k. For confirmation of bulls or bears, subject to the direction of the breakout, the leading candlestick must be with high participation exceeding 824k. That will spur demand or liquidation with targets at $180 or $50 respectively.
Litecoin Price Spikes Again Ahead of August Halving in 23% Spike
Even a tweet of a Litecoin-hating influencer could not stop it from registering its most profitable day in three weeks.
The world’s fourth-largest largest cryptocurrency established an intraday top of $95 after ballooning by more than 23 percent in the previous 24 hours. The surge appeared after American football team Miami Dolphins made Litecoin (Ticker: LTC) its official cryptocurrency. The collaboration will allow fans to pay for the team’s 50/50 raffle via Litecoin, and as well via Bitcoin.
Double the Bulls
The announcement escalated Litecoin’s bullish bias as the cryptocurrency prepares to undergo a supply cut on August 6 this year. The so-called halvening event will reduce the blockchain reward on Litecoin blockchain by half – from 25 LTC to 12.5 LTC. That would prompt miners to add less LTC units to the cryptocurrency ecosystem. The deflationary nature of the entire process makes Litecoin an ideal asset to hold.
Mati Greenspan of eToro discussed the impact of halvening events on cryptocurrencies in a Bloomberg interview. The senior financial analyst recalled the exponential upside actions in both the Bitcoin and Litecoin markets following their supply rate cuts.
“So, if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he added. “This is quite normal for the crypto market.”
But not everybody agrees. Francis Pouliot, co-founder & CEO, tweeted on Thursday that Miami Dolphins is becoming complicit in a scam run by Litecoin Founder Charlie Lee.
Litecoin is Trending Downwards
Despite the medium-term bullish calls, the litecoin price continues to trend downwards, capped by a rigorous resistance trendline depicted via black in the 4H chart above. Unless the price breaks above it, the fear of an extended bearish correction looms.
In the near-term price action, litecoin could close above the interim resistance level of $95.88 to test the $105.47 level for a brief pullback. Nevertheless, jumping above 105 would also take price above the descending trendline. If the break gets accompanied by a surge in 4H volume, then the LTC price could extend its upside momentum towards the $126.91 level.
At the same time, the $64.86 appears like the primary downside target for bears should the fall continues.
Litecoin Price Rebounds 14% as Halving Volatility Looms
Litecoin (LTC) has gained more than 14 percent in 24 hours, surging from a low of $77.60 on Tuesday to a high of $93.05, before dropping slightly to $90.09 where it is currently trading.
A Wild Week for the Litecoin Price
The move saw the litecoin price outpace its peers as the crypto market struggled to recover from a punishing correction. LTC sunk as low as $76.70 during the sell-off.
It is fair to say that it has been an up-and-down week for the crypto market’s fourth-largest player. CCN reported earlier in the week that the Litecoin Foundation secured a partnership with the Miami Dolphins to accept cryptocurrency payments for the team’s 50/50 raffle using LTC and BTC. Despite this, litecoin found itself locked firmly in a downtrend mirroring that of market leader bitcoin.
Typically, when bitcoin sneezes, the entire crypto market catches pneumonia, but litecoin has bucked the trend somewhat, defying bitcoin’s dominance to break out on its own back in February. This time around, however, litecoin was sucked down with bitcoin, only finding its way back into positive territory over the past 24 hours.
More Volatility Still to Come
As a result of the halving event, which will cut the cryptocurrency’s inflation rate in half 18 days from now, the expectation is that LTC traders will yet experience some more unpredictable activity. When the halving takes place, the block rewards generated per successful hash will halve from their current rate. It is far from clear what effect this will have on the cryptocurrency itself, however.
Litecoin founder Charlie Lee believes that halving will hit miners hard, even predicting that some of them will close shop altogether. Afterward, he says, “everything will be fine.”
LTC is now trading at 200 percent of its price level at the start of the year, underlining the strength of the crypto market’s recovery from 2018’s year-long bear period.
Regardless, LTC is now worth only about 22 percent of its all-time high value of $420 which it achieved on December 12, 2017, during the historic crypto market bull run.