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Litecoin: The pair might be setting up for a move higher

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  • Nice trendline break yesterday could indicate a further move higher
  • Intraday 76.00 could provide support – before LTC/USD breaks higher
  • Both the MACD and Stochastics have moved into positive territory
LTC USD 4 hour

Litcoin is not one of the best performing cryptocurrencies today but there has been a bullish trendline break that we need to take notice of. The trendline on the chart broke yesterday taking out the 77.00 wave high in the process. Today the price is still in the consolidation area but at slightly higher levels. 

The area we need to watch is 78.13, which LTC/USD did breach for a short period of time. Recent price action has taken LTC/USD back down below that level but we need to watch for a break and close above as this would mean a continuation of the lower high lower low trend pattern on the 4- hour chart. If we are to see a push to higher levels, something we may

see is a retest of a trendline or a previous consolidation high for support. 

On the 4-hour chart, the stochastic indicator is in an overbought zone and could dip lower to give the price some room to breathe before another move up. The MACD histogram is also positive as the two moving averages diverge but interestingly both the moving averages have not crossed the mid-line to the upside so we cannot confirm a full change of trend yet. 

On the zoomed in 1-hour chart below, you can see the resistance level hold. On the one hour chart, the 76.00 level could be seen as a good support point for support before we get a move higher. On the other hand, if it does break and hold below, this could be bearish and prices might retest the lows again. For now, the base case scenario is a break of 78.50 back to the upside so we can get another test of 80.00. 

LTC USD 1 hour chart

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Litecoin (LTC/USD) forecast and analysis on January 24, 2020

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Cryptocurrency Litecoin (LTC/USD) is trading at 56.74. 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 lower border of the Bollinger Bands indicator stripes.

Litecoin (LTC/USD) forecast and analysis on January 24, 2020

As part of the Litecoin exchange rate forecast, a test of the level of 55.80 is expected. Where should we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 63.20. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator strip at 55.20.

Litecoin (LTC/USD) forecast and analysis on January 24, 2020

Cancellation of

the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower boundary of the Bollinger Bands indicator strip. As well as a moving average with a period of 55 and closing quotations of the pair below the area of ​​53.60. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on January 24, 2020 implies a test level of 55.80. Further, growth is expected to continue to the area above the level of 63.20. The conservative buying area is located is near the area of ​​55.20. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 53.60. In this case, we should expect continued fall.

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New Privacy Features Expected On Litecoin (LTC)

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  • Litecoin is making updates to its privacy and has successfully raised a quarter of the money needed to fund the development.
  • More users have been pushing for more privacy features on cryptocurrencies to protect transaction information, as governments seek to collect and retain more data on daily monetary transactions.

In January 2019, Litecoin founder Charlie Lee had started talking about plans to update the privacy of Litecoin and introduce confidential transactions. Finally, in August 2019, he roped in David Burkett, a Grin developer, to join the project. David Burkett published two proposals for Litecoin improvements, which are the results of working with Charlie Lee and a Bitcoin researcher, Andrew Yang, to design a Mimblewimble block to enable Litecoin confidential transactions. One proposal describes adding extension blocks to improve the functionality of Litecoin without changing its consensus rules, while the other proposal details the implementation of MimbleWimble to improve the privacy of transactions..

Four months later in December, the Litecoin Foundation started raising funds of $72,000 to hire David Burkett on the project for a year

to create privacy solutions for Litecoin with the Mimblewimble protocol. Charlie Lee had said he would match all donations for the project on a 1:1 basis. The Litecoin Foundation got the ball rolling by donating $5,450 in Litecoin and Bitcoin.

As of January, about $9,500 in Litecoin and $100 in Bitcoin has been raised. Charlie Lee has continued to call for donations to raise the remaining three-quarters of the funds needed for the project. As such the remaining amount to be raised is only $36,000, and Charlie Lee would be covering the rest.

Yet some people don’t think that this contribution is sufficient. There have been views raised by the community that Charlie Lee should pay for the entire project since he earned a large amount of profits selling his Litecoin when Litecoin soared to its highest value ever in December 2017.

Some other users also speculate that Litecoin is dying, which is why Charlie Lee has to raise funds from the community for the privacy project. He has reportedly stated on Twitter that it has been difficult to find the quality people needed to work on Litecoin development.

If the project continues to raise funds at the rate it has done so far, the project is expected to be completely funded in 3 months. In January 2020, David Burkett plans to focus on the details of Litecoin’s headers and kernels, crafting the plan for building the update and moving database implementations to libmw-core. Improvements to Litecoin look to be moving along after stagnating throughout 2019.

Litecoin has struggled to improve adoption but with more privacy on Litecoin, usage and purchase may pick up. Dusting attacks were made on Litecoin wallets in August 2019, and owners could have been identified through analysis of the wallet activity and addresses. At the same time, there have been more legislation cracking down on private coins and delistings have taken place due to the privacy features of some cryptocurrencies.  

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Litecoin price analysis: LTC/USD bulls desperate to push the price above $60.00

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  • The Litecoin network processed a solid number of transactions worth $100 billion in 2019.
  • LTC/USD needs to break above the psychological barrier of $60.00 to proceed with the recovery.

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday.

The coin has been range-bound with bullish bias since it hit $55.34 on January 19.  Litecoin’s price movements are affected mostly by speculative sentiments and technical factors. 

Litecoin network has seen sustained usage in 2019 

In 2019, Litetcoin network processed transactions worth over $100 billion, which is a solid figure but still less than the number registered in 2018. For the sake of comparison, the Bitcoin network transacted $2.5 trillion, while Visa processed transactions to the tune of $11 trillion in 2018. 

  • The Litecoin network processed a solid number of transactions worth $100 billion in 2019.
  • LTC/USD needs to break above the psychological barrier of $60.00 to proceed with the recovery.

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95, mostly

unchanged both on a day-to-day basis and since the beginning of Wednesday.

The coin has been range-bound with bullish bias since it hit $55.34 on January 19.  Litecoin’s price movements are affected mostly by speculative sentiments and technical factors. 

Litecoin network has seen sustained usage in 2019 

In 2019, Litetcoin network processed transactions worth over $100 billion, which is a solid figure but still less than the number registered in 2018. For the sake of comparison, the Bitcoin network transacted $2.5 trillion, while Visa processed transactions to the tune of $11 trillion in 2018. 

  • The Litecoin network processed a solid number of transactions worth $100 billion in 2019.
  • LTC/USD needs to break above the psychological barrier of $60.00 to proceed with the recovery.

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday.

The coin has been range-bound with bullish bias since it hit $55.34 on January 19.  Litecoin’s price movements are affected mostly by speculative sentiments and technical factors. 

Litecoin network has seen sustained usage in 2019 

In 2019, Litetcoin network processed transactions worth over $100 billion, which is a solid figure but still less than the number registered in 2018. For the sake of comparison, the Bitcoin network transacted $2.5 trillion, while Visa processed transactions to the tune of $11 trillion in 2018

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