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.
There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us
LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support pic.twitter.com/glv4nol8ZM
— Josh Rager 📈 (@Josh_Rager) August 3, 2019
The Litecoin halving may also result in a multi-month LTC downtrend. This is another possibility that could scare LTC investors who are banking on a post-halving price surge and result in a medium term downtrend.
According to Tadleer who is another crypto analyst on Twitter, the possibility is here. He wrote:
“$ltc halvening is coming up, will history repeat itself?” He explained while referencing the below chart.”
Litecoin Dumps More Than 50 Percent But A Bounce Is Expected
"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.
No Interest For Working On The Litecoin Protocol: Charlie Lee
‘’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.’’
Litecoin And Its Dusting Attack: What Happened And Why?
“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.
Altcoin Apocalypse: Only 2 Of Top 10 Altcoins Outperform BTC In 2019
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