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Litecoin Dumps More Than 50 Percent But A Bounce Is Expected

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Litecoin

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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Litecoin News

Litecoin Prints Many Buying Signals Which Could Prove Bullish

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Despite the brutal retracement which the cryptocurrency news and market saw this week, one top analyst is getting bullish on Litecoin (LTC) and starting to invesigate the technicals around the coin. As we can see now, Litecoin prints many buying signals and there is an array of technical factors which favor the cryptocurrency. And while this may not seem relevant to many readers, LTC's directionality could have a strong effect on the rest of the crypto asset class - Bitcoin included. The cryptonews show that in times of a pullback like the one we are seeing, Litecoin prints good signals which is why we need to be optimistic about this coin. A full analysis published on Sunday by the popular trader Byzantine General shows that the cryptocurrency gained around 95% this year, outpacing Bitcoin by 100% but still underperforming against Ethereum and the Bitcoin hard forks. The analysis pointed out to four technical factors which show how Litecoin prints new buying signals and how the price is looking surprisingly bullish:
  1. The one-week Moving Average Convergence Divergence (MACD) which turned bullish, seeing a positive cross.
  2. The one-week Ichimoku Cloud which also crossed bullish.
  3. Litecoin recently flipped a “major” resistance region into support on a weekly basis.
  4. LTC’s weekly supertrend has turned bullish.
This is what Litecoin prints this week according to the analyst - and how it could rise in the future. As he said, this is good for Bitcoin and the altcoin news too, mainly because of the weird correlation where Litecoin's price action is often later reflected to Bitcoin, which then causes the rest of the cryptocurrencies to move. The most memorable case of this was seen in the first half of 2019 which is when the altcoin suddenly began surging higher - months before its block reward halving. For a few weeks, we saw LTC rallying on its own and gaining dozens of percent week-on-week as the market was relatively flat. However, Bitcoin moved later and followed in the path blazed by LTC. https://twitter.com/LomahCrypto/status/1223467402161115136 Furthermore, LTC has the ability to front-run Bitcoin which it did a couple of weeks ago, when it broke higher as BTC was stagnating. Bitcoin, of course, followed the asset higher just days later.
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Ethereum News

Ethereum And Litecoin Prices Are Closing In On Golden Cross

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litecoin and ethereum
Ethereum and Litecoin prices are getting in on the golden cross and there’s an uptrend in crypto markets over the last few weeks which was led by bigger cap altcoins so in our Litecoin price news today, we take a closer look at the price movement. Ethereum and Litecoin are up 85% and 75% respectively since the start of the year. Nonetheless, a lot of the rise can be attributed to the uptrend in Bitcoin and this is where the gains are comparatively lower. These two altcoins are now closing in on the golden cross between the 50 and 200-period EMA or the exponential moving average on a daily scale but the confluence before the golden cross often leads to the fake-out just close to the contact point. TraderSZ commented about the swing trade ideas and leading derivatives as well:
‘’Watching 205 for support. Will see how price behaves there if we get there to load more into ethusd. would be okay with pullback to 195 at most. Clean smash below last month high then im gna have to step back from longs, lowers my probability of idea #ethusd.’’
The 50-period moving average at 4-hour charts at $210 will serve as an important area of support in case of further downfall. Another prominent crypto trader TraderXO suggested that the local highs will drive Ethereum back to levels 0.019 to 0.020 BTC levels of monthly open. The higher prospects of higher rises in the altcoins distribute some of the bigger gains and investment from the largest cryptocurrency. The gains are larger and the fall is disastrous as well and the continuation of the bulls in Bitcoin could even see the price of Bitcoin for a while. Similarly, on Litecoin charts we can see the 50 and 200-EMA are reaching across and the trend in Litecoin is currently bullish with the break above the head and shoulders pattern on the lower time-frames keeping the $92 price level still in play. The correction is back to retest the $60 levels is probable if the correction in the crypto markets starts. The uptrend in price with respect to the major cryptocurrency will seek support above the 0.006 BTC area for the bullish invalidation.
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Litecoin News

Litecoin Is Back In Bullish Territory Breaking Above $70

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Litecoin is back
It seems that Litecoin is back in bullish territory and it has even surpassed Tether in terms of market cap following a 24-hour surge of 6.5% as we are about to read more in the Litecoin price news. Litecoin is back in bullish territory trading above the crucial $70 level of resistance which has suppressed the priced action since January 30th. If the next daily candle closes well above this price resistance, Litecoin will eventually test the $78 price level before targeting the psychological level of $100. After slumping to a really low level of $35 back in December 2019, Litecoin has increased by more than 100 percent with a huge part of the crypto market experiencing a vital reversal. Litecoin even surged more than 20 percent in the past week alone as the traders attempted to hedge their bets on the smaller market cap altcoins rather than Bitcoin. The Bitcoin halving that will happen in May, should result in a positive rally in the price of cryptocurrencies including the likes of Litecoin and Etheruem since the two previous halving in 2012 and 2016 preceded a series of staggering bull markets that saw the Bitcoin eclipse with a new all-time high on two occasions. If the number one cryptocurrency can manage to form a new all-time high in 2020, most of the altcoins including Litecoin and Ethereum will eventually follow as profits will be diversified into a higher risk altcoin investment. However, Litecoin still has to form a new high above $142 which was the top during the 2019 June rally. A breakout above the $140 would open the metaphorical floodgates with litecoin entering a new phase of price discovery that will take the cryptocurrency trading at $185. It's interesting that only a few days ago, Litecoin’s price dropped by more than 0.40 percent despite the altcoin managing to keep its pace with the rest of the market until it became extremely volatile. Litecoin’s founder Charlie Lee confirmed that the project was now focused on improvements regarding privacy and that the development team is working with the MimbleWimble protocol, specifically the developers behind Grim that will also be working on adding the privacy protocol  as an extension block:
 “We’re working with the Grim++ developers to add an implementation of Mimblewimble. It adds an extension block to the Litecoin main-chain. You can transact between chains to use enhanced privacy.”
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Altcoin News

Jeff Bezos Imitates Charlie Lee, Sells $1.7B In Amazon Stocks

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jeff bezos
Despite the fact that we are not seeing an amazon cryptocurrency, Jeff Bezos sold about $1.7 billion worth of Amazon stocks in just a few days and their share price reached a new all-time high and to many, his decision was similar to the one of Litecoin’s founder, Charlie Lee. In our crypto news today, we find out more about this story. In 2017 in December, many investors on the crypto market had troubles but for some, it was a great period. for example, Bitcoin hit a record high of $20,000 and all of the other coins rallied beyond any level that a user could imagine. In the meantime, there was the story of Charlie Lee who decided to sell all of the Litecoin holdings in the same year. The litecoin project has been in a huge crisis since then regarding the trust of its founder, as many said that he has no skin in the game anymore. It now looks like Jeff Bezos imitates Charlie Lee pulling the same decision as he did. The online retail giant has been quietly selling $1.7 billion worth of his stocks in Amazon according to the documents that were filed with the Securities and Exchange Commission. He finished the sale in two days and sold the top, believing that Amazon cannot climb any higher. January was the month when Amazon’s stock jumped from $1,828 to $2,008 and is currently trading for $2,049. The similarity in moves of the Jeff Bezos sell off to the one of Charlie Lee didn’t go unnoticed in the crypto sphere as well. Mati Greenspan wrote on Twitter that Bezos is the Charlie Lee of tech stocks and the sell-off means that the top is in. Charlie Lee was seen as the top HODL persona in the community but he went from HODL to SODL in 2017 and won him a lot of ridicule in the community. The Litecoin Foundation has struggled to remain solvent since then. As per the DC Forecasts reports, the donations to the foundation were just $1,000 in the first quarter of 2019 and a founder selling off their holdings is usually a bad sign but this could not be true for Amazon. Regarding the plans of an Amazon cryptocurrency, there’s still no information but the stocks of the company won't crash because of the sell-off.
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