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Liquidation Quandary: Litecoin Wallets Draining Fast – What’s Next For LTC Prices?

Litecoin (LTC) suffered a major fall after a week of consistent growth, posing possible difficulties going forward. According to recent data, a significant proportion of wallets have sold their Bitcoin holdings.

As of this writing, LTC is trading at $74.60, down 1.1% from its peak price over the previous day. This decline has also had an effect on LTC’s market capitalization.

With Litecoin’s market value falling by 55% compared to Bitcoin in just five months, the price chart for LTC presents a bleak image. This sharp decline in value is indicative of investors’ diminishing trust as they choose to sell off more and more of their holdings.

Litecoin Downturn: Small Investors Flee, Raising Long-Term Viability Concerns

Santiment claims that 199,000 wallets that contained Litecoin around 10 days ago are no longer in possession of the cryptocurrency. This pattern could explain why, in comparison to other prominent cryptocurrencies previously discussed, the coin has performed comparatively poorly over the last week and year.

Interestingly, small-scale holders account for the majority of the wallets that collapse, which contrasts with the tenacity exhibited by Sharks and Whales in the cryptocurrency space, according to Santiment.

It seems that small investors—who are frequently the most susceptible to market swings—are the main group selling their holdings, presumably because they are worried about the investments’ long-term sustainability and liquidity.

The significant departure of almost 199,000 wallets that previously contained LTC is a noteworthy phenomena that should not be disregarded. The significant decline in selling activity reflects a more widespread feeling of apprehension, uncertainty, and skepticism that has negatively impacted the asset.

Up to 2.13% of all Litecoin wallets have sold off their LTC since late November, according to the most recent data. On the Litecoin network, at least 9.11 million addresses now hold zero coins.

As some of the top cryptocurrencies have experienced incredible price increases—gaining over 100% in the year thus far—Litecoin has remained relatively stable, showing a growth of less than 4% year to date.

For about two weeks, the price of LTC has been consistently fluctuating between $70 and $75. In the second half of the month, there was a narrow trading range between $68 and $72.

LTC’s Resilience: Navigating Liquidation In Leveraged Trading

In order to forcefully end a trader’s leveraged position once a trader loses all or a portion of their initial margin, the exchange uses a process known as liquidation. It occurs when a trader doesn’t have enough money to maintain an open position in a leveraged position, or can’t meet the margin requirements for the position.

LTC maintained a high trading volume even as its price went sideways. Additionally, its MVRV ratio was higher, which is often an indication of good health.

However, even with a decline, its Relative Strength Index (RSI) stayed over the neutral threshold of 50. By doing this, the coin may be able to satisfy investors and continue its bull run.

Meanwhile, the biggest crypto payment processor in the world, BitPay, now accepts LTC as its preferred coin. Beyond Bitcoin [BTC] and Ethereum [ETH], it has demonstrated its supremacy in practical applications, accounting for 34% of BitPay’s payment count in cryptocurrency.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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KuCoin Shuts Down Bitcoin And Litecoin Mining Pools Amid Market Turmoil

KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets.

KuCoin Urges Users To Backup Mining Records

During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual. 

However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the deadline to ensure uninterrupted earnings.

KuCoin has also advised users to back up and preserve their mining records and associated data before August 27, 2023, as failure to migrate to alternative mining pools within the specified timeline could affect their mining revenue. 

Nevertheless, KuCoin Pool will not be held accountable for any potential earnings lapses resulting from users’ failure to migrate to alternative pools.

The temporary suspension of KuCoin’s mining pools may cause some disruption in the crypto market, as mining plays an important role in the ecosystem. Despite this, it is worth noting that KuCoin is just one exchange, and its suspension may not have a significant impact on the overall market.

KuCoin has assured its users that the suspension is temporary, and the company is working on a new strategy for its mining pool service. The company has also emphasized that the security and integrity of users’ assets remain its top priority, and it will take all necessary steps to ensure the safety of users’ funds.

Litecoin Halving Triggers Price Drop

Litecoin, one of the oldest and most popular cryptocurrencies, has completed its third block reward halving at a block height of 2,520,000, as reported by Colin Wu. The halving event has cut the mining reward in half, from 12.5 LTC to 6.25 LTC, as part of the cryptocurrency’s deflationary monetary policy.

The halving is a regular event that occurs approximately every four years and is designed to control the rate at which new coins are minted. By reducing the reward for mining new blocks, the halving helps to prevent inflation and maintain the scarcity of the cryptocurrency.

The current price of Litecoin is $89.12, which represents a 3.8% decline over the past 24 hours and a 10% decline over the past six months. The price drop may be related to market uncertainty surrounding the halving event, as well as broader market conditions.

KuCoin

Despite the short-term price decline, many analysts remain optimistic about the long-term prospects for Litecoin and the cryptocurrency market as a whole. The halving event is seen as a positive development that highlights the ongoing maturation of the industry and the growing recognition of cryptocurrencies as a legitimate asset class.

Litecoin has a strong community and a dedicated development team, which continue to work on improving the technology and expanding the use cases for the cryptocurrency.

The halving event is expected to further strengthen Litecoin’s position as a leading cryptocurrency and contribute to its long-term growth and success.

Overall, the completion of Litecoin’s third block reward halving is a significant milestone for the cryptocurrency and the broader industry.

While short-term price volatility is to be expected, the long-term outlook for Litecoin and cryptocurrencies, in general, remains positive, with many experts predicting continued growth and adoption in the years to come.

Featured image from Unsplash, chart from TradingView.com

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Litecoin (LTC) Leads Gains With Over 24% Increase In The Week

Litecoin (LTC) has recently completed its most bullish week since June, following a remarkable rise. The “digital silver” registered over 24% gains in the last seven days alone. There’s no main catalyst for the token’s impressive rise. However, its gains come amidst its hash rate reaching a new all-time high during the week. 

Furthermore, it has started the week off on a positive note by confirming its partnership with Wanchain. As far as the network’s interoperability is concerned, this news is a big win.

Litecoin Joins Polygon To Lead the Top 20 Tokens In Gains

In the previous week, Litecoin has gained 24%, propelling it into the top 20. These gains come despite other tokens in the top 20 league registering substantial losses and few gains. For instance, Bitcoin, the mother crypto, only gained around 1.65% in the past week, per CoinMarketCap metrics. In fact, no token in the top five positions recorded up to 5% gains. Besides Litecoin, Polygon is the other top-20 token with massive gains in the previous week. The Ethereum layer-2 protocol, MATIC, was seen showing gains of 40%. 

LTC began a run on October 21 after reaching a low of $49.55. But November is setting up to be a bullish month for the altcoin. Since the beginning of the month, Litecoin has seen five consecutive days of rising prices. On November 7, it set a new intraday high of $73.29. This was the highest price since May of this year. 

Most of LTC’s gains came on November 1st when the coin registered 15% gains in a single day. The main catalyst was MoneyGram’s announcement that it’d allow U.S.-based customers to purchase LTC and other cryptos in its app.

LTCUSD

Litecoin’s price is currently trading at above $67. | LTCUSD price chart from TradingView.com

Can LTC Keep up The Momentum?

Considering its present position, LTC’s upward trajectory might soon level off. This is because the cryptocurrency has already reached extreme overbought levels during its recent bull run. At the time of publication, the RSI leading indicator for the token was also signalling a possible reversal.

Looking closely at its price activity suggests further room for selling pressure. For instance, after hitting rock bottom in June, the price of litecoin has been steadily climbing inside an upward channel. In the final week of last month, it retested the line of resistance, raising the prospect of a reversal to the downside.

In fact, in the past week alone, Litecoin has gained as much as 25. Its efforts to break out of the lower zone are likely diluted by traders grabbing quick profits. However, the absence of bullish pressure will make this fragile and allow the bears to gain ground. To put it another way, this is a fantastic chance for short sellers.

LTC Mining Difficulty Reaches New High

According to Litecoin Foundation, mining difficulty has set a new high of under 18 million hashes. As of Friday, November 5, the mining difficulty for Litecoin increased to 17.99 million hashes at block 2,363,707.

The spike in Litecoin’s mining difficulty suggests that additional miners have joined the network, increasing competition and making it more challenging to profit.

Featured image from Pixaby and chart from TradingView.com

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Litecoin Shows A Bullish Reversal Pattern, Will LTC Price Go To $70?

Litecoin (LTC) has struggled against Tether (USDT) as bulls continue to push the price above the key support region, forming a bullish chart pattern. Bitcoin’s (BTC) price has shown less steam compared to recent times; this has affected most crypto assets, including the price of Litecoin (LTC). (Data from Binance)

Litecoin (LTC) Price Analysis On The Weekly Chart 

Litecoin (LTC) price has shown so much strength after hitting a low of $42; the price bounced off from this region and rallied to $55. 

The price of LTC rallied to a high of $65 but was rejected as this proved to be a resistance for LTC on the weekly chart. 

LTC price dropped to a region of $50, forming weekly support to hold off the price from selling off. The price of LTC has continued to hold above support and build momentum to break above this region.

The price of LTC is currently trading below its resistance, stopping the price from trending higher. If the LTC price cannot break past this resistance of $57, we could see the price revisiting the support region at $50, acting as a demand zone for most investors.

Weekly resistance for the price of LTC – $57.

Weekly support for the price of LTC – $50.

Price Analysis Of BTC On The Daily (1D) Chart
Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com

After falling from a high of $400, the price of LTC on the daily timeframe has formed an ascending triangle indicating a potential price reversal could be imminent.

The price of LTC found its daily low at $40; as the price bounced off from that region, LTC’s price has remained strong, trading above $50, not allowing bears to take the price lower. 

Despite being rejected recently from the $60 mark, LTC price has shown great bullish strength ranging in the ascending triangle and holding above its trendline support region. 

The price of LTC is trading at $54 below the daily 50-day and 200-day Exponential Moving Average (EMA).

The 50 EMA corresponds to the price of $57, acting as a resistance for the price of LTC to trend higher. If the LTC price breaks and holds above the $57 corresponding to the 50 EMA, we could see the price trending higher to a region of $60, acting as another key support.

Daily (1D) resistance for the LTC price – $57-$60.

Daily (1D) support for the LTC price – $50.

Price Analysis Of LTC On The Four-Hourly (4H) Chart
Four-Hourly LTC Price Chart | Source: LTCUSDT On Tradingview.com

The price of LTC on the 4H chart has continued to look bullish, trading in an uptrend channel, trying to hold above the trendline support area. BTC price currently trades above the 50 EMA on the 4H chart. 

After forming an uptrend bullish bias on the 4H chart, the price of LTC has continued to trade above this trendline as a break below this trendline acting as support would invalidate the setup. 

LTC price trades above the 50 EMA but below the 200 EMA, acting as resistance for LTC prices. The price of $55 and $57 corresponds to the values of 50 and 200 EMA.

 

The Relative Strength Index (RSI) for LTC on the 4H chart is above 50, indicating moderate buy order volume for the LTC price.

Four-Hourly (4H) resistance for the LTC price – $57-$60.

Four-Hourly (4H) support for the LTC price – $50.

Featured Image From zipmex, Charts From TradingView.com 

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Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

Shiba Inu, the self-acclaimed Dogecoin-killer, has shaken the market with its recent bullish momentum.

The meme coin has surmounted over 350% upsurge within one week, ranking it amongst the top 12 cryptocurrencies based on market capitalization. Presently, SHIBA is the most traded currency on leading exchanges like Coinbase, Binance, and Huobi.

Memecoins

A meme coin is a digital currency linked with some theme, more often as a jest rather than for more serious products. Dogecoin was the very first meme coin deployed.

The Shiba Inu Protocol

Shiba Inu was developed by a person named Ryoshi in August 2020. The protocol’s three tokens SHIB, LEASH, and BONE, experienced tremendous increments within the past few weeks.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Last week, Shina increased to $0.000035, the second-highest record after an All-Time-High value of $0.000038 on May 10th, 2021. Just a few inches away from setting a new All-Time-High record.

SHIB Token is trading upwards | Source: SHIB/USD on TradingView.com

Just recently, SHIB’s market cap increased to over half of Dogecoin’s market cap. Currently, Dogecoin ranks 10th globally, with a market capitalization of $32 billion, while SHIB ranks 12.

The Whale-Sized Trading

Just after an anonymous whale trader decided to purchase over 6.3 Trillion SHIB tokens and increase SHIBS token valuation, it expanded massively.

As a result, Shiba has been one of the most traded digital currencies in the market within this past week. With a current market cap of over $13.23 billion, the coin spiked by 17% in the last 24 hours.

The deployment of Shiba Inu’s DEX ecosystem ShibaSwap and the introduction of the platform’s burn mechanism incited a rally in the altcoin’s prices. Some developments in SHIB are the main contributors to the massive growth in the price valuation.

Significant factors include the announcement of the release of 10,000 Shiboshis on ShibaSwap, the execution of the burn mechanism, and the increase in the number of token holders.

Shiba Inu To Venture Into Gaming

While Shiba Inu makes preparations to win the gaming sector, token holders anticipate a rise in its demand. At first, the protocol was experiencing the challenges of insufficient liquidity and inaccessibility of the platform updates.

Due to its recent token listing on Coinbase, the challenge of insufficient liquidity was salvaged to a great extent, noting how its daily trading volume surpasses $13 billion.

Shiba Inu Conquers Other Major Coins

The SHIB token has exceeded cryptocurrencies like Chainlink, Avalanche, Litecoin, and UniSwap.

Its double-digit increase within the last four days has assisted the nearly obliterated altcoins in arriving at the headlines again. During these few days of price rallying, the meme coin has successfully erased one zero from its price after over four months of price dormancy.

Featured Image From Pexels and Charts From TradingView.Com