Litecoin (LTC) price dropped yesterday in the $85 support zone where it found new support level and caused the price to switch trends in an upwards matter. The coming altcoin news shows us that this could be an indicator for another increase in the 5th wave from that started to develop on the upside.
The price hasn’t gone below the $85 price point before it quickly turned the other way which means that there wasn’t a chance for a 2nd wave territory entry. This implicates that we could be seeing another increase to the upside very soon. If the price starts developing on the 5th wave, it could even go past the $106 price point.
From the yesterday level of $85.35, the Litecoin (LTC) price increased by nearly 13 percent when it came up to the current $101. This is the highest point that the altcoin’s price has reached and has been traded. The price also increased parabolically which indicates there is a strong bullish presence. If you take a closer look at the hourly charts, the price of the altcoin is approaching the level of the prior high made over the previous weekend which ended on Monday. After the opening, the altcoin fell inside a territory of a horizontal support price range.
This could mean there is strong support waiting at the $85 level area which means that anything below that is considered a territory of the 2nd wave out of the five-wave upside impulses. As noted in the latest cryptocurrency news, the end of the 3rd impulse wave ended as of last Thursday and the downside movement which was likely following the 4th wave ended yesterday on the interaction with the 1st wave ending as well.
The momentum that was seen after the upward price movement could mean that we are about to see the Litecoin (LTC) price exceeding the one of last week’s high at $106.23. The price can even go higher to the horizontal resistance level at $109.35 before ending the five-wave move. This means an increase of about 3.2 percent is expected which is more than Thursday’s high before the end of the increase. As we are about to see, the development of the fifth wave and its end could bring to a higher downturn degree and a drop for the price of the asset.
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
Litecoin Founder Says LTC Development Is Strong, But What Is Happening?
“This is how Litecoin Core development has functioned for years. We even had the same FUD last year! Someone looked at our master branch last year and claimed that Litecoin stopped developing in 2018. And I bet even after this explanation, we will have people confused in 2020."https://twitter.com/SatoshiLite/status/1160436032585650176 Right now, we can see that there is a lot of FUD surrounding Litecoin. Investors are probably looking for reasons to ditch their LTC too - but just like they were described on many best cryptocurrency news sites - the Litecoin founder and the community are nothing but a ghost town right now.
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