- Litecoin price prediction expects a rise towards $200.
- Litecoin must hold the crucial support found at the $100 mark.
- Strong resistance currently lies at the $147 mark.
- Strong support currently lies at the $129 mark.
Following the cryptocurrency market, Litecoin price followed a descending channel since 14th January. The sharp downward trajectory does appear to have slowed down to date. The cryptocurrency’s 24-hour price actions show high volatility even though previously, the cryptocurrency had been dubbed as relatively stable.
Litecoin started on a positive note and attained the 24-hour high at $147 at the beginning of the day; however, it quickly spiraled downwards to the 24-hour low of $136. At the time of writing, the cryptocurrency was priced at $141. Litecoin price saw a decrease of 2.38 percent in the past 24 hours, while the market capitalization amounts to $9.296 billion, and the trading volume stands at $5.623 billion.
Ten are buy signals out of the 28 technical indicators, whereas neutral and sell signals are nine each. Eight of the total oscillators are neutral, while two buy indications with one sell indication. The moving averages stand at eight indications of buy and sell, each with one neutral indication.
Litecoin price prediction: What to expect?
In his Litecoin price prediction analyst, Jaguar Chaman is suggesting a short position for the cryptocurrency. Per the analyst, the current technical analysis indicates major retracements of the cryptocurrency. However, the long-term Litecoin price prediction is optimistic. The analyst has identified various trend lines for Litecoin.
Per Chaman’s Litecoin price prediction, if Litecoin breaks out of the current red trend line to the downside, strong corrections can be expected as the cryptocurrency will only stabilize at the dotted yellow ascending trend line, which has been acting as strong support for Litecoin.
In that scenario, Litecoin can have a potential value of $50, it can also go as low as $22 to the life support of the cryptocurrency. The Moving Average Convergence/Divergence (MACD) has also taken up a downward trend towards the zero axis while the Relative Strength Index (RSI) appears to be moving downwards.
Litecoin Incognito mode can sway popularity
Litecoin has announced complete privacy of transactions to its users with its incognito network. The network will utilize an incognito wallet to allow anonymous Litecoin purchases. The anonymous transactions will take place with the pLTC token rather than the LTC, guaranteeing complete privacy and anonymity. Moving from pLTC to LTC results in the destruction of the pLTC tokens, so the anonymous transactions cannot be traced back to the user. Users operating on the incognito network will be provided with temporary addresses through a complex shielding procedure.
Although users prefer private transactions and the incognito network can definitely result in increased adoption of Litecoin, it also can lead the cryptocurrency downhill. Governments all over the world are skeptical of cryptocurrencies and their lack of regulation.
Couple the already-present dislike with anonymous transactions, it will result in a mix – one the US regulatory authorities are not fond of. The US is clamping down on anonymous cryptocurrencies already, and the incognito mode will make Litecoin shine like an alarmingly bright star on their radar.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens
Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.
Buterin Burns $6.7B in Shiba Inu
The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.
One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.
Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.
“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.
Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”
Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.
The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.
The Generosity of Dog People
Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.
“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”
However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.
“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”
Litecoin, Monero, Ethereum Classic Price Analysis: 17 May
The Bitcoin market has been on a downtrend and the altcoin market has been mirroring its losses. The markets of Litecoin [LTC], Monero [XMR], and Ethereum Classic [ETC] have been highlighting a similar downtrend while also trying to recover in the short term.
The above chart of Litecoin [LTC] suggested that its value plummeted by 17% within 16-hours. This loss was from $325 to $267. However, after the 17% drop, the LTC value recovered and was now trading at $289.10.
The digital asset has been moving towards immediate resistance at $297.26 but there was evident bearishness in the market due to the fall. As the price slipped low, relative strength index was suggesting that the asset had entered the oversold zone, but this price posed a buying opportunity for others. This buying pressure that was created has pushed the digital asset into a near-equilibrium zone.
The price hangs around the $288-range and the traders may want to be more vigilant as the momentum shifts.
Unlike the Litecoin market, Monero [XMR] market was noting a rise in volatility. The sudden plunge in price pushed LTC from $391 to under $345. Even after recovering to $365, resistance at this level pushed the price once again lower. At the time of press, LTC was trading at $361.
The rise in volatility was indicated by the divergence of Bollinger bands, while the signal line was also plummeting. This suggested that the recent price action has paved the way for the bearishness and as LTC tried to stabilize at the current price, the relative strength index noted that the selling pressure had also increased as it hit 38. Meanwhile, negative momentum was adding to the falling price of LTC.
Ethereum Classic [ETC]
The Etheruem Classic [ETC] price was not as impacted as other alts, thanks to its hard fork Ethereum [ETH]. The ETC price dropped by 19% but managed to recover by 15%. The loss carried ETC value from $110 to 80, but as the market recovers, this value has been pushed to $91.
With the wild price movement, Bollinger bands were noted to converge, which meant that volatility was reducing. As the price surged past the $89 resistance, the market was trying to hold on to this price level. This was also indicated by RSI which was at 47, close to equilibrium. This meant that the buying and the selling pressures were evenly matched. However, the momentum has remained negative.
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Price analysis 5/17: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI
Bitcoin (BTC) plummeted to an intraday low near $42,000 today, dropping 35% from its all-time high at $64,849.27. Over the weekend the selling intensified as news that Tesla may have sold its Bitcoin holdings made waves, and even after this was proven to be untrue, Bitcoin’s market dominance had still been pulled down to a three-year low below 40%.
While this decline in Bitcoin may have scared new investors, stock-to-flow creator PlanB said the performance of the current bull phase is still better than the 2017 bull run. PlanB also warned investors to expect several 30% dips during Bitcoin’s climb to a new all-time high.
Although the long-term story remains intact, the sharp bearish moves in Bitcoin on every minor negative news tidbit suggest nervousness among investors. The lack of a sharp recovery even after Elon Musk’s clarification that “Tesla has not sold any Bitcoin” suggests investors are not buying aggressively on positive news.
Will Bitcoin’s weakness stall the altcoin season or is Bitcoin getting ready for a sharp relief rally? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke below the neckline of the head and shoulders pattern on May 16 but the bears could not achieve a close below it. By the end of the day, the price rebounded and closed above the neckline.
However, the selling resumed today and the bears have pulled the price below the neckline. If the BTC/USDT pair closes below the neckline, the head and shoulders pattern will complete.
If the bulls do not push the price back above the neckline quickly, the selling is likely to intensify further. The pair could then start its decline toward the pattern target at $31,653.73.
The downsloping 20-day exponential moving average ($52,265) and the relative strength index (RSI) in the oversold territory indicate the bears have the upper hand.
Any pullback is likely to face stiff resistance at the 20-day EMA. This negative view will invalidate if the bulls push the price above the stiff overhead resistance at $60,000.
Ether (ETH) is correcting the sharp uptrend of the past few days. The price dipped below the 20-day EMA ($3,431) today but the bulls are trying to arrest the decline near the 38.2% Fibonacci retracement level at $3,195.98.
If the price rebounds off the current level and rises above $3,600, the bulls will try to push the price to $4,200. However, the 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting the bullish momentum may be weakening.
If the buyers fail to defend the $3,195.98 support, the decline could extend to the next support at the 50-day simple moving average ($2,709). Such a deep fall is likely to delay the start of the next leg of the uptrend.
Binance Coin (BNB) broke below the 50-day SMA ($520) for the first time since Dec. 13. The 20-day EMA ($585) has started to turn down and the RSI has slipped below 42, suggesting the bears are trying to gain the upper hand.
If the current recovery turns down from the 20-day EMA, it will suggest that traders are closing their positions on rallies. That will increase the possibility of a break below $480. If that happens, the BNB/USDT pair may drop to $428 and then to $348.70.
The first sign of strength will be a breakout and close above $615. Such a move will suggest that the correction is over and the pair may be ready to resume the uptrend. A breakout and close above $691.77 could start the next leg of the uptrend that may reach $796.64.
Cardano (ADA) is in a strong uptrend. It reached a new all-time high at $2.34 on May 16 where profit-booking set in. If the price breaks below $1.95, the altcoin may drop to the 20-day EMA ($1.71).
A strong rebound off the 20-day EMA will suggest the sentiment remains bullish and traders are buying on dips. On the contrary, a break below the 20-day EMA will indicate that supply exceeds demand and that may pull the price down to the 50-day SMA ($1.39).
Instead, if the price turns up from the current level and rises above $2.34, the ADA/USDT pair may resume its uptrend. The next target objective on the upside is $2.82 and then $3. The rising moving averages and the RSI above 63 indicate the path of least resistance is to the upside.
The bulls are currently attempting to defend the 20-day EMA ($0.46). If they succeed, Dogecoin (DOGE) could move up to $0.59 where the bulls are likely to encounter stiff resistance from the bears.
If the price turns down from $0.59, the possibility of a break below the 20-day EMA increases. If that happens, the DOGE/USDT pair could drop to the critical support at $0.35. A strong rebound off this support could keep the pair range-bound between $0.35 and $0.59 for a few days.
Contrary to this assumption, if the bulls drive the price above $0.59, the pair may retest the all-time high at $0.73. A breakout of this resistance could start the next leg of the uptrend that may reach $0.83 and then $1.
The bulls purchased the dip to the support line of the symmetrical triangle today, indicating buying at lower levels. The buyers will now try to propel XRP above the resistance line of the triangle.
If they succeed, the XRP/USDT pair could pick up momentum and rally to the 52-week high at $1.96.This level may act as stiff resistance but if the bulls can overcome it, the pair may rally to $2.68.
The flat 20-day EMA ($1.43) and the RSI above 53 do not signal a clear advantage to the bulls. If the price turns down from the resistance line of the triangle, the pair may extend its stay inside the triangle for a few more days.
The trend will turn in favor of the bears if the price breaks below the triangle. That could result in a decline to $0.88.
Polkadot (DOT) broke out of the $44 overhead resistance on May 14 but the bulls could not sustain the higher levels. The bears pulled the price back below the breakout level at $44 on May 15.
The 20-day EMA ($39.34) is flattening out and the RSI is near the midpoint, suggesting the range-bound action may continue for a few more days.
A break below $32.50 could open the gates for a decline to the critical support at $26.50. A bounce off this support will suggest accumulation at lower levels.
On the other hand, if the price rises from the current level and breaks above $44, it will suggest that sentiment remains positive and the bulls continue to buy at lower levels. That will increase the possibility of a retest of the all-time high at $49.78.
Bitcoin Cash (BCH) broke and closed below the 20-day EMA ($1,178) on May 15. The bulls attempted to push the price back above the 20-day EMA on May 16 but failed to sustain the higher levels. This led to further selling today and the price dipped to the psychological level at $1,000.
The bulls are currently attempting to defend the support at $1,000. However, any relief rally from the current level is likely to face stiff resistance at the 20-day EMA ($1,170) and then at $1,362.74.
If the price turns down from this level, the BCH/USDT pair may remain range-bound for a few days.
This neutral view will invalidate if the pair continues lower and breaks below the 50-day SMA ($922). Such a move could open the doors for a further decline to $700. The trend may favor the bulls on a break and close above $1,362.74.
The failure of the bulls to build upon the breakout of the ascending broadening wedge formation could have attracted aggressive profit-booking from short-term traders. This pulled Litecoin (LTC) to the 20-day EMA ($308) on May 12.
Although the bulls attempted a recovery on May 13 and 14, the rebound fizzled out at $339.10. The selling resumed on May 15 and sent the LTC/USDT pair below the 20-day EMA.
Today, the bulls are attempting to defend the 50-day SMA ($270). However, the 20-day EMA has started to slope down and the RSI is below 45, suggesting the bears are trying to make a comeback.
If the pair breaks below the 50-day SMA, the selling could intensify and the pair may drop to the support line of the wedge. This negative view will be negated if the bulls push the price above $340.
Uniswap (UNI) broke below the support line of the ascending channel today but the bears could not capitalize on this weakness. The bulls are currently attempting to push the price back into the channel.
However, the 20-day EMA ($37.72) has started to turn down and the RSI has dipped into the negative territory, suggesting the bears have a slight advantage. If the price closes below the channel, it will indicate a possible change in trend.
The UNI/USDT pair could then drop to the $27.50 to $25 support zone and then to $20. This negative view will invalidate if the buyers propel the price above $40.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
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