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Litecoin News

LTC Breakout Fails As The Price Still Stands In Corrective Stage

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Litecoin (LTC) hash rate

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

Miami Dolphins Are Officially Accepting Litecoin (LTC) Payments

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The major football club from the United States, the Miami Dolphins are officially accepting the Litecoin cryptocurrency for payments made for their sports fans' experiences. As an announcement showed, the team has partnered with Aliant Payments and the Litecoin Foundation.Meanwhile, an increasing number of sports teams have started using coins and associated betting platforms, offering their fans an enhanced experience. The updates show that this exposure to a larger audience helps them spread awareness, increase adoption and educate fans on the benefits of blockchain-based payments.The Litecoin news shows that for Miami Dolphins, the deal with Litecoin (LTC) will make it their official coin and provide it with in-game branding and advertising at the Hard Rock Stadium as well as online.Fans could also purchase 50/50 raffle tickets with Litecoin - of which half of them would go to the Miami Dolphins Foundation both online and at 14 kiosks as well as raffle stations. As of October, there were 46 reported Litecoin transactions at the then-most recent home game. When the partnership initiated this raffle, the proceeds jumped from averages of $72,000/game to $86,000.The CEO of Aliant Eric Brown hinted at the talks with several additional professional sports teams as he spoke at the October Litecoin Summit. He suggested several baseball, football and basketball teams and how they were ready to start accepting crypto assets. One of them were the heavy-handed hint of the "America's Team" known as the Dallas Cowboys.The NBA further has the Sacramento Kings going ahead of the pack. With their adoption of Bitcoin payments back in 2014 and the MLB's Los Angeles Dodgers hosting a crypto giveaway last fall, we could see that there are many innovators in the space. Still, it appears that US sports teams have been slower to adopt compared to sports organizations overseas.Aside from Miami Dolphins, the English Premier League is a place where crypto has a potential to shine. This September, the Bitcoin news showed that the BTC logo will appear on the sleeve of Watford FC as part of an educational drive led by the innovative sports betting site Sportsbet.io.
“This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible,” the head of Litecoin Foundation Charlie Lee recently said.
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Litecoin Technicals Are Weak But BTC Is Dragging The Market Lower

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The latest cryptocurrencies news show that the entire market is in a state of a decline. The Litecoin technicals are what we are focusing on today and seeing that they are not in a good mood, we can conclude that the market has been dragged lower.However, it is actually Bitcoin which is dragging most of the market down. Litecoin declined heavily after it failed to climb above $46.50 and $48 but so did Bitcoin (BTC). We can see that there is a key declining channel which is forming at $45 which is now resistance for Litecoin (LTC), all while Bitcoin is down by around 3% in a new wipeoff as it struggles to stay above the $7,040 and $7,000 support levels.The past few days have been bad for the Litecoin technicals. The cryptocurrency mostly followed a bearish path below $50 and broke a couple of key supports near $46.50 - when the 100 hourly simple moving average entered a bearish zone.Later on, the price of the cryptocurrency made numerous attempts to surpass the $46.50 resistance area but it failed. As a result of it, there was another decline and the LTC price traded blow the $45.25 and $44.50 support levels.The recent low, as the Litecoin technicals show, was near $43.73 and the price is currently consolidating the losses. An initial resistance is near the $44.40 level and besides this, there are many other things which need improvement.As analysts noted, the Litecoin news now need to show an upside correction above $44.40 so that LTC could correct further towards the $45 area. This is how it represents the 50% Fib retracement level of the recent decline from the $46.19 high to $43.73 low.The next key resistance right now is near the $45.60 level and in addition to this, there is a key declining channel forming with resistance near $45.50 on the hourly chart of the LTC/USD pair. So, the Litecoin technicals must break through the $45 and $45.50 regions and at press time, $46.50 is still a major barrier for the bulls above which a strong rise can be expected.Conversely, the price of Litecoin is likely to continue lower below $43.75 and $43.50. An immediate support should be expected near the $42.20 level but the current price action suggests that the price could even test $40.40 or $40.
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Litecoin News

Litecoin Wash Trading: 93% Of All LTC Traded In One Day

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According to CoinMarketCap, there was a litecoin wash trading since all litecoin in circulation changed yesterday when about 93% of the coins were traded in one day. As pointed out by one crypto analyst, the problem with wash trading is only increasing and is getting hard to control so let’s see how we can prevent it in the following Litecoin News now.One of the most popular crypto analysts in the field Mati  Greenspan pointed out that the problem with Litecoin wash trading volumes on CoinMarketCap is a ‘’getting out of hand.’’ Looking at the numbers, things also look wrong. What is even more frustrating, seeing further we can see that there is a lot of trading volume for litecoin coming from fairly unpopular exchanges.This makes the notion of wash trading even more possible. The term Wash Trading refers to a process when someone buys and sells at the same time, one asset in order to feed fake information to the market. As was reported recently, recent studies show that 50 percent of all Bitcoins are also subject to wash trading. There are a lot of examples that could back the claims that a huge chunk of the market’s traded volume is a subject to wash trading.It is also not only these few cryptocurrencies that Greenspan pointed out that look heavily inflated. For example, Status is another one that looks sketchy since it has a market cap of about $37 million and trading volume over the past 24 hours of $183 million. Back in November, CoinMarketCap was under the radar for displaying wash traded volumes again but the website was supposed to introduce a new liquidity metric that addresses the same issues. However, there is a lot of room for development in this regard.As we reported earlier on DC Forecasts, the drop in price comes months after the Litecoin halving event and it raises the questions among the community if the network of this altcoin can be jeopardized easily if the LTC hash rate continues to drop. The hash rate is dropping violently over the past six months and the all-time high was reached in July but ever since then, it has been dropping continuously, noting the lowest value for 2019 a few days ago.
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Litecoin News

Grin Developer Suggests A Solution For MimbleWimble Privacy Issue

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A Grin developer funded by the Litecoin Foundation recently suggested a solution to fixing the common “Achilles heel of Mimblewimble privacy.” Named David Burkett, the developer at MimbleWimble (MW) privacy coin center Grin, started a thread on the monthly updates and detailed the progress on both Grin's development and the integration of MW's privacy focused technology into Litcoin (LTC).The Grin developer suggests a new solution and announced the news officially on Twitter, where he said:
“I'll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well.”
In regards to Grin's progress, the Grin developer performed the first ever pre-broadcast MW Coinjoin which would allegedly make transactions more private by disabling the broadcasting before transactions joined others in the Coinjoin block. The Grin developer suggests that this issue is one of the most critical problems linked to the privacy of the protocol.
“The Achilles heel of mimblewimble privacy though, has always been that transactions are broadcast before they’ve had a chance to be joined with other transactions. That means nodes monitoring the network can see the original input-to-output links of most transactions. Sending a transaction directly to a CoinJoin server before broadcasting is one of many different techniques we can use to combat that,” Burkett added and was featured in the latest crypto news.
This implementation also follows a recent report which claimed that MW's privacy is "fundamentally flawed" mostly because one developer managed to track 96% of Grin transactions before they came to Coinjoin - the block collecting all the MW transactions to ensure their anonymity.Published by Ivan Bogatyy at the blockchain research firm Dragonfly Research, that report shows that there is no way to fix that issue for MW and that the protocol should no longer be seen as a “viable alternative to Zcash or Monero when it comes to privacy.”Aside from Grin's developments, the Grin developer also confirmed that the Litecoin Foundation will be funding his efforts to implement the MW extension block and continue his work on Grin. The update went viral in the Litecoin news.
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