Litecoin halving event failed to act as a catalyst for the cryptocurrency and increase the price of the cryptocurrency. The long-anticipated event failed to help the altcoin rally against bitcoin so let’s check the analysis in the altcoin news below.
The recent block reward halving was supposed to help litecoin but it only spiked more arguments for the Litecoin critics. ‘’Trader Max’’ or better known as Bitcoin Jack who is also the lead analyst at Bravado Trading, stated that he believes that the Litecoin price is poised to surge up to 100 percent against the number one cryptocurrency. From a short-term perspective, it seems like the LTC/BTC pair is hanging on barely by the Trader Max noted that the two bullish patterns that could ignite a huge rally.
In a conversation with news outlets, the analyst noted that the formation of a large bullish wedge on the three-day chart is present. What is also more important is that the market is also printing a triple bottom pattern which suggests that the long-term support is staying somewhere at 700,000 satoshis and it is still intact. Trader Max stated:
“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.
Litecoin Miners Are Abandoning The Ship After The Halving Event
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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.’’
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