Cryptocurrency Litecoin (LTC/USD) is trading at 47.19. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish 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 December 3, 2019
As part of the Litecoin course forecast, a test of the level of 48.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 41.80. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 49.70.
Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of 52.50. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on December 3, 2019 implies a test level of 48.20. Further, it is expected to continue falling to the area below the level of 41.80. The conservative area for selling Litecoin is located area of 49.70. Canceling the option of falling cryptocurrency will be a breakdown of the level of 52.50. In this case, we can expect continuation growth.
Litecoin technical analysis: LTC/USD bearish flag structure spells potential trouble for the price
- Litecoin price is trading in the red in the session by some -0.35%.
- LTC/USD is moving within the narrowest conditions seen since late October.
- The price is running at its fourth consecutive week in the red.
LTC/USD daily chart
Price action remains stuck consolidating within a bearish flag structure via the daily.
LTC/USD 60-minute chart
Near-term price action has smashed out from an ascending channel formation via the 60-minute.
Spot rate: 45.51
Relative change: -0.35%
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Litecoin (Ltc) Addresses The Falling Hashrate
Litecoin was recently in the spotlight when Litecoin‘s creator Charlie Lee talked about privacy.
He made sure to address the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
After that, it’s been revealed that the Litecoin Foundation director Franklyn Richards says that the plans to add confidential transactions to LTC are more about fungibility and rather than privacy.
Litecoin Foundation analyzes LTC’s falling hashrate
Now the Litecoin Foundation ponders LTC’s falling hashrate.
In a blog post, Litecoin Foundation Franklyn Richards said that the hashrate, which is basically the raw computing power on the network and how mining rigs are up and mining might have reached a bottom.
“According to data from BitInfoCharts, Litecoin’s hashrate is currently exactly where it was in December of last year at what many believe was the ultimate bottom of this market cycle,” according to the notes.
More than that, it’s been revealed in the blog post that “Back then the market price was half what it is now but with the mining reward having just been halved it makes perfect sense why hashrate is where it currently is. The question now is, will it make a lower low, or has it formed a double bottom and due to a strong rebound?”
It’s also important to note that Litecoin’s hashrate fell 69.9% from the yearly high, which has been set on July 14.
This was right before the halving kicked in and cut in half the reward miners earn for powering the network.
As you know, BTC will also be going through the same process in May 2020.
In terms of pricing, Litecoin is trading in the red at the moment of writing this article and LTC is priced at $45.65.
Other than this, the crypto market is struggling to recover following the BTC recent falls.
Litecoin could profit from descending channel pattern breakout
Litecoin has been trading close to its support point and despite minor surges, the silver crypto failed to post impressive rallies after August this year.
Litecoin has been trading at $46.09 after posting 0.21% gains over the last 24-hours. At press time, the coin recorded a market cap of $2.94 billion and 24-hour trading volume of $2.29 billion.
Litecoin 1-Day Chart:
Source: LTC/USD on TradingView
Litecoin’s price was oscillating between two downward sloping parallel lines. From mid-June 2019, LTC’s price entered a descending channel pattern. This was indicative of a bullish breakout in the near-term.
The moving averages sustained a bearish crossover on 10th August, right after the silver crypto’s block reward halving. Since then the moving averages mimicked the declining price of the coin. The moving averages appeared to be converging but 50 daily moving average was still hovering below 100 daily moving average. Further, the moving averages were above the price candles. This indicated a strong bearishness in the LTC market.
If a breakout to the positive side materializes, LTC bulls could climb to $55, a level unseen since 20th November. A stronger pull could drive the coin to touch its resistance point at $78. The coin’s price was supported at points $40.73 and $32.96.
Source: LTC/USD on TradingView
The MACD indicator exhibited a bullish price momentum in the near-term after a long bearish dominance. Though in the oversold zone, the RSI indicator hinted at a spike upward near the 50 median.
The long-term price prediction for Litecoin exhibited bullish projection for the coin as the price bounced between the descending channel. A bullish breakout would possibly lead the way for the LTC bulls to breach significant levels at $55.25 and $78.2