The halving of Litecoin is just under a month away and with that, the fourth-biggest cryptocurrency is starting to slow down and we can see the cracks starting to show. After seeing a high for the year at $146 at the end of June, Litecoin has seen some significant losses with more than a 40 percent drop in under a month.
But according to one analyst, the worst isn’t over yet. Benjamin Blunts has shared his forecast on Litecoin’s future price action with his prediction coming in the form of a sandwich where two pieces of good news enfold the bad news.
Cutting Litecoin in Half
In less than twenty days, Litecoin will split into two. This is one of the most anticipated events for the whole crypto space in 2019, this is thanks to its bullish nature. On August 20th, block rewards for miners will be decreased from 25 to 12.5 coins. The cutback of coins that are currently circulating reduces the rate of inflation of the crypto token from 8.7 percent per year to 4.2 percent.
As reported by CCN:
“Many people expect that this event will likely supercharge Litecoin’s value. However, trader Benjamin Blunts thinks the exact opposite.
On July 15th, the analyst took to Twitter to share a chart and illustrate how the cryptocurrency has more downside potential. In the first of two tweets, the trader mentioned how Litecoin is “in an interesting place” because one can clearly see a complete five waves up. This is an indication that the market is no longer in a downtrend and that the bottom is in from a macro perspective.”
The analyst went on to say in a later tweet that “some more time is needed before we start a new impulsive leg to smash all-time highs.”
With this in mind, Litecoin should drop around the time of the halving.
At the end of the day, despite Litecoin showing signs of bearish movement, the upcoming halving will be leveraged to dump on unwitting retail traders. At the same time, there is another way of looking at the future of Litecoin in that it might experience a second coming of sorts and could see a new all-time high.
But given that the altcoins all seem to follow in the footsteps of Bitcoin, the future of LTC could all rest on the shoulders of the leading cryptocurrencies.
Tone Vays Calls Litecoin[LTC] A Scam; Litecoin Creator Defends it With a Coke-Pepsi Analogy
Leading derivatives trader and crypto analyst Tone Vays, in a recent tweet, alleged that cryptocurrency Litecoin[LTC] is a scam. He took a sarcastic dig at Litecoin supporters and posted a screenshot dated back to 2013, explaining why Litecoin is a scam.
Litecoin Brings “Nothing New to The Table”
Tone Vays’ posted explanation brings bad light to Litecoin, mentioning that Litecoin, unlike Bitcoin, doesn’t bring anything new to the table. The post mentions that Bitcoin is a technological innovation, whereas other altcoins like Litecoin are mere clones that retain the “pump and dump nature” of Bitcoin.
Furthermore, the post talks about the change in Litecoin mining protocol- a shift from SHA256d to scrypt. The latter is far more prone to attacks than the former and performs poorly on the consumer hardware. Secondly, the faster target block time was considered an issue as faster blocks bloat the blockchain more.
Charlie Lee Responds Using Coke-Pepsi Analogy
Interestingly, Charlie Lee, founder of the Litecoin Foundation responded and said that all such assumptions are based on the fact that Litecoin is not a viable currency. Furthermore, transactions worth $500B have been carried out on the platform in the past 8 years. He then went on to give an interesting analogy – if someone drank Pepsi and thought that Coke was inferior to Pepsi it didn’t make Pepsi a scam. His implication was that even if people thought that Bitcoin was superior to Litecoin, Litecoin is not a scam. Advertisement
Tracking the Twitter
This comment led to a tweetstorm and garnered interesting responses from crypto twitter. A twitter user with handle “Jack of Hearts” said that comparing the transaction volume didn’t make any sense. However, he was convinced of the Coke- Pepsi analogy.
Another user with twitter handle “BrainDeadXrpFan” said that he thought Vays was a scam. He further alleged that the latter mislead people into “not” buying anything while his own motive is to multiply his investments.
Twitter user Tanzeem said that Vays is a scammer as he charges 0.3BTC/ hour and still expects Bitcoin to go under $3000.
Talks about Litecoin just banking on Bitcoin’s market shares also surfaced. To which Lee replied that Litecoin helped Bitcoin immensely whereas Pepsi in no manner helps coke.
Another crypto user alleged that Lee sold his project for fiat thus defeating the very purpose of Bitcoin. Lee in a sarcastic tweet then answered that it was his money and the decisions regarding it are solely his.
Litecoin Price Takes a Moderate Plunge; Deals at $55
- Litecoin price embarks a bearish trend.
- This moderate fall is likely to be lifted soon.
Litecoin (LTC) is dealing with the bear attack and the current scenario of the market is giving mixed indications. The movement in the coin isn’t voluptuous and looks like the day would go in a similar way and the coin is slowly slipping towards the immediate support level.
Litecoin Price Analysis:
Litecoin started trading around $65 when the immediate price escalated to $71 by 9.60%. The price kept moving up and further jumped from $63.9 to $73.3 by 14.71%. The upsurge kept intact and took the price from $67 to $80 by 19.64%. However, unable to hold the price took a tremendous fall and touched $50 by 37.23%. The coin closed the month of September at $57.5 with a loss of 11.05%.
The ongoing month started with a moderate movement and there were a few slight upward movements. The price touched $58 from $53 by 10.23% and later, it jumped from $57 to $60 by 5.35%. The current trading price of Litecoin is $55.6.
Litecoin has spent two marvelous quarters in the ongoing year while the previous quarter brought a heavy fall in the price. We have stepped in the last quarter, and in the first fifteen days, we can observe an upward movement. The currency is most likely to bring an upsurge in the forth upcoming days.
|Resistance Level||Price||Support Level||Price|
In the above-mentioned chart, the price seems to be moving towards the immediate support level. The intraday traders might be closing the day with a marginal loss. However, the future of the coin is anticipated to be great and the traders are recommended for long-term investment to earn a colossal profit.
Litecoin (LTC/USD) forecast and analysis on October 15, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 56.67. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on October 15, 2019
As part of the Litecoin exchange rate forecast, a test level of 57.60 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 51.20. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 58.20.
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 stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 62.40. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on October 15, 2019 implies a test level of 57.60. Further, it is expected to continue falling to the area below the level of 51.20. The conservative area for selling Litecoin is located area of 58.20. Canceling the option of falling cryptocurrency will be a breakdown of the level of 62.40. In this case, we can expect continuation growth.