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Litecoin technical analysis: LTC/USD bears forcing big rest of breached bull pennant

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  • Litecoin price is trading in the red, with losses of 2.75%  the session on Friday.
  • LTC/USD daily price action is retesting a breached bull pennant. 
  • Critical support at the $60 price mark has been breached.

LTC/USD daily chart

Failure of the daily breached pennant structure retest could force large selling pressure to the downside. 

LTC/USD 60-minute chart

The price has cleared near-term critical demand at $60, opening the door to a fresh wave of selling. 

Spot rate:                  59.74

Relative change:      -2.75%

High:                         62.42

Low:                          58.78

LTC/USD

OVERVIEW
Today last price59.7198
Today Daily Change-1.7059
Today Daily Change %-2.78
Today daily open61.4257
TRENDS
Daily SMA2057.5089
Daily SMA5058.6772
Daily SMA10067.8189
Daily SMA20085.5842
LEVELS
Previous Daily High64.2865
Previous Daily Low60.225
Previous Weekly High62.9256
Previous Weekly Low56.0159
Previous Monthly High64.1049
Previous Monthly Low47.2078
Daily Fibonacci 38.2%61.7765
Daily Fibonacci 61.8%62.735
Daily Pivot Point S159.6716
Daily Pivot Point S257.9176
Daily Pivot Point S355.6102
Daily Pivot Point R163.7331
Daily Pivot Point R266.0405
Daily Pivot Point R367.7945

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:fxstreet

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Litecoin

Litecoin (LTC) Oscillates in the Midrange And Holds Solid Selling Pressure

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  • Litecoin price slides below $60 and now even below $58, trades at the major support price $55
  • Keeping in light the current market volatility, we fear that LTC price may even test $50 price mark soon if it continues to descend
  • LTC/USD currently trades in the mid-range of the lowest and the highest in the said time frame

LTC price takes a fall below $58 and then rapidly shifted to $55. The current movement is quite stable when compared to the initial movement of the past 330 days. The lowest in the past 30 days was noted at $47.34, while the highest laid at $66.24, just 9 days back, before the coin took a downfall to trade at the current price level.

Litecoin Price Analysis:

As per the 4-hourly movement of Litecoin on the exchange of Coinbase over the past 30 days, we see that the coin was initially trading at $54.05, just to immediately drop at $47.34.

Later, the green candle formation took the coin to hit the first top above $60 at $64.39 in the last week of the previous month.

After having a sluggish trend for around 7-9 days, LTC coin price hit the double top by trading at $64.39, again. The highest in the said time frame is noted on November 10, 2019, and since then the price has been on declining path.

The current trading price is over 16% more and 16% less than the respective lowest and highest point at the said time.

Technical Indicators:

The MACD of Litecoin is below zero and holds a bearish outlook as the signal line crossed the MACD line.

The RSI of the LTC coin is at 25.67, which is even below the limit of the oversold point, i.e. 30. This rightly enhances the strong selling pressure that LTC is facing currently.

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Litecoin

Liteocin Mimble Wimble Protocol Bug Found

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According to a recent test performed by Ivan Bogatyy, Litecoin’s Mimble Wimble privacy protocol can be unraveled using hired computing resources. The Litecoin (LTC) community and developers of Mimble Wimble denied that they created a faulty anonymous technology.

Liteocin’s co-founder, Charlie Lee, has affirmed that the protocol had a known vulnerability, but insisted that privacy could still be attained. However, the ultimate conclusion was that LTC could not compete with the privacy features offered by ZClassic (ZCL) and Monero (XMR).

“This limitation of MimbleWimble protocol is well known. MW is basically Confidential Transactions with scaling benefits and slight unlinkability. To get much better privacy, you can still use CoinJoin before broadcasting and CJ works really well with MW due to CT and aggregation. https://t.co/M5sx92nzlZ”

— stated Charlie Lee in a tweet posted on November 18, 2019

Several users suggested that they could patch up the weakness in the future, but while also acknowledging the danger it poses:

“This is a well-known limitation of mimblewimble and is frequently referred to as its Achilles heel. The basic issue is most joining doesn’t occur until after the transaction has been broadcast. There are solutions in progress, including GrinJoin”- Posted by MF Grin (@MF_Grin) on November 18, 2019

Bogatyy, the man that tested this vulnerability, claims that he hired $60 -worth of AWS resources to un-conceal the privacy of the protocol. He is of the opinion that this MimbleWimble error cannot be fixed:

“The problem is inherent to Mimblewimble, and I don’t believe there’s a way to fix it. This means Mimblewimble should no longer be considered a viable alternative to Zcash or Monero when it comes to privacy.”

There have been responses online that countered Bogatyy’s claims:

“Numerous claims, including the title of the article itself, are factually inaccurate. On a high level, the article reads as a not-so-subtle take down piece that claims an attention-grabbing result. The conclusion of the article however, contains many logical leaps that are not substantiated via the network analysis exercise that is described,” stated Daniel Lehnberg from the Grin team.

Anonymous coins are very attractive means of transaction, but more and more crypto exchanges are delisting them due to new regulatory demands.

Litecoin is currently trading at $55.93 USD, down with 4.40% in the last 24 hours, being ranked at 6th place with a market cap of $3,563,739,467 USD, and trading a sum of  $3,302,968,717 USD in the past 24-hour period.

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MimbleWimble Vulnerability Addressed By LTC Creator, Charlie Lee

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  • Ivan Bogatyy has posted a report drawing attention to a security flaw in the MimbleWimble’s privacy protocol.
  • Lee is seemingly providing a solution.
  • The MimbleWimble protocol is giving the community a reason to get hyped again.

The Harry Potter-inspired crypto protocol, MimbleWimble is set to become a privacy coin through Litecoins integration, but right now it is in the spotlight for all the wrong reasons…

A venture capitalist with Dragonfly Capital, Ivan Bogatyy has posted a report drawing attention to a security flaw in the MimbleWimble’s privacy protocol. Bogatyy said that the “attack traces 96% of all sender and recipient addresses in real-time.” However, when it comes to privacy, things get a bit complicated, especially when it comes to cryptocurrencies.

As per CCN:

“The timing couldn’t be worse. Grin, which is an implementation of the MimbleWimble protocol, in recent days received an anonymous donation of 50 BTC from an early bitcoin coinbase to its General Fund (nobody is saying anything about Satoshi Nakamoto.) That may have placed a target on the project’s back. And while the contents of the report are troubling, the author calls it a new attack, while in truth it’s something that the Grin dev team and Litecoin Creator Charlie Lee have known about.”

On top of this, Lee is seemingly providing a solution:

Starting up the hype train

For Litecoin enthusiasts, things aren’t all that exciting, but the MimbleWimble protocol is giving the community a reason to get hyped again. 

When Charlie Lee announced the projects move to focus on privacy, it turned enthusiasts heads away from him, probably not the reaction he was hoping for, and the fact that he let go of his LTC holdings and toward the future direction of the project.

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