According to Bitfinex numbers, LTC experienced an 8% decline on the week-end ended September 1, with 3,17, 15,10 and a 5,74% loss over the previous three weeks.
This is August 2018 ‘s longest losing line. In August 2018, LTC ‘s four-week drop sequence, respectively, triggered a high and low clock of $85 or $49, resulting in values dropping by 42 percent. In August 2018, the 5th highest market capitalisation digital currency had experienced declines in every four weeks.
The latest four weeks’ selling saw LTC dropping from $107 to $62 – another 42%. The price slide occurred after the Litecoin price at https://www.webull.com/quote/ccc-ltcusd mining premium halved on Aug. 5. It is worth remembering. This is not unexpected because the cryptocurrency price decreased by 100% in the first three months of this year in the imminent availability. Furthermore, considering the recent decline, LTC is still up 123% year on year.
The analysis
- When we look at the EMAs, we find that the EMA lasts 50 days and EMA is already at a disadvantage. The EMA is 20 days.
- Instead, the price dropped below 200 days of EMA again this week, LTC tried to reverse this pattern with its EMAs last week.
- This shows strong signs of weakening, even though LTC continues to trad around 55-$57 dollars over a key level of support (according to the left volume profile).
I mentioned last week that without reversing the EMAs, I couldn’t predict the price of LTC. Moreover, the volume has to be pumped up, which at last seems to be taking place. Currently, the value is nearly $ 4 billion, an unprecedented 23 per cent rise from last month.
Finally, as we look at the profile of volume, Litecoin will potentially face resistance about $72-$75, and again around $90.
Recently, Litecoin price has aimed a full programme at “Magic Crypto Buddies,” which is available on YouTube and features Litecoin creator Charlie Lee. The display dealt with the most relevant cultural debates. From Litecoin to new development announcements as a value shop. Lee reported that the project is also enhancing privacy. In order to theoretically apply the privacy protocol to the extended block, the Litecoin Development Team cooperates with the Mimblewimble Protocol, particularly the developers behind Greim.
Litecoin Concerning
Charlie Lee, a former Google employee, released Litecoin price in October 2011. The biggest distinction was a little block generation time. It was a bitcoin bifurcation. The number of coins and a separate scripting algorithm has also been expanded. For more information, you can check Litecoin news.
Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.
