- 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 (LTC/USD) forecast and analysis on December 6, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 43.88. 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 lower border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on December 6, 2019
As part of the Litecoin exchange rate forecast, a test level of 45.60 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 39.40. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 49.50.
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 50.20. 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 December 6, 2019 implies a test level of 45.60. Further, it is expected to continue falling to the area below the level of 39.40. The conservative area for selling Litecoin is located area of 49.50. Canceling the option of falling cryptocurrency will be a breakdown of the level of 50.20. In this case, we can expect continuation growth.
Litecoin Price Analysis: LTC/USD false breakout culminates in a bull trap
- Litecoin fails to sustain gains towards $50, instead, corrected to test the support range between $43 – $44.
- The falling wedge pattern is likely to boost Litecoin’s jump above $50 in the near term.
Litecoin is trading at $44.33 after a minor recovery from $43.93 (intraday low). Over the last few days, apart from yesterday, Litecoin has been forming a lower high and a lower low pattern. The two trendlines connecting the lows and highs created a falling wedge pattern. A breakout from the pattern on Thursday in a bullish engulfing pattern jumped above $46 and $47 hurdles respectively.
However, the gains became unsustainable forcing LTC back inside the wedge pattern. The region between $43 and $44 is coming up as credible and formidable support for Litecoin. However, the upside continues to be
The RSI has avoided the levels below 30 since the recent sharp losses saw Litecoin dive to $42. In other words, Litecoin oversold conditions are still at bay and declines are likely to continue amid the hunt for a proper bottom.
The gap between the 50 SMA at $45.29 on the 1-hour chart and the 100 SMA at $46 puts emphasis on the presence of the sellers. Litecoin must focus on trading above $50 to come out of the bearish range as well as the falling wedge pattern.
LTC/USD 1-hour chart
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Litecoin News Today – Top Headline for Litecoin LTC December 5th, 2019
- Litecoin Foundation begin fundraising for implementation of MimbleWimble
- Charlie Lee endorses the MimbleWimble fundraising scheme
The relationship between Litecoin and MimbleWimble seems to be waxing strongly as users can now participate fully in the funding enterprise with Charlee Lee. Briefly, after David Burkett, the lead developer of the Grin Blockchain and MimbleWimble (MW) protocol revealed the status of MW’s execution into the Litecoin (LTC) network, Ilir Gashi, the communicating Manager of the LTC foundation declared a fundraising scheme to aid Mr. Burkett’s work.
Commenting on the Progress of WM, Mr. Burkett stated that they are facing some funding challenges. He declares that he is extremely thrilled by the fact that LTC foundation had “graciously decided” to fund his efforts at executing the MW extension block, and also progressing on the work on Grin++.
Litecoin (LTC) Price Today – LTC / USD
Following the developmental update, the Litecoin Foundation officially declared the launch of the Litecoin Confidential Transactions, a dedication fund. The company stated that all funds received within the framework will be spent towards sponsoring David Burkett and his execution of the Extension Block. Also, the MimbleWimble code of Litecoin will not be left out.
Commenting on the fundraising scheme, Ilir Gashi stated that, “The plan is for David to work 30 hours a week. This will be split into 15 hours for Grin++ and 15 hours for MimbleWimble via Extension Blocks. We believe that this will be a mutually beneficial arrangement because Grin++ code will eventually be forked onto Litecoin’s Extension Block. Therefore any development in Grin++ will be immediately beneficial to Litecoin.”
For the fundraising, everyone can participate by donating his/her BTC and LTC for private development on the Litecoin network. This proposal aims to raise $6,000 monthly for a year or a total of $72,000.
Charlie Lee Endorses the WM Fundraising Scheme
At the kick start of the fundraising campaign, several members of the LTC community made their donations. Currently, over $5,800 has been raised, so Mr. Burkett does not need to worry about the benefit for the first 29 days of his work.
The Managing Director of Litecoin Foundation, Charlie Lee stated that he approves of this scheme. Mr. Lee also declared that he will multiply every donation made. He went thus:
“111.07 LTC and 0.00284 BTC have already been donated! (~$5133) We are almost 1/10 of the way to the goal. I am going to do a donation match towards this donation drive. At the end of every month, for every LTC/BTC donated, I will match the same amount.”