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Litecoin (LTC) has risen by more than 25% since falling below $ 50 USD on August 14, but down 83% from the historic high of 19 December. The LTC market cap is the 7th largest among the coins traced by bravenewcoin.com, at 3.64 billion US dollars, with a volume traded on the stock exchange of 281 million dollars in the last 24 hours. The LTC outperformed most currencies over a market capitalization of $ 100 million last week.
Litecoin's first summit is scheduled for San Francisco on 14 and 15 September. The creator of Litecoin, Charlie Lee, will give a keynote speech. Lee has notoriously sold all of his LTC in December and January because of a "conflict of interest" and recently told CNBC that he would not buy any back at this time or not at all. Lee also recommended the optimization of the dollar cost, an investment technique to buy a fixed dollar amount of a particular investment on a regular schedule regardless of the current price, as well as focus on adoption and the underlying technology. .
Meanwhile, Zulu Republic recently announced lite.im that will enable LTC transactions via SMS messaging and Telegram. The new project aims to broaden the access to cryptocurrency and promises to bring Litecoin services to anyone who also has a basic cell phone, regardless of whether or not he has access to the Internet. Users of lite.im will be able to interact with the Litecoin blockchain, sending and receiving funds from anywhere in the world where a cell phone signal can be found.
In the United States, thanks to a recently released financial disclosure report, US representative Tulsi Gabbard was buying around Litecoin and Ethereum in December, around historic highs. In May, Congressman Bob Goodlatte was the first Congressman to disclose cryptocurrencies for US $ 80,000. The United States Office of Governmental Ethics (OGE) provided guidance on the disclosure of holdings in virtual currency in June. Members of the United States Congress are required to report any financial transaction of stocks, bonds, commodity futures and other securities within 45 days and continue to do so for up to six years after serving.
Regarding the LTC development roadmap, litecoincore. The org website is currently inactive and LitecoinCore's Twitter account has not tweeted since May. The GecoHub account of Litecoin has only had three commits in the last 90 days.
As far as the network is concerned, LTC has a much lower number of daily active addresses (DAA) than Bitcoin or Ethereum. DAAs have fallen dramatically in all cryptocurrencies over the last six months. An increase in active policies, which can be used as an adoption measure, should be seen as a main indicator of bullish price action.
The number of transactions per day has staggered between 20,000-30,000 since June. Average transaction rates have continued to decline since May, now at the lowest levels for over a year and are cheaper than Bitcoin, Ethereum, Dash and Monero.
LTC uses SegWit enabled addresses to reduce both individual transaction sizes and costs, as well as increasing the maximum block size. The SegWit protocol upgrade also allows you to use transactions on the Lightning network, a bidirectional, out-of-chain, hub-and-spoke payment channel.
LTC The ratio of the value of the Kalichkin network to transactions (NVT) at 30 days has increased throughout the year and is now approaching historical highs. An increase in NVT suggests a decrease in economic activity or utility over time. While this ratio can be used to evaluate a network, it is difficult to compare coins that use different types of transactions. A point of decline or a downtrend in NVT should be seen as a bullish indicator for the price.
Difficulties and hashrates have decreased from the historical highs of May and June, which is most likely fueled by a decrease in mining profitability. Mining profitability slightly increased from the August 11th low. Factors that influence mining profitability include; price, blocking time, difficulty, block premium and transaction fees. Of the 84 million LTC never existed, 69.20% was mined. The next prize is doubled for August 2019.
The volume of trades exchanged during the last 24 hours was mainly driven by the Bitcoin (BTC), Tether (USDT) and US Dollar (USD) pairs. Most of the negotiations took place on OKEX, which recently announced LTC / BTC and LTC / ETH trading pairs. Trading in fiat Asian pairs, Chinese Yuan (CNY), Korean won (KRW) and Japanese yen (JPY) is minimal
Technical Analysis [19659014] Litecoin is showing signs of a potentially strong local fund with a recent capitulation wick on the daily chart. As the trend flattens and consolidates, analysts look for signs of continuation or trend reversal. The status of an existing or emerging trend can be determined using exponential moving averages (EMA), Pitchforks, Volume, Ichimoku Cloud, graphical schemes and divergences. Further basic information on the technical indicators discussed below is available here
Bitfinex's open interest rates on the LTC / USD pair (above) are net long, with the recently rising long and falling short. The open interest on the LTC / BTC (middle) pair is strongly short, with a recent reduction of the shorts with the addition of long. The price fell 50% from the 50 / 200EMA down death cross on 22 May and remains well below the 200EMA. Although a bullish entry would not be justified up to a bullish 50 / 200EMA gold cross, a price movement towards 200EMA is possible simply because of the average return.
There is also a long bearish Pitchfork (PF) with anchorage points in December, March and May, established after the December historical high. The price has recently retested the midline (ML), a high volume area historically based on the volume profile and held as support. The PF remains valid until a candle closes above the upper diagonal resistance line.
Moving to the Ichimoku cloud, four metrics are used to determine if there is a trend; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross and the Lagging Span. The best voice always occurs when most signals go from bearish to bullish or vice versa.
The status of the current cloud metrics in the daily time frame with single settings (10/30/60/30) for faster signals are bearish; the price is below the Cloud, the Cloud is bearish, the cross TK is bearish and the Lagging Span is below the Cloud and below the price. A traditional long entry will not trigger until the price is higher than the Cloud. A long Kumo dish at $ 73 will act as a magnet for the price if the current lows remain.
The state of cloud metrics in the daily time frame with doubled settings (20/60/120/30) for more precise signals are also bearish; the price is below the Cloud, the Cloud is bearish, the cross TK is bearish and the Lagging Span is under the Cloud and below the price. Again, a traditional long entry will not trigger until the price will be above the Cloud.
The position of the TK lines shows a growing C-Clamp, which can be considered a bullish divergence and suggests oversold conditions. If the price does not fall to minimum levels, it is likely that a target of ~ US $ 72 at the Kijun. There is also a long and flat Kumo of US $ 117 which will also serve as a magnet for the price. The more aggressive entry for this long exchange would have occurred after the closing of a candle inside the Cloud and a bullish cross TK
In the four-hour chart, the price has become bullish inversion double bottom chart diagram known as Adam and Eve. The distinguishing features of this model include a V and U structure that occurs in the setting of a descending volume profile. The model is basically completed and has a & # 39; extension of fib 1.618 and a measured move of US $ 69 and US $ 73.50 respectively
The daily chart for the LTC / BTC chart shows a strong bearish trend according to the Cloud with repeated discards of Tenkan (blue), an indicator of ultra-bearish sentiment. There is also a growing multi-month RSI divergence that suggests a decline in bearish momentum. Both the TK C-clamp and the Kumo long flat give high probability reversal objectives
Conclusion
The Litecoin network continues to run smoothly and economically, despite is less flashy than the competition. The project has suffered from a lack of planned development in recent months, which shows the lack of commits, tweets and GitHub website. The summit of Litecoin should serve as the necessary lifeblood to gather the community towards new goals of development and adoption. LTC led the charge for the adoption of SegWit before Bitcoin, essentially acting as a real-time testnet. Going forward, LTC could very well implement other pending Bitcoin developments before the BTC network.
Technicians suggest that the risk / return is favorable for a long position, despite the current downward trend. Average reversals to the Kijun Cloud newspaper doubled to $ 72 and the daily 200EMA to $ 100 are probably short-term. The completed Adam and Eve also give credit to the bullish reversal of ~ US $ 70. The LTC / BTC pair has been mercilessly beaten since May, as LTC / USD has declined substantially and BTC / USD has kept its lows. The upward divergence and the C TK clamp are highly indicative of the recovery of LTC soil in relation to 0.01 sats.
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