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Litecoin News

Litecoin Becomes The First Cryptocurrency Supported By The UFC

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The Litecoin Foundation has recently made its way into the Ultimate Fighting Championship (UFC) mixed martial arts organization. As we can see from the latest cryptocurrency news, Litecoin (LTC) is now the first altcoin and token in general that has sponsored this type of competition which is very popular in all parts of the world.

In a statement, the foundation said that it has become “the official cryptocurrency partner” of the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson. The Litecoin Foundation also announced that this sponsorship is a way to expand the adoption of digital currencies, stating:

“With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.”

Released in 2011 by the former Coinbase engineering director Charlie Lee, Litecoin is a proof-of-work cryptocurrency with a limited supply at 84,000,000 LTC. It is not centrally managed but the Litecoin Foundation develops its network where Charlie Lee is the managing director.

This is one of the most popular moves for the altcoin to promote itself even further to the masses and gain coverage in one of the most popular sports events around the world.

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Litecoin News

LTC Breakout Fails As The Price Still Stands In Corrective Stage

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ltc breakout
LTC breakout fails right after the weekend when the price increased slightly but failed to come back to the previous levels reached at the beginning of the month. This is why we are reading more about the price analysis in the coming altcoin news below. The new movement indicates that the price is still in its corrective stage and that the structure from a couple of days ago will become the new wave. Now that the price is in downwards correction with a strong selling pressure as seen from the charts, we could expect to see further downside at an ending point of $126. A breakout to the upside form this horizontal resistance occurred over the weekend but the LTC breakout fails again. Since the price already reached the $142 price level, the price is expected to go further below as the third wave should keep developing. The price of Litecoin has increased since the opening on Friday getting at $135 by 6.44% which later ended up to $143 as the highest point of the day. As the price continued to break out from the horizontal resistance level, it also had trouble keeping up with the upward momentum and finally the sellers took control on Sunday which led the price retracing back to the Friday open levels. As reported in some of the best cryptocurrency news sites for price analysis, the Litecoin price is re-testing a minor horizontal support level at around $135 and could find some support there. There was a five-wave impulse a few days back on the upside which ended on June 12th after which the descending triangle formed. As the structure following hasn’t really shown any signs of impulsiveness, this could mean that there is a second correctional structure forming in the higher degree-third wave correction. The bearish momentum which was seen yesterday could be the starting of the third wave to the downside which will likely push the litecoin price below the first ending point. This could also mean that the price is headed below the $126 point where the descending triangle could be at least around the levels for a retest support which could occur if the five-wave impulse hasn’t ended yet.
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Litecoin News

Litecoin Remains Strong After Launching LTC Debit Card

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Litecoin Remains
The entire attention in the latest cryptocurrency news has been focused on Facebook's Libra project this week, leaving no space for the other altcoins - especially the ones with solid performance. As the market stabilized, Litecoin remains strong and is still one of the year's top performers. Over the past 24 hours, Litecoin managed to regain its Monday losses, topping out a new intraday high of just $135 a few hours ago. As the coming altcoin news show, LTC has held on the gains during the Asian trading session this morning and its daily volume increased to $3.7 billion. While Litecoin remains strong, its market cap sits at $8.37 billion, which is double from what it was at the end of April. The altcoin managed to fall slightly on the week and cool off from its 2019 high of $142 on June 12th. Over the past 30 days, still, Litecoin made a whopping 50% gain. The next moves for LTC, as many best cryptocurrency news sites note, are a further consolidation. According to one trader with a nickname 'CryptoFibonacci' who analyses the daily top cryptos, there are a few key areas of support if a pullback occurs.
“Just sort of consolidating here. 10 ema has held. 125-126 is some key support. If that is broken, it would bring the 115 area into play and possibly 107. Almost looks like a bull pennant on this one too," he said on Twitter.
The Fibonacci levels have also come into play previously and the mid $120s zone is one for further accumulation and one that may lead up to the halving. With about 47 days to go, Litecoin remains strong and there is a high possibility of running up to the $150 margin in the next few weeks. A lot of analysts featured on altcoin news sites are even predicting a $160 target for LTC. One of them is @CryptoRand on Twitter, who said that he can't stop himself from adding more LTC to his wallet. https://twitter.com/crypto_rand/status/1141056392507416581 Meanwhile, the plastic has been issued by the Litecoin Foundation - serving as an official Litecoin debit card and expanding the use of LTC in the everyday life. There are certainly more big things on the horizon for Litecoin - and its halving is only half of it.
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Altcoin News

Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)

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Hottest Cryptocurrency
The coming altcoin news show that there is one great performing cryptocurrency this year, and it is not Bitcoin. Despite BTC reaching a 13-month high today, the hottest cryptocurrency in terms of annual gains remains Litecoin (LTC) which is up by more than threefold. Gaining 330% since the beginning of the year, Litecoin is outpacing all of its crypto peers including Ether and XRP - and the best known and largest cryptocurrency Bitcoin. Currently, LTC has a market cap of about $8.4 billion which makes it the seventh largest digital asset as data from Mosaic Research Ltd. shows. The latest cryptocurrency news show that Litecoin is recording new surges, trading at $135.72 at press time. The rally can be attributed to Litecoin's upcoming halving event (known as halvening) where the number of the coins awarded to the miners is slashed in half. The simple idea is that a cut in supply can drive the price up but also prevent an erosion of value. Right now, miners receive 25 new Litecoins per block but after the halving - they will receive 12.5. The 'halvening' event for the hottest cryptocurrency is scheduled for August 6th. Typically, it happens roughly every four years and the run up that it has was associated with lots of rallies in the underlying tokens.
“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”
Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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Litecoin News

Litecoin’s Price Goes Above $125, The Highest For The Year

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Litecoins Price
Litecoin’s price reached the highest level in over a year starting this week reaching the price point of $126 with a 10 percent gain on a 24-hour basis. Let’s look more into the altcoin news analysis today. The fourth largest cryptocurrency per market cap reached up to $128 at 12:00 UTC on Coinbase which is the highest level since May 2018 when it was seen trading at about $124. Notably, the recent price spike suggests that litecoin’s price is leading the wider market much higher. The cryptocurrency is now up by more than 30 percent from the low of $87 that was seen on June 4. In the meantime, Bitcoin as the world’s leading cryptocurrency by market cap gained another 7 percent during the same time. Litecoin’s great performance could be associated with the mining reward halving event that is due in less than 60 days. This summer, on August 8, the mining reward on the litecoin blockchain will be halved from 25 coins to 12.5 for each block. This major altcoin rallied more than 500 percent in a period of three months before the previous reward halving which happened in 2015 on August 25. Litecoin’s price increased from about $1.5 in 2015 which later hit a new high of $7.00 in July 2015 before dropping back to $3.00 after the halving even according to the historical data. If this data is to be followed, litecoin will still rise over the next few weeks before receiving a profit of the August 6 event. It is also important to understand that as we mentioned in the latest cryptocurrency news, Litecoin’s non-price metrics are seeing some solid growth as well. The hash rate reached a new high of more than 400 trillion hashes per second. The major moving averages are in favor of the bulls since the 50-day MA is located above the 100-day MA. Further, the relative strength index (RSI) is pushing higher than the consolidation showing a prolonged rally from the low price at $66 seen at the end of April this year. It looks like Litecoin will set the new resistance level of $150 in the short-term. The rally to this price point might not happen, only if Bitcoin plunges strongly and takes the entire market with it.
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