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 Founder Charlie Lee Invests in Startup Casa to Make Bitcoin ‘Easy to Use’
Litecoin founder Charlie Lee has revealed on Twitter that he is a supporter and investor in cryptocurrency custody startup Casa.
Charlie Lee is a fan of cryptocurrency custody startup Casa. The founder of Litecoin congratulated Casa on Twitter for hiring a new product lead, after which Lee revealed that he has invested in the startup.
Casa, the cryptocurrency custody startup that aims to maximize safety and security for its crypto users, are supported by Litecoin founder Charlie Lee.
Today, Charlie Lee tweeted about the startup, congratulating the company for hiring a product lead. Furthermore, Lee shared his confidence in the startup. The Litecoin founder compares Casa with the times when he joined Coinbase back in 2013.
The cryptocurrency startup has raised over $3.5 million over the past year. The goal of Casa is to offer a “key manager app in every pocket and a node in every home.”. The Keymaster mobile app is available for iOS and Android.
Last year the company released its first premium product dubbed “Keymaster,” a multi-signature service for bitcoin investors. Soon after, Casa announced its plug-and-play Bitcoin Lightning node, the “Casa Node,” to much fanfare, selling out its initial batch in two hours. Casa has shipped over a thousand Casa Nodes since it was released.
Litecoin to break out of the broadening wedge; on course for correction if support holds
Digital silver has not had the best couple of weeks. With anticipation about its block halving raising its price by over 300 percent in 2019, the event itself saw bearish price movement.
Litecoin, after reaching a high of over $140 in price two months prior to the halving, has seen a slump since. At press time, the cryptocurrency has been trudging below $75, losing over 45 percent of its price in less than 45 days. While other competing coins are relatively performing better than LTC, the fifth largest crypto will fall out of the top-5 if it does not break-out of this slump.
Source: Trading View
The weekly chart for LTC/USD looks to form a broadening wedge pattern which has shown inklings since December 2018. Formed by the peaks witnessed in December, April and in June, the peak of the same coincided with the $144 price of the coin.
On the other hand, the lows initially were part of small green candlesticks owing to the slow start of 2019, and of late, the price has been in a downward turn, leading to several red candlesticks. Four consecutive red candlesticks were seen as the price dropped by over 34 percent in June and July 2019 alone. The two weeks of August saw the price drop by $19 or roughly 21 percent, during the halving itself.
The slump looks to continue, with the support of $74.1 being tested during press time. If the same fails, the next support level stands at $67.66, which the coin bottomed out of during the close of April. Furthermore, the next support level stands at $60.15, which was part of Bitcoin’s massive April 2 price upheaval.
Source: Trading View
An important indicator for this to hold is the momentum. The Awesome Oscillator indicates that the short-term momentum has been surging over the long term momentum since March 2019, however, after reaching its price peak two months prior, the concluding bars are red, pointing a bearish market.
The MACD, on the other hand, shows that the Signal line overtook the MACD line, indicating bearish momentum for the coin. The Bollinger Bands, which point to a financial asset’s volatility indicate that the price is fluctuating significantly over the past few weeks. Additionally, the trend line indicates a turnover from the bulls to the bears after 5 August.
Litecoin Presents a Great Investment Opportunity As It Tests a New 3-Month Low
The performance of Litecoin (LTC) over the past weeks has been very poor. The price of Litecoin (LTC) has been on a downward trend a couple of weeks before the Litecoin halving event took place on August 5. On the day of the event, LTC USD price tested a high of $100. However, it has lost more than 25 percent of that value at the press time. Over the past 14 days, the price of Litecoin (LTC) has plunged by more than 22 percent.
The recent decline in the price of Bitcoin (BTC) dragged the altcoin market along. Many altcoins plunged heavily and tested new yearly lows. Litecoin (LTC) also lost a considerable fraction of its value and plunged to the low of $70. Litecoin lost its position to Bitcoin Cash some weeks ago. Since then, the digital currency has not been able to reclaim its position. It is now at the fifth position on the list of top digital currencies by market cap.
Litecoin Price Analysis – Litecoin Tests 3-Month Low – Litecoin Price Prediction 2019 – Cryptocurrency Market Update
The past few days have been pretty hot for Litecoin (LTC) and other digital currencies. The price of Litecoin was on a continuous downtrend for more than two days. The price of Litecoin (LTC) broke below the $84 support level and continued heading south. The $77 support was not able to prevent further losses and LTC USD Price plunged further to the $70 area. The digital currency has slightly recovered over that level and it is now trading around the $74 range.
The digital currency is currently facing hurdle on the upside at the $75 and $77 resistance levels. Over that level, the next resistance is at the $80 and $84 levels, which contains the 200-day exponential moving average. On the other side, the immediate support of the digital currency is at the $71 mark. If the price of Litecoin plunge below that level, it is likely to find support around the $67 mark. The next support levels after that are the $65, $63, and $60 levels. However, it is unlikely for Litecoin (LTC) to plunge towards that level. The digital currency seems settled at the moment, but it needs enough bullish traction to surge higher and return to its previous trading position.
Litecoin (LTC) Price Today – LTC / USD
Now Is the Best Time to Invest In Litecoin (LTC) – Best Cryptocurrency to Invest in 2019 – Cryptocurrency Market Update
The search for the best cryptocurrency to invest in 2019 is an unending one for many digital asset investors. While others complain during trading periods like this, some digital asset investors usually see it as a great opportunity. The low prices of digital currencies allow investors to acquire more coins and increase in their holdings.
The price of Litecoin (LTC) is down to around the $74 mark, and it is unlikely to plunge further below the $70 mark. This means this is a great time to acquire more LTC coins or to invest in the coin if you have not done so before. The price of the digital currency is more likely to bounce back in the short-term, and many digital asset investors would be smiling to the bank when this happens.