Withdrawal of the LTC application, prints on the pin bar

Latest news about Litecoin

Already in October 2018, the Litecoin community was enthusiastic about a new update whose implementation could see the reduction of tariffs, making transactions 10 times cheaper. Thus, Litecoin had a better market capitalization, trading at higher levels and perched sixth in the liquidity ranking.

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Litecoin 0.17 supporters say it will be a road to greater adoption. In one post, the main developer of Litecoin Adrian Gallagher remained optimistic as he never said:

"To encourage more adoption and use of Litecoin, I think that lowering rates is a good thing." Technically people can already adjust their taxes at this time compared to the one above due to the reduced minimum dust relay / relay tariff. bases for a rate that we can grow proactively rather than re-active "

But it seemed that the interest around this update has eased and with each red candle, users, as well as investors, are beating instead of doubling their marketing and promoting money. Even if bears hit, prices seem to increase. As a result, we expect prices to expand further as more coins are extracted – 71.53 percent have been extracted so far – as the next day is expected to occur in 202 days.

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While prices are recovering, we must see renewed interest in this update as consensus and subsequent implementation will make Litecoin the cheapest and fastest network to deal with on the basis of a generalized uptake.

Price analysis of Litecoin (LTC / USD)

At spot rates, Litecoin has been relatively unchanged over the last 24 hours. Nonetheless, sellers have an advantage when we analyze price performance from a top-down approach. Note that sellers are pushing lower despite LTC prices falling more than 90 percent from the peaks of 2017.

From a technical price point of view, this is a profound correction and the only path of least resistance is an upward correction towards the $ 100- $ 150 zone. Before that, the short-term trend term seems to be under the control of the buyers. As we can see, the first resistance level is at $ 35 and the mark was exceeded on 6 January but the gains were reversed when prices were discharged on January 10th.

Unless there are strong and strong volume rallies of more than $ 35, conservative traders should look at the margin price. However, we expect prices to bounce back thanks to yesterday's bar-long lower rattle and virtually no top wick pointing to demand in lesser times.

Aside from this, there is the refusal of the lowest lows off the 61.8 percent Fibonacci which falls from December 2018 at the top. Further strengthening our belief is the inability of sellers to confirm the minimum lows of January 10 when price action fluctuates within the bar of January 14th. If prices are above $ 40, our first modest target will be $ 50 and then $ 70.

All graphics courtesy of Trading View – CoinBase

Disclaimer: the opinions are those of the author. Do your research