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Litecoin News

Analysts Are Scared From A Bearish LTC Scenario Unfolding

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Analysts Are Scared

Halving events for cryptocurrencies have been seen as catalysts that typically spark new rises due to the fundamental strength that they have. In the coming altcoin news, we are seeing that a Litecoin halving is on its way – but analysts are scared from a bearish scenario for LTC.

As we can see in the current charts, Litecoin (LTC) is currently under two days away from its halving event which has been widely viewed as a bullish event. Despite this, however, analysts are noting that Litecoin investors may be disappointed by the crypto’s price action in the coming days and weeks. This is mostly because it previously faced significant selling pressure following the halving event.

So, many best cryptocurrency news sites show that analysts are scared and noting that there is some strong selling pressure ahead of the event. Right now, Litecoin is trading down just under 1% at its current price of $95.20 and is down from its daily highs of over $97.

If we zoom out and look at the Litecoin price action over a longer timeframe, we will see that the cryptocurrency is not being bolstered by the imminent halving. It is currently down from its late-June highs of over $140.

Analysts are scared about LTC – and one of them is Josh Rager. The popular crypto personality recently explained that he believes that Litecoin’s price action looks significantly less bullish than other cryptocurrencies such as Chainlink.

“Comparing $LTC and $LINK for someone & thought I’d share. There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us. LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support,” he said in the latest cryptocurrency news.

The Litecoin halving may also result in a multi-month LTC downtrend. This is another possibility that could scare LTC investors who are banking on a post-halving price surge and result in a medium term downtrend.

According to Tadleer who is another crypto analyst on Twitter, the possibility is here. He wrote:

“$ltc halvening is coming up, will history repeat itself?” He explained while referencing the below chart.”

https://twitter.com/tadleer/status/1157017339721846784

As the Litecoin halving draws closer, analysts are scared of a bearish trend. However, it is certain that they will see whether or not the event will be a bullish catalyst or the hype will fade away.
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Litecoin News

Litecoin Dumps More Than 50 Percent But A Bounce Is Expected

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Litecoin dumps more than 50 percent today after it reached the 2019 year high of $146 on June 21, mainly because of the high selling pressure. As of today, Litecoin dropped as low as $70 for a plunge over 50 percent in less than two months as we can read in the coming altcoin news below. The halving of the cryptocurrency which was supposed to be the major catalyst for the cryptocurrency failed to live up to its hype. There is not a single another catalyst insight and the token’s prospects appear grim but some traders are already calling for Litecoin to dump to even lower levels. However, if we take a closer look at the Litecoin chart, we could feel more optimistic about the short term prospects. We are already noticing the signs of what could be a strong bullish correction. One idea that worked in the past for us is to bottom pick a market while it is trading near a key support level and flashing oversold conditions. The expected selling relief from oversold signals plus the demand at the support level usually leads to a massive buying frenzy. A quick look at the daily charts shows that the price is now being buoyed by multiple supports between $70 and $75 as the coin approaches the apex of a falling wedge. In addition, the momentum is swinging to the side of the bulls as well and the daily RSI is showing bullish divergence while trading close to oversold territory. The signals tell us that the bears are exhausted as they lose interest in selling at current levels. This stance is supported by the dwindling volume and this volume over the last weeks suggests that the sellers are losing ammunition. The lead analyst at BravadoTrading known as Bitcoin Jack Max supports the view that Litecoin is due for a bounce.
"Decent falling wedge with correct volume pattern with support at green makes for a decent long opportunity. Setup I would favor most is wicking through liquidity and closing above. This would signal a long entry. $92 and $104 would then be the targets with $111 and $117 to fully close out any remaining long position if you can ride the local corrective bounce trend."
As explained in the latest cryptocurrency news, Litecoin dumps more than 50 percent but is now trying to break out of the wedge and seal the $75 as support.
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Litecoin News

No Interest For Working On The Litecoin Protocol: Charlie Lee

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no interest
Charlie Lee, the founder of Litecoin claims there is no interest for working on the Litecoin protocol as we are reading further today in the coming altcoin news. According to the leaked conversations between Charlie Lee and other actors involved, show that there is evidence of no significant work being done on the crypto node since the beginning of the year. According to a Reddit post which was submitted just a few days ago, the Litecoin code development arena seems to become a ghost town. The post reveals a series of correspondence between the LTC creator Charlie Lee and some other members of the Litecoin Foundation. The crypto news sites who managed to obtain the HTML download of the leaked chat messages show that Franklyn Richards who is now the director of the Litecoin Foundation talked to Lee to task on the absence of any progress being made in order to improve the entire crypto protocol. A piece of the arguments reads:
 ‘’I was extremely disappointed to discover that no progress had been made on CT since the announcement, especially when I stand on stage telling everyone it’s happening and we are actively working on it.’’
The CT in the conversation stands for Confidential Transactions which is a protocol upgrade that Lee promised to happen about eight months ago but at the time he declared that CT will be available before this year ends. This is one of the reasons why there is no interest in working on the Litecoin improvement. Lee also noted on Twitter saying that though Litecoin GitHub shows no code commits in 2019, there is still some work being done that does not master the branch. The Litecoin creator admitted that he ‘’dropped the ball’’ on the promised Mimblewimble and CT protocols. Lee also noted that the updates have been side-tracked by activities in the adoption arena neglecting core developments such as the issue of fungibility as noted in some of the best cryptocurrency news sites. While responding to criticism from Richards, Charlie Lee gave a startling admission about the pedigree of his cryptocurrency saying:
 ‘’The honest truth is that no one is interested in working on Litecoin protocol development work. At least no one technically competent. You can’t just throw money at this problem. This is true for Litecoin since the beginning. It has only been me, Warren, and Thrasher.’’
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Litecoin News

Litecoin And Its Dusting Attack: What Happened And Why?

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litecoin and its dusting
The coming altcoin news recently talk a lot about Litecoin and its dusting attack which was potentially done on August 10 and announced through the official Binance Twitter account. As the tweet notes, around 50 Binance Litecoin addresses received a fractional amount (0.00000546) of Litecoin, which was later identified by the exchange's security team as a large-scale dusting attack. According to James Jager who is the project lead at Binance Academy, Litecoin and its dusting attack are a major topic on the best cryptocurrency news sites. This is why he sat down to discuss the reasons behind it - and said:

“It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K

“We became aware of the dusting attack on Saturday morning when one of our binance angels had received a small amount of LTC into their litecoin wallet.”

The co-founder of the blockchain data provider Glassnode, Jan Happel, also spoke about Litecoin and its dusting attack. He looked into it to confirm it and focused on the extra data which came up, showing a previously unreported dusting attack which occurred in April this year. As Happel said:

“We have done a quick query into the LTC blockchain and analyzed the number of utxo's that carry a smaller value than the mean tx fee that day. If a UTXO contains less balance than the minimum amount required to spend it (fee) that day, it becomes stuck/unspendable — this is what we technically define as dust.”

For those of you unfamiliar with dusting attacks, the altcoin news present them as a signature assigned to any unspent value (through UTXO which is the unspent transaction output) - merged to make the transaction amount.

This was the first time a large scale attack like this had occurred. Litecoin and its dusting attack were also explained by Jager as:

“The person behind the dusting attack owns a mining pool based out of Russia, EMCD[dot]io. They reached out to express that their intent was to advertise their mining pool to the users of Litecoin, however, it's unclear from our perspective or anyone else's as to whether there were alternative motives. The owner of the pool was not aware that he was subjecting all these users to a dusting attack and spreading fear among the Litecoin community.

“It's interesting to note, that even if this was not the intent of the mining pool owner, he provided a base for malicious actors to analyze. You see, the person responsible for conducting the dusting attack doesn't necessarily have to be the one collecting the data, they can just merely be providing a service so that someone else can collect all the information and analyze it at a later date.”

Even though they seem like a small and unharmful activity, dusting attacks can undermine user anonymity and be used against users to steal precious digital assets.

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Altcoin News

Altcoin Apocalypse: Only 2 Of Top 10 Altcoins Outperform BTC In 2019

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Altcoin Apocalypse
The latest altcoin news show a pile of losses for the most popular cryptocurrencies in the market cap. It seems like the altcoin apocalypse is strong at this point - showing that the further Bitcoin has climbed, the worse the altcoin market has suffered. It all went to the point where many are calling for an altcoin apocalypse that takes the price of most cryptocurrency assets to zero, except for Bitcoin and a select few coins that still provide value and utility. A new report shows that of the top ten crypto assets, only two altcoins have statistically outperformed Bitcoin this year (2019). The coming altcoin news also feature these coins as the ones with the best chances of recovering and reaching new all time highs. In times when a lot of crypto analysts are calling for another 50% drop in the altcoin markets which may form a double-bottom, others believe that an all-out "alt season" is ahead. What we can see right now, however, is nothing short of an altcoin apocalypse and something in between. Many altcoins from the last hype bubble doomed forever - and other clear winners with real utility emerged from the ashes of the "altpocalypse." According to data from the San Diego-based Blockforce Capital Chief Investment Officer David Martin, the altcoin apocalypse shows that only two of the ten cryptocurrency assets have outpaced Bitcoin in 2019. These include the names of Litecoin (LTC) as well as Binance's native token, Binance Coin (BNB). https://twitter.com/mrtn_dvd/status/1160917650999873536 While Bitcoin (BTC) managed to grow by 168% in 2019, the latest cryptocurrency news show that Litecoin (LTC) brought in 2014% in gains while Binance's native crypto token BNB has been nothing short of amazing - posting 364% gains in 2019 which makes it the top performing cryptocurrency of the year. Bitcoin Cash (BCH) is right behind Bitcoin in the fourth place, while EOS is edging out Ethereum in a neck-and-neck race for the fifth and sixth position. Cardano (ADA) is at the seventh spot, followed by Tron (TRX) in the eight place. Ninth place is reserved for Ripple (XRP) which is held down by the company behind the protocol that sold of an abundance of tokens throughout the year. Most of the alts won't reach all time high if the altcoin-to-Bitcoin ratio remains the same, according to analysts. The altcoin apocalypse shows just how poorly these assets have performed this year in correlation to BTC.
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