Despite the increase in adoption, the LTC / USD could probably test $ 30


Latest news about Litecoin

In work trial networks, the hash is everything. For this reason, Coinmine wants a complete decentralization in line with the blockchain dicta. As such, the start with the support of CoinBase and Arrington Ventures is bringing the crypto mining into homes as a flagship platform: Coinmine One is energy efficient: 120 watts, easy to use, has its own operating system and uses GPU chipsets (AMD RX 570 (4 GB)).

With widespread use, the miner will ensure complete decentralization within the networks distributed in. The only disadvantage of Coinmine One is that it will not be powerful enough to extract Bitcoin and Litecoin.

To read: Tumultuous Crypto Market: Bitcoin Market Cap finds the minimum from the beginning of the year to $ 100 billion

Furthermore, the plant is quite expensive. Regardless of the fact that he is able to extract ETH, Monero, ZCash and Ethereum Classic, the miner will be useful to stabilize the cryptic scene that has so far declined the hash rate with the increase of bears.

Meanwhile, Kucoin, an exchange from which traders can buy or sell Litecoin has completed a $ 20 million A-series loan. Led by LDG Capital, Matrix Partner and Neo Global Capital, these funds will activate Kucoin 2.0 platform. , improving customer service, accelerating research and education and, above all, global expansion. In this way, more people will have a better understanding of blockchain and similar products. If they are attractive enough, then they can invest further by increasing liquidity and stabilizing prices accordingly.

Analysis of LTC / USD prices

Weekly chart

Analysis of LTC / USD prices

Bitcoin price capitulation is negatively affecting Litecoin and the result is visible. After weeks of horizontal consolidation, LTC / USD fell 18% in the last week but is rather stable in shorter periods of time. As a result, Litecoin is declining by more than 85 percent from the peaks of 2017 in the process, confirming the bear break-out pattern that marked losses in early August.

Note that LTC / USD is currently trading below the $ 50 main support and selling the trigger line and fueling this massive sell-off are huge volumes – almost double the weekly average at 1 million from 600k. From the previous emphasis, conservative traders can reach short positions with a stop at $ 50 with the first targets at $ 20- $ 30. Losses beyond this and Litecoin can easily print $ 2, one level tested last time in March 2017.

Daily chart

Analysis of LTC / USD prices

Of course, LTC / USD is bearish and in line with our previous LTC / USD trade plan, we recommend both sets of short traders at spot prices. In this way they will be exchanged in the direction of the trend set by August 7-8.

This is largely due to the failure of bulls to keep prices above $ 50. Then, again, with a full-beam candlestick print below the 50 triggering shots and turning up sales effectively by canceling our bullish projection on the back of a strong market share, LTC would most likely test $ 30 or less in the next days / weeks.

All graphics courtesy of Trading View

Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.

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