Litecoin price coils up as it prepares for a quick uptrend to $101.41.

The backing from momentum indicators combined with the third halving event makes a compelling case for LTC to rally.

Invalidation of the bullish thesis will occur on the breakdown of the $86.29 support level. 

Litecoin price shows signs of an emerging uptrend on the four-hour chart. While a minor retracement might be likely, the larger trend is bullish for LTC. Additionally, the altcoin will undergo the third halving event on August 5, which will split its block rewards from 25 to 12.5 LTC. 

Litecoin halving and its effects

Typically, halving creates a negative supply shock - where the supply declines but the demand either remains the same or increases. The result of this change can be seen in the underlying asset’s price. In LTC’s case, Litecoin price will likely note a stark increase.

In practice, things are a bit different since the anticipation of the negative supply shock and the subsequent increase in Litecoin price created a sense of urgency. As a result, investors jump on the bandwagon before the halving event to capture maximum upside potential. Soon, this idea manifests, triggering a pre-halving rally for Litecoin price. 

The same effect was seen in Bitcoin price before its halving. 

Additionally, investors can note that the hash rate for Litecoin is also increasing. From January 2023 to April 2023, the LTC hash rate has increased from 580 Terra hash per sec (TH/s)  to 701 TH/s.

Typically, a rise in hash rate is often followed by a rise in the underlying asset’s price due to network effects.

Litecoin price ready to take off

Litecoin price shows clear signs of an uptrend as it rallied 6.70% in the last 24 hours. This bullish move came despite a market-wide range formation, suggesting an interest in LTC. As mentioned above, the demand could be driven by the halving event.

Regardless, Litecoin price is at a crucial point, where it could retrace to $88.99 before taking off. As long as LTC manages to flip the four-hour bullish breaker, extending from $87.60 to $90.88, the trend will remain in favor of buyers.

Additionally, both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) have flipped above the 50 and the zero line, respectively, suggesting that the bulls are in control. 

A continued northbound move for Litecoin price will send it to its first target, which is the midpoint of the recent crash at $93.72 that lies just below another hurdle at $95.71. Overcoming this blockade will allow Litecoin price to tag the $101.41 resistance level. 

On the other hand, if Litecoin price fails to stay above the $87.60 to $90.88 bullish breaker but produces a four-hour candlestick close below, the bullish thesis will face invalidation.

In such a case, Litecoin price will likely slide lower to collect the sell-stop liquidity below $83.90 before giving the uptrend another go.

#Binance #BTC #litecoin #LTC #askbinancesensei

The highly touted Sui mainnet is set to officially launch on Wednesday, May 3 at 8 a.m. ET.

A layer 1 designated Proof-of-Stake (dPoS) blockchain, the protocol uses a modified version of the Move programming language initially created at Meta–formerly Facebook–before it decided to wind down its Diem project.

Sui is built by Mysten Labs, one of the two spinoffs that came from Meta’s Diem project–the second being none other than so-called Solana Killer, Aptos Labs which launched its mainnet in October. Leading up to its launch, Sui has raised enormous amounts of money. By September last year, Mysten Labs had closed a $300 million Series B round and reached a $2 billion valuation, according to CrunchBase.

The team behind Sui has said it wants the network to become the premier NFT and gaming platform for the cryptocurrency industry, by virtue of its Move programming language, which developers have said is a more intuitive way to write smart contracts.

Although Move was not initially designed with NFTs in mind, Sui Move is looking to change that by implementing certain NFT-specific functions. Unlike another popular language, like Rust—which is used by Solana and focuses on “accounts”—Sui is centered around “objects.” That has made it possible for objects on Sui to be owned by a single user or “shared,” which can then be modified by users as long as they follow certain smart contract functionalities.

By doing so, the team behind Sui said the network is poised to become an “innovative, decentralized Layer 1 blockchain that redefines asset ownership.”

Sui Move has been highly touted for its speed and transaction throughput, with Solana’s Co-Founder Anatoly Yakovenko, one of its main competitors, calling it “awesome" on Twitter.

The platform’s native asset, the SUI token, has been in the midst of an initial coin offering, or ICO, since April 20. It will end on May 3, when the mainnet goes live..

Investors have been purchasing IOU versions of the token, albeit from four smaller exchanges: BitForex, DigiFIn3x, H0tBit and Super3x. As of Tuesday afternoon, the token IOUs were trading at $3.20 according to CoinGecko, and had seen their price spike 14% in the past day from excitement surrounding the mainnet launch. After the token launches, it will be listed on Binance & Other Exchanges as Well.

#eth2.0 #askbinancesensei #Binance #crypto2023 #BTC

#BTC /USDT :

🚀 BTC UPDATE 🚀

After the recent Pump&Dump manipulation, it's important to take a clear look at the BTC chart. Currently, there is an upside movement with the strong resistance of $28,450 being broken upwards.

The next resistance level to watch out for is $29,100. If this level is broken, it could clear the way for BTC to reach $31,000.

Stay tuned for further updates on BTC's price movements

#eth2.0 #askbinancesensei #crypto2023 #Binance

#COCOCS /USDT 4-HOUR ANALYSIS :

COCOS

Cocos Coin is currently following the regression trend, according to this trend, it may come up to $1.523 and then the market may turn bullish,

so be cautious.

Like + RT + Comment+FOLLOW

#eth2.0 #askbinancesensei #Binance #crypto2023

The Federal Reserve and the FDIC published reports on Friday concerning the fall of the second and third-largest U.S. bank failures in history.

The first report, published by the Fed’s vice chair for supervision Michael Barr, claims the central bank’s supervisors failed to recognize the extent of vulnerabilities at Silicon Valley Bank (SVB) as it grew in size and complexity. Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, wrote that SVB had 31 open supervisory findings while other banks had much fewer in comparison.

The FDIC published its report on Signature Bank’s (SBNY) collapse and the report authored by Marshall Gentry. On page 13, the FDIC report goes into great detail about the crypto industry turmoil that bolstered SBNY’s failure. ”The strategy exposed SBNY to greater susceptibility to liquidity, reputation, and regulatory risk due to the uncertainty and volatility of the digital asset space,” Gentry explained.

#crypto2023 #askbinancesensei #Web3

The Nigerian government has approved a national blockchain policy, which has been welcomed by the country's crypto community. The policy is expected to facilitate the development of Nigeria's digital economy and could have implications for governance and policy-making, digital identity management, e-payments and billings. The government has also instructed relevant regulatory bodies to create regulatory frameworks for the implementation of blockchain technology in different sectors of the economy. The policy has been praised for its comprehensive approach and potential to encourage innovation, investment and economic growth.

#ETH2.0 #BTC #askbinancesensei #Binance

Spanish law enforcement recently rescued a Syrian cryptocurrency dealer from three kidnappers who demanded a ransom of $1.12 million. The kidnappers, who were the victim's party friends, were found to possess weapons and fake identity documents when arrested. The Syrian crypto dealer, whose company is based in Dubai, was told to access applications he uses to manage his crypto business and contact the intended recipient of the ransom money while in captivity. He managed to take a photo through the window and send it to a colleague, who contacted law enforcement and led to the raid on a luxury villa in Benalmádena.

(By Terence Zimwara)

#ETH2.0 #askbinancesensei