Latest Litecoin News
Back in Oct 2018, the Litecoin community was raving about a new update whose implementation could see fees drop, making transactions 10X cheaper. Then, Litecoin had a better market cap, trading at higher levels and perched at sixth in the liquidity ranking.
Litecoin 0.17 proponents say will be an avenue for increased adoption. In a post, Litecoin core developer Adrian Gallagher remained optimistic as ever saying:
“To encourage more adoption and usage of Litecoin, I think lowering the fees are good thing. Technically people can already adjust their fees right now to the one above because of the more relaxed min relay/dust relay fee. It will lay down the foundation for a fee rate which we can grow into proactively rather then re-actively”
But it appeared like interest around this update has waned and with every red candle, users, as well as investors, are beating instead of doubling down on marketing and promoting the coin. Even as bears strike, prices appear to be bottoming up. As a result, we expect prices to further expand as more coins are mined—71.53 percent have so far been mined—as the next having day is projected to happen in 202 days.
While prices recover, we need to see renewed interest in this update as consensus and subsequent implementation will make Litecoin the cheapest and fastest network to transact on spurring across the board adoption.
Litecoin (LTC/USD) Price Analysis
At spot rates, Litecoin is relatively unchanged in the last 24 hours. Nonetheless, sellers have an upper hand when we analyze price performance from a top-down approach. Note that sellers are pressing lower despite LTC prices dropping more than 90 percent from 2017 peaks.
From a technical price action perspective, this is a deep correction and the only path of least resistance is an upward correction towards the $100–$150 zone. Before then, the short term trend appears to be under the control of buyers. As we can see, the first level of resistance is at $35 and the mark was breached on Jan 6 but gains reversed when prices dumped on Jan 10.
Unless otherwise there are strong, high volume rallies above $35 conservative traders should watch price from the sidelines. All the same, we expect prices to recover thanks to yesterday’s bull pin bar—long lower wick and virtually no upper wick pointing to demand in lower time frames.
Aside from that, there is rejection of lower lows right off the 61.8 percent Fibonacci running off Dec 2018 high low. Further cementing our conviction is the inability of sellers to confirm Jan 10 lower lows as price action oscillates within Jan 14 bull bar. Should prices rally above $40, our first modest target will be $50 and later $70.
All Charts Courtesy of Trading View – CoinBase
Disclaimer: Opinions are those of the author. Do your Research.