On-chain data around Litecoin is showing several healthy indicators, including an increase in the number of large transactions on the network. Apart from that, Litecoin’s volatility and price correlation to Bitcoin have dropped, indicating that there’s potential for a major LTC/BTC rebound.
Deep dive into Litecoin network data
The world’s fifth-largest cryptocurrency by market cap, Litecoin, has spent the better part of the year struggling against Bitcoin. After dropping to a yearly low of $65 at the beginning of September from a peak of $98 at the beginning of August, the coin has only now started showing signs of recovery.
Nonetheless, reports of mining unprofitability and a decreasing hashrate, stemming from the halving, seem to have raised doubts about the network, even though fundamentally Litecoin remains secure, according to answers in an interview with founder Charlie Lee.
However, a deep dive into Litecoin showed that the lack of confidence was largely unfounded. Instead, network data shows Litecoin is both healthy and growing. Data service Into The Block showed that the concentration of large holders on the network was going up, as was the number of large transactions.
Moreover, the coin’s price hasn’t dropped significantly after the Aug. 5 halving, but its correlation to Bitcoin, one of its main bullish indicators, did.
More large transactions and more whales
In the past 24-hours, the Litecoin network has seen the number of large transactions on its network go up. Into The Block defines a large transaction as greater than $100,000, and the data revealed that there is an increasing number of people moving large amounts of money on the Litecoin network.
Another major bullish sign is the number of people who have made
The graph shows that 1.09 million, or a third of all Litecoin addresses, were in the money.
Litecoin’s correlation to Bitcoin, which is seen as one of the network’s main bullish indicators, has also been steadily declining. The coin reached its 30-day high Bitcoin correlation on Sep. 4, just before the halving, at 0.93. However, the correlation factor has been dropping ever since and has gotten as low as 0.42 at press time.
In the past month, there has also been an increase in the number of large Litecoin holders. Into the Block found a 1.68 percent increase in the number of addresses that have been holding LTC for at least a year.
This, followed by a 0.72 percent increase in the volume of assets held in addresses holding Litecoin for a year or more (HODLRs), demonstrates that most whales have retained their LTC holding even after a tough year.
Overall, it seems the skepticism from the cryptocurrency’s decreasing hash rate and lackluster price performance is unwarranted. Fundamentally, Litecoin continues to show strong growth.
Latest News and Top Headline for Litecoin LTC, January 19th, 2020
- LTC Price Analysis – LTC/USD Price decline below $60
- Litecoin CEO explains how ETH sell-off was different from LTC’s
LTC Price seems to be trading in a bearish zone within the rising channel. The major resistance levels are $68, $70, $72, while the major support levels are $54, $52, $50. Previously, the LTC/USD pair recorded a 2-days straight loss, surprisingly, there seems to be improvement has the coin sustained its price momentum around $60.88 where it ended the day. Yesterday, LTC price increased at $63.07 and a low at $56.97. currently, it appears that the coin is steering back to the instant support level of $58.
Although, regardless of the failed LTC price rally from its current trading levels, the higher the prospect that LTC Price will decline to a new trading low. A break below the $58 support level may trigger a bigger price decline towards the $54, $52, and $50 levels. The short-term technical analysis indicates that the $55 and $54 levels are currently the firmest forms of technical support to LTC.
Litecoin (LTC) Price Today – LTC / USD
Contrarily, a break above the $62 level will drive LTC to the closes price resistance level of $65. An additional push could take it to a high of $68, $70 and $72 resistance levels. Also, the Rsi (14) is still within the hyped zone but getting set to switch level. If this
The LTC/BTC pair is facing some hard time, as the coin is recently shattered beneath the firm support of 6800 SAT and continued to decline towards the 6700 SAT. the major support level is sited below the 9- moving average (MA) at 6300 SAT level and below.
However, any trials by the LTC/BTC bulls to re-install the market, the coin might cross the mounting channel and seek the resistance level at 7300 SAT and above. Also, LTC price is currently trading to 6739 SAT and a repress in volatility could happen as the stochastic RSI is still moving within the hyped area.
Litecoin CEO explains how ETH sell-off was different from LTC’s
Litecoin CEO, Charlie Lee in a recent interview explains how ETH sell-off has no similarity to LTC’S. He explains that one of the differences was that it was not revealed for almost 2 years, adding that the other difference was that Ether funds held by Buterin and the Foundation were pre-mined.
Lee backed his statement by talking about the Foundation’s lack of transparency. He went thus:
“[…] the Ethereum Foundation, it’s not very transparent at all, right. As a foundation kind of centralized, where they pre-mined coins, they should be very transparent about how many coins they’re selling. At least, Ripple is pretty transparent about how many XRP they are dumping every month or every year.
Litecoin (LTC/USD) forecast and analysis on January 18, 2020
Cryptocurrency Litecoin (LTC/USD) is trading at 58.40. 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 middle border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on January 18, 2020
As part of the Litecoin course forecast, a test level of 56.80 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 66.20. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator strip at 52.30.
Cancellation of the option to
Litecoin (LTC/USD) forecast and analysis on January 18, 2020 implies a test level of 56.80. Further, growth is expected to continue to the area above the level of 66.20. The conservative buying area is located is near the area of 52.30. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 51.00. In this case, we should expect continued fall.
New Partnership Between Litecoin & BlockFi To Benefit Both Parties
- A new partnership has just been revealed between the Litecoin Foundation and BlockFi to help push the awareness of BlockFi’s range of products.
- The new collaboration somewhat came out of the blue with the foundation citing that the two would be producing more and more options and liquidity opportunities.
A new partnership has just been revealed between the Litecoin Foundation and BlockFi to help push the awareness of BlockFi’s range of products that helps users on Litecoin with more options such as earning interest on and borrowing against their LTC.
The new collaboration somewhat came out of the blue with the foundation citing that the two would be producing more and more options and liquidity opportunities.
For those that don’t know, BlockFi is a cryptocurrency lending startup. As it says on its website, BlockFi “provides the wealth management products cryptoinvestors need, all powered by blockchain technology.”
Foundation Project Director, David Schwartz, has spoken on the project, saying
“By partnering with BlockFi, the Litecoin Foundation recognizes its positive contributions and the suite of products they provide customers. BlockFi provides our community, one of the most active in crypto, with even more quality choices of where to place their digital assets.”
Zac Prince, the CEO and Founder of the lending firm also commented on the new partnership between the two companies, Prince said that this whole thing was a ‘win-win’ for both Litecoin and BlockFi.
“We’re excited to support Litecoin across BlockFi’s platform and welcome the Litecoin community to use our unique suite of products across earning interest, trading and collateralized loans – at the best rates in the market from a trusted service provider.”
It will be interesting to see how this situation plays out and how this collaboration works out for the two firms. For more news on this and other crypto updates, keep it with CryptoDaily!