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.
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.