Litecoin, On The Move And Heading Lower
Litecoin Dips, Slides Lower In Tipto 10 Rankings
Litecoin presently sits at the 8th position happening the crypto top-10 by market cap, with a total dollar grocery store value of $1.8 billion, followed aside TRON (TRX) with $1.6 billion. As most other coins, Litecoin is trading bearish, having lost almost 11% in the last 7 days and Sir Thomas More than 3% in the last 24 hours. Due to a decline in popularity and disarray about the benefits of this coin, relative to the likes of Ripple, Bitcoin Cash in, and now Bitcoin SV, it looks likely we'll see Litecoin to continue to fall in the rankings.
In a recent message to the market Charlie Lee, found of Litecoin, argued that cryptocurrencies had to be vulnerable to a 51% attack else they'd be centralized, not Diamond State-centralized. The claim may be genuine but it does nothing to reassure owners and users of the system their money and respect is safe.
Chart Analysis – LTC/USD
After two attempts to move to a higher place the key horizontal surface at $40, Litecoin dropped like a stone and is presently trading around $30, testing a bullish trend line and upcoming the support at $29. This support is non expected to hold and could lead to a serious decline in Litecoin's value. If you are thinking about going long-wool this token you may require to wait.
Presumption the bearish price action seen over the last few weeks, and the fact that price is trading at a lower place the 200 flow Exponential function Impressive Average on a four hour chart, the chances of a break of 29 support are gamey. If this happens, we will likely see a touch of the incoming level, located at 27. For now volatility is relatively low but a break of support would probably change that, giving a clearer bias. The take a chanc to this outlook is passage of US regulation which is non hoped-for anytime shortly.
Support zone: bullish trend line and 29 tear down
Immunity zone: 200 EMA (4 hour graph)
All but likely scenario: discover of 29, en path to 27 – 25
Replacement scenario: choppy action between 29 and the 200 EMA
Source: https://www.binaryoptions.net/litecoin-on-the-move-and-heading-lower/
Posted by: jamesevisiou.blogspot.com
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