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.
Litecoin Miners Are Abandoning The Ship After The Halving Event
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Litecoin Halving Event Failed To Boost The Cryptocurrency Rally
“Triple bottom support with a sort of (not the most perfect) falling wedge on dropping volume. We have to assume this green level will act as support again to see price bounce upwards, as the invalidation is very close below and the upside if an uptrend form is quite large.”The trader also shared the chart in order to illustrate the analysis. If you take a closer look at the chart, it seems as the preservation of the green box could drive the market to the dotted diagonal line and this is the exact area that the trader refers to as an upside of the uptrend motion. The Litecoin halving event failed to boost litecoin’s price but based on the newest analysis the price surge could be as high as 100 percent against bitcoin from the present price. It is easier to buy it close to 700,000 satoshis with the tight stop which could help you secure the maximum financial opportunity. According to the reports in the latest cryptocurrency news, the trader stated that Litecoin could climb as high as 1.4 million satoshis.
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.’’
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