Litecoin (LTC) has fallen by more than 15% over the last 10 days and is now down about 80% from its record high in December. The LTC market cap is the 7th largest among the coins traced by bravenewcoin.com, at 4.34 billion US dollars, with a volume traded on the stock exchange of 253 million dollars in the last 24 hours.
Of the 17 currencies with a market capitalization of over US $ 1 billion, LTC is in the middle of the package in terms of earnings and losses in the last month. The Pearson coefficient of LTC and BTC was 0.89 in the last three months, suggesting that both currencies are highly correlated. Stellar (XLM) outperformed LTC in market capitalization earlier this month on a series of bullish news.
There have also been several announcements related to LTC recently. Reddit has decided to reactivate cryptographic payments and will probably include LTC with Bitcoin (BTC) and Ethereum (ETH). Cryptographic payments have been disabled after network fees have made transactions for Reddit Gold purchases uneconomical. Reddit co-founder Alexis Ohanian has been a strong supporter of cryptocurrencies as a valuable digital store.
It is said that the Gemini exchange adds other cryptocurrencies, including LTC, which could then enable futures trading at the Chicago Council Exchange Options (CBOE). Gemini currently allows the exchange of the BTC, ETH and Zcash (ZEC) pairs. ZEC recorded an immediate jump of 45% on the announcement of the Gemini listing. In addition to futures trading, the CBOE also has a pending bitcoin ETF application and has strongly supported the addition of future cryptographic financial products.
The British Stock Exchange Crypto Facilities launched an LTC futures contract in late June. Crypto Facilities also provides the Chicago Mercantile Exchange (CME) with data for the BTC and ETH index. CME's CEO Terry Duffy said recently that CME will not add any more future crypts at any time
On July 10, Charlie Lee, creator of LTC, announced the LTC Foundation based in Singapore and Token Pay entered into a strategic partnership to purchase a stake in a German bank, WEG Bank AG. Lee expects to receive a board position at the bank and further influence the encrypted adoption. The collaboration took place due to a lack of reliable cryptographic bank processors .
On July 12th, the Robinhood retail trading app added LTC for fee-free trading. Robinhood is available for residents in 17 states of the United States. With four million accounts created last year, Robinhood surpassed the size of E-Trade, and was recently valued at $ 1.3 billion.
Earlier this week, HTC Corporation announced LTC support for their upcoming HTC Exodus Smartphone blockchain. Charlie Lee will also be a project consultant, along with the CEO and co-founder of Lightning Labs, Elizabeth Stark. Early access to the phone will be available in the third quarter of this year.
Turning to the network, the number of transactions per day has stabilized and is around 20,000-30,000. Average transaction fees continued to decline from May. LTC has consistently confirmed more transactions per day than Zcash, Dash, Monero and Doge, with cheaper average transaction fees than Bitcoin, Ethereum and Monero. A $ 99 million transaction was canceled in 2.5 minutes in April, with an associated commission of US $ 0.40.
The 30-day LTC report Kalichkin Network Transaction Value (NVT) is increasing throughout the year. While the report can be used to evaluate the relative utility of a network over time, it is difficult to compare coins that use different types of transactions. Moreover, a negative NVT correlates with the price increase while a growing NVT is generally correlated with the decrease in prices
Difficulties and hashrates decreased from the historical highs of May and June, which is most likely fueled by a decrease in mining profitability. Data mining is currently the least profitable LTC it has ever been. Of the 84 million LTC never existed, 68.67% was mined. The next prize is doubled for August 2019.
Moving on to the activities of the developers, Litecoin Core v0.16.2 was released this week with minor improvements to the network, while the LTC project on GitHub had a total of 749 commissions in the last year. Most coins use the GitHub developer community, where files are saved in folders called "repository" or "repos" and changes to these files are recorded with "commit". Although commits represent quantity and not necessarily quality, a higher number of commissions  The volume of trades exchanged in the last 24 hours was mainly driven by Bitcoin (BTC ), Tether (USDT) and US Dollar (USD) pairs. Most of the exchanges occurred on OKEX, GDAX, Bitfinex and Binance. Overall, the influence of Asian couples is minimal with the Korean won (KRW) and the Japanese yen (JPY) which represent less than 1% of the total volume. Bithumb, one of Korea's major stock exchanges, reopened the deposits and withdrawals this week.
LTC continues its downward slide, and is now entering a previous resistance area established in September 2018. As a 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, Ichimoku Cloud and divergences. Further basic information on the technical indicators discussed below is available here.
In the two-day chart, the 50 / 200EMA went through bearishly for the first time since May 2016. The market in 2017 was supported by the two days 50EMA or 100EMA. Much of the bullish upward trend for 2017 has occurred in the context of Coinbase's stock exchange listing and protocol improvements such as SegWit.
The two-day chart also has a long Bearish Pitchfork (PF) tradition with anchor points in December, March and May. While remaining in the upper half of the PF, another midline test (ML) close to US $ 59 seems inevitable, as the price will continually try to return to ML at any given trend. 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 lower than the Cloud, the Cloud is bearish, the cross TK is recently bearish and the Lagging Span is below the Cloud and in the price. A traditional long entry will not trigger until the price is higher than the Cloud. A recent bearish cross TK led to a 10% fall in price. A bearish TK cross under the Cloud is a strong bearish continuation signal.
The state of cloud metrics in the daily time frame with doubled settings (20/60/19/30) for more precise signals are at the downward; the price is lower than the Cloud, the Cloud is bearish, the cross TK is bearish and the Lagging Span is under the Cloud and touches the current 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 as a bullish divergence and suggests oversold conditions. If the price does not reach lower lows, a target of ~ US $ 128 is likely. The most aggressive entry for this long trade would have occurred after a bullish cross TK
On the LTC / BTC pair, the Cloud metrics on the daily chart, with doubled settings, is also distinctly bearish but heavily oversold. The pair has been in freefall since they broke the support near 0.0155BTC, which also featured a bearish Tenkan rebound and a 50 / 200EMA death cross (not shown). A bullish RSI divergence was also formed when the price reached a lower minimum but no RSI. This indicates that the downward momentum is losing strength and a bullish reversal is more likely than the bearish continuation. The report also hit a long-standing support near 0.01BTC (not shown).
LTC continues to function peacefully as a means of rapid and economic exchange. However, volatility suggests that LTC is far from being a stable reserve of value or unit of account. The continued adoption of LTC ads for both trading and utilities will likely have a bullish effect for the rest of the year. Despite having sold all of his LTC in December, Charlie Lee continues to be the figurehead of LTC, and his involvement in a bank and a smartphone can only help.
Techniques for the LTC / USD pair indicate a sustained bearish trend with a high probability of continuation. A high-volume wick at ~ US $ 60 would be the best scenario and will indicate a sharp bearish exhaustion. The alternative is a constant decline. Once a solid fund is established, a US $ 128 target is likely.