LTC underwent a significant decline of 13%, dropping from $89.90 to $73.56. However, the downward movement continued as the price breached the ascending channel line, expecting further decline.

Currently, Litecoin is demonstrating a downtrend against the US Dollar, mirroring the movements of Bitcoin and Ethereum. If there is a noticeable breakthrough above the $74 threshold, it is probable that the price of #LTC will experience further declines.

In recent trading sessions, Bitcoin, Ethereum, Ripple, and #litecoin have primarily experienced bearish movements when paired with the US Dollar. Specifically, Litecoin faced resistance around the $92.00 level, triggering a subsequent downtrend.

Over the past four days, Litecoin (LTC) encountered multiple unsuccessful attempts to overcome the resistance level at $92. Despite efforts from buyers, the required momentum was lacking, leading to a subsequent price correction. Furthermore, the 4-hour chart of the LTC/USD pair witnessed a notable breach below the support level around $86. Additionally, Litecoin also experienced a break below the crucial support level at $82, followed by a decline below the $80 support level.

Following the breach of key support levels at $77 and $75, the price of Litecoin has even dipped close to the $73 support level. Currently, the price has reached a low of $73.56 and is in the process of consolidating its losses. It is important to note that Litecoin is currently trading below both the $80 level and the 21-hour simple moving average.

At present, LTC  is encountering resistance at the $78 level, creating a barrier to its upward movement. Moreover, on the 4-hour chart of the LTC/USD pair, a descending channel trend line is taking shape, indicating resistance at approximately $80. In the event of a clear and definitive breakthrough above the $80 resistance, there is potential for the price to advance towards the $83 level. Following this, a significant resistance level is positioned near $86, and continued progress could drive the price closer to the $90 level.

If LTC fails to surpass the $80 mark, initial support is projected to be situated around the $74 level. Following that, the next notable support level is expected at approximately $72. Should the price break below this $72 support level, it could potentially trigger an intensified decline towards the $65 level in the near term.

The LTC has a market capitalization of $5,616,443,955, according to Price Analysis. The 24-hour trading volume of the coin is nearly $995,885,370.

KEY LEVELS :

RESISTANCE LEVEL : $79-$83

SUPPORT LEVEL : $73-$70

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#coingabbar #BinanceTournament #crypto2023

Litecoin price is still on its recovery path after the 13% knockout punch from bears last week.

LTC sees its recovery not going to plan as another rejection is unfolding.

Although this week might still close in the green, another decline is just around the corner.

Litecoin (LTC) price sees bulls recovering and trying to bounce back after the firm selloff from the previous week that bore a 13% loss. There was a firm recovery plan set forward that required bulls to at least jump back above $94.43. It looks like the Bulls will drop the ball on that plan and instead are risking another rejection for this week that could see another leg lower if pressure on the bottom side grows too big for the Bulls to bear.

Litecoin price, though underpinned, sees pressure building for a break lower

Litecoin price, even this week, sees its price action nicely underpinned with the floor at the monthly pivot near $85. That is as far as the good news goes, as the Bulls might have played their hand here by defending it so strongly. What would have been better was that Litecoin price broke above $95.43 and confirmed the recovery bounce it was going for.

LTC bulls are exposing themselves for another rejection as $94.43 remains unchallenged and could be seen as the second rejection after the one from last week at $104. With lower highs and flat bottom at $85, bears have a clear target where they want to push LTC price toward. Expect next week, pressure to keep building, and when $85 gives way, a quick $5 could be selling off towards $80 and test the 200-day Simple Moving Avreage for support.

The recovery could be put on hold and see smaller increments of recovery in the coming weeks. That means a very slow grind higher towards $94.43 for a test and break higher. Next up, of course, would be $104 for a third test and a possible successful break higher this time.

#Binance #litecoin #crypto2023 #LTC #eth2.0

Litecoin price over the last four weeks has increased by more than 40% to trade at $97.

LTC adoption took a hit in October last year when 1 million investors exited the market.

The upcoming Litecoin halving would act as a bullish event for LTC and could attract investors’ attention, resulting in a potential rally. 

Litecoin is one of the only few cryptocurrencies that has managed to stay on track of making growth slowly and quietly, unlike other altcoins. However, going forward, this is expected to change as Litecoin prepares for a crucial update after nearly four years.

Litecoin in the last few weeks

While the crypto market has been gripped with discussions about regulatory crackdowns, Ethereum Shanghai upgrade, and the possibilities of an alt season, Litecoin has been rising undetected. 

In the span of a month, the altcoin registered a 40% growth in price action rising from $69 to $97. Not only did it mark a solid rally, but it also managed to outperform some of its competitors, including the likes of Avalanche, Polkadot and Tron, whose rallies in the same duration have been less than 40%.

But this is not the end for Litecoin as LTC stands to be the only token to benefit from both a potential alt season and even a Bitcoin season. This is all thanks to its affiliation with the largest cryptocurrency in the world, which also earned Litecoin the title of “Silver to Bitcoin’s Gold”.

Furthermore, Litecoin adoption is also improving again and could significantly benefit from the broader market bullishness. This is crucial for LTC as it hit a snag back in October 2022 when nearly 1 million investors exited the market in less than five days due to unknown reasons. But with the Litecoin halving event coming up, these investors’ presence is expected to increase again.

Litecoin halving could be a price rally trigger

Litecoin halving works the same way as Bitcoin halving does, with the LTC rewards for processing a block set to be reduced by 50% every four years or so. LTC rewards started with 50 LTC and are presently at 12.5 LTC following the last halving in 2019. With the next halving expected within the coming four months, the rewards for processing a block will be reduced to just 6.25 LTC.

This could create higher demand for the altcoin in the market as the supply would become limited going forward. Naturally, this could also set off a potential rally and push Litecoin’s dominance in the crypto market further. 

Although during the last halving, LTC noted no significant growth in its price, the situation could be different this time around as it is the altcoin that recently flipped Binance USD (BUSD) and took the spot of the twelfth biggest cryptocurrency in the world. 

However, at the same time, knowing Litecoin, the event could go unnoticed since the broader market is still concerned with the potential economic recession that could take place over the next four months. The ongoing regulatory crackdown and dominance of Bitcoin and Ethereum on social mentions would also draw attention away from Litecoin, which would actually be in line with the digital asset’s nature.

#Binance #litecoin #eth2.0 #BTC #koinmilyoner

Litecoin community members are testing LTC-20, a new experimental standard for fungibility. 

The standard is a fork from the BRC-20, a token standard that Ordinals and Inscriptions are based on. 

Litecoin is going through notable developments on its blockchain, less than 100 days ahead of its third halving.

Litecoin community members are testing a new experimental standard on the blockchain, LTC-20. The community has launched a test token, after a fork from the BRC-20 standard that gained popularity with Ordinals launch on the BTC blockchain. 

Litecoin community tests LTC-20 standard

Colin Wu, a Chinese journalist reported that members of the Litecoin community have proposed a new experimental standard, LTC-20. The community is emulating BRC-20, the token standard for Ordinals and inscriptions on the Bitcoin blockchain. 

A “lite” version of Ordinals could run on the LTC-20 standard on the Litecoin blockchain. The test project is called LTC Ordinals, and the community has launched a test token as well. Since BRC-20 tokens issued on BTC Ordinals have a daily transaction volume above $900,000, the experimental token for LTC Ordinals could turn into more than a test in the future, with its utility. 

The LTC-20 standard has a supply of 84 million and the Litecoin Punks project informed crypto Twitter community that the first LTC-20 are nearly 20% minted, 4,000 inscriptions have occurred for punk holders. 

What does the new standard mean for LTC holders

Litecoin blockchain has witnessed several notable developments on its network since the beginning of 2023. With the third halving drawing close, less than 100 days away, the update fuels a bullish thesis for the asset. 

The halving is typically a bullish event since it reduces block rewards and historically boosts the price of LTC, similar to Bitcoin halving events and the subsequent price rally noted in the cryptocurrency. 

Akash Girimath, a crypto analyst and trader believes LTC has the potential to climb to its $95 bullish target with the halving less than 91 days away. Girimath shared a Litecoin price chart where LTC has climbed above the zone between $87 and $88 and the next key resistance is the 50% Fibonacci level at $93.72. 

The expert is bullish on a Litecoin price rally in the days leading up to the third LTC halving. 

#Binance #BTC #litecoin #LTC #BullRun

Litecoin (LTC), a prominent cryptocurrency often referred to as "the silver to Bitcoin's gold," has recently experienced a significant surge in whale transactions. With an increase of 111%, this spike in large transactions could be tied to the upcoming release of LTC-20, a major update to the Litecoin ecosystem.

The LTC-20 standard is being developed on top of the Litecoin Ordinals Protocols, boasting a total supply of 84 million. This new standard aims to introduce the BRC-20 token, an experimental fungible token built using Ordinals and inscriptions, and stored on the Bitcoin base chain.

The development of LTC-20 and the BRC-20 token is expected to bring significant innovation and growth to the Litecoin ecosystem, potentially attracting increased interest from both retail and institutional investors.

The recent surge in Litecoin whale transactions may be a result of investors anticipating the launch of the LTC-20 standard and positioning themselves to benefit from any potential price appreciation following the update. As the cryptocurrency market often experiences price fluctuations due to news and developments, this increase in whale activity could be indicative of heightened market interest in the upcoming LTC-20 release.

Memecoin madness

The memecoin market has been experiencing significant turbulence recently, with PEPE, a popular meme-based cryptocurrency, surging by 35% in price amidst a series of rug pulls affecting other memecoins. The latest casualty in this volatile market is WallStreetBets (WSB) token, a cryptocurrency tied to the infamous WallStreetBets subreddit, which became the target of a massive theft resulting in the loss of more than 300 ETH.

The incident has sparked outrage within the WallStreetBets community, as one of the developers associated with the project is allegedly responsible for the theft. The "Chairman" of WallStreetBets, a prominent figure within the subreddit, has announced his intention to contact the FBI and local law enforcement, claiming to know the identity of the rogue developer. This development has only further heightened concerns surrounding the safety and credibility of memecoins and their projects.

While the WSB token has suffered a significant blow, PEPE has continued to thrive, experiencing a 35% price spike in the midst of these market challenges. This remarkable performance suggests that not all memecoins are vulnerable to rug pulls and that some meme-based cryptocurrencies can still generate substantial returns for investors.

Cardano shows reversal potential

Cardano (ADA) has recently displayed a potential reversal pattern on both its 12-hour and 4-hour intraday charts. This pattern, known as the head and shoulders (H&S) pattern, is often seen as a reliable indicator of a trend reversal, sparking speculation that an acceleration in ADA's price could be imminent.

The H&S pattern is a technical analysis tool used by traders to identify potential trend reversals in the market. The pattern consists of three peaks, with the middle peak (the "head") being higher than the two adjacent peaks (the "shoulders"). The neckline, which connects the low points of the two troughs on either side of the head, acts as a support level. A break below the neckline typically signals the completion of the pattern and the beginning of a new downtrend.

At the time of writing, ADA is trading at $0.39, with the 50 and 200 exponential moving averages (EMAs) approaching a cross. This impending cross could serve as a confirmation of the H&S pattern and signal a potential reversal in ADA's price trend. However, it's important to note that the trading volume for ADA is currently descending, which may impact the strength of any potential trend reversal.

If the H&S pattern is indeed confirmed, it could signal a period of accelerated price growth for Cardano, as investors and traders capitalize on this technical indicator. Nevertheless, the descending volume may present some challenges, and it will be crucial to monitor the market's reaction to the potential trend reversal.

#LTC #crypto2023 #UPDATE #Binance #litecoin