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Litecoin News Today – Top Headline for Litecoin LTC, November 5th

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  • Litecoin (LTC) Surges With 6% on the 1-Day Chart Clearing Numerous Resistance Levels 
  • Litecoin’s Summit – Ron Paul Receive His First Bitcoin

Overtime Litecoin has stamped its presence in the crypto space contending strongly with giants in the market. Currently, the coin gained over 6% in 24 hours. The LTC/USD pair is trading at $62.00 which is the best level the coin has attained since October 28, the coin has a market value of $3.9 billion. 

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$63.583.45%

The positivity surrounding Litecoin may be due to Litecoin Summit that took place in Las Vegas during the weekend. Ron Paul, a former congressman was one of the keynote speakers of the event, where he received his first Bitcoin from the co-founder of Chinese exchange BTCC, Bobby Lee. He stated on his Twitter page while speaking on his experience with the crypto-friendly former U.S presidential candidate. Lee went thus: “Forgot to mention, I also gave Dr. @RonPaul his first Bitcoin, loaded into a nice @BalletCrypto gold-plated REAL Bitcoin wallet.” 

Going by the price chart, LTC/USD pair has formed consolidation above $60.00 and came close to the next resistance which is established by the upper line of the daily Bollinger Band at $62.40, a viable move above this amount will permit the recovery to gain traction with the next concentration on the recent top of $64.10, subsequent by $65.00. While on the downside, the previous resistance of $60.00 now serves as a support which is followed by Simple Moving Average 50 (SMA) daily currently at $59.00 and $57.80 that is a higher frontier of the broken consolidation zone that restricted LTC movement in October. The sell-off may be prolonged towards $52.80 if the resistance is broken.

Litecoin’s Summit – Ron Paul Receive His First Bitcoin 

As of 4th November, Litecoin rallied by 5.23% after a 0.07% decline from Sunday, LTC wrapped up the day at $61.41. At the start of a new day, LTC fell to an early morning intraday low at $57.96 before finding support. Moving far from the initial main support level at $57.49, after rallying to a late intraday high at $62.85.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$63.583.45%

Failure to hold onto $62 levels could see Litecoin back to its previous trading price, a decline through to sub-$60.70 levels would bring the first key support level at $58.63 into action before seeking price recovery. With the price movement, at the end of the day, Litecoin should be able to steer clear of sub-$60 levels. For the rest of the day, Litecoin would need to hold onto $62 levels to support a run at the first key resistance level at $63.52.

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Litecoin Forecast and Analysis November 11 — 15, 2019

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Litecoin LTC/USD ends the trading week at 59.70 and continues to move as part of an upward correction and a downward channel. Moving averages indicate a bearish trend, which remains quite strong. Prices will make a start from signal lines. At the moment, we should expect an attempt to fall and test the support area near the level of 42.45. Where again we should expect a rebound and an attempt to start Litecoin growth with a potential target above the level of 96.65.

Litecoin Forecast and Analysis November 11 — 15, 2019

An additional signal in favor of the growth of LTC/USD quotes in the current trading week from November 11 — 15, 2019 will be a test of the ascending trend line on the relative strength index (RSI). Cancellation of the Litecoin growth option will be a fall and a breakdown of the 38.05 area. This will indicate a breakdown of the support area and a continued drop in the LTC/USD rate. Confirmation of the growth of cryptocurrency will be a breakdown of the upper border of the downward channel and closing quotes above the level of 75.65.

Litecoin Forecast and Analysis November 11 — 15, 2019

Litecoin Forecast and Analysis November 11 — 15, 2019 suggests an attempt to test the resistance area near the level of 42.45. Then, the continuation of the fall to the area below the level of 96.65. An additional signal in favor of Litecoin growth will be an uptrend test on the relative strength index (RSI). Cancellation of the ascent option will be a fall and a breakdown of the 38.05 area. This will indicate a continued fall in cryptocurrency with a target below the level of 25.05.

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Litecoin’s halving: More of a curse than a blessing for miners, hodlers

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Litecoin, the famously named “silver to Bitcoin’s gold,” underwent its halving on 8 August 2019, following which the mining reward dropped from 25 LTC to 12.5 LTC. The price surge of PoW coins around their halving is a common perception. The same was seen for Litecoin before its halving, with the coin surging by a whopping 500% in under 200 days before its halving.

What happened and is happening to the Litecoin network after the second halving is something of a problem, however.

The hash rate of Litecoin on the day of its halving was at 381.29 TH/s and at press time, the hash rate stood at 187.99 TH/s. This is a decline of 50% in over 3 months. It was in association with this decline that a Twitter user, Oscar Pacey, pointed out that by November 8, Litecoin had lost 40% its value in terms of USD and 22% of its value in terms of BTC.

Since the mining reward was halved after halving and Litecoin’s price didn’t surge, comparing this with the collapse of its hash rate, the user assumed that miners were previously mining at break-even. He went on to say,

“Since joules are paid for in USD the BTC price isn’t so relevant. If LTCUSD is -40% then revenue is -40% x2 for the halving = -80%. Difficulty being down 60% implies that we still have -20% more to go (assuming more efficient hardware hasn’t been released – I believe not).”

Pacey substantiated his assumption by stating that there was reduced selling pressure from miners and that their selling rate should also be halved, considering how they were barely breaking even since before the halving.

Concluding his thread, Pacey added that hodlers were subsidizing the miners and that if they wanted to keep LTC immutable, there needed to be an increase in the price of LTC. This can happen by increasing buying pressure, volunteering subsidy with bigger transaction fees, increasing mining activity, and increasing adoption.

These events are precisely what the community feared before the halving. Charlie Lee, Creator of Litecoin, had tweeted on 11 June,

Litecoin, at press time, was trading at $63 and had a market cap of over $4 billion.

It sits as the sixth-largest cryptocurrency on CoinMarketCap, just under the stablecoin, Tether. In terms of BTC, Litecoin’s value had come down from 0.01 BTC to 0.007 BTC.

Source:ambcrypto

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Litecoin Climbs Over 2% as Analysts Eye Potentially Major Mid-Term Gains

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Bitcoin has been facing some turbulent price action over the past several days and weeks, which has led cryptocurrencies like Litecoin to establish wide trading range. This volatility, however, has been generally positive, as most cryptos – including LTC – are trading up from their monthly lows.

Analysts are now predicting significantly further upside for Litecoin in the near-term, with one prominent crypto analyst noting that LTC could surge as much as 80% against its BTC trading pair in the coming weeks and months.

Litecoin Inches Higher Despite Bitcoin’s Recent Bearishness

At the time of writing, Litecoin is trading up over 2% at its current price of $61.00, which marks a slight climb from its daily lows of $59.00.

While zooming out and looking at LTC’s one-month performance, it grows clear that its recent volatility has favored the cryptocurrency’s bulls, as it is currently trading up significantly from its 30-day lows of under $50 that were set in late-October.

LTC’s recent rise from its monthly lows appears to be largely influenced by Bitcoin’s massive surge that came about in late-October after the Chinese President offered bullish remarks on blockchain technology.

Mitoshi Kaku, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes LTC may be entering a pivoting point that leads it to climb significantly higher in the near-term, which means that its ongoing surge may just be getting started.

“$LTC Leaving ‘pivot week’ behind. I think I might hold onto this one for a little bit,” he said while pointing to the below chart.

Could LTC Be Positioned For an 80% Surge?

Galaxy, another popular cryptocurrency analyst on Twitter, recently echoed Kaku’s bullish sentiment, explaining that he believes Litecoin could surge as much as 80% against its Bitcoin trading pair in the coming several months.

“New fav: $LTC. The day when everybody starts to love it again might be sooner than we think,” he said while pointing to the chart seen below.

In the near-term, Litecoin may see some further upside in spite of Bitcoin’s bout of bearish trading, but in the long-term it is appearing to be increasingly likely that LTC will post significantly further gains against BTC.

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