By CCN Markets: Litecoin’s current halving was sadly met by intense promoting in opposition to Bitcoin. The downward stress was so intense that the crypto token plunged to a contemporary 2019 low of 700,100 satoshis (~$72) on August 17th.
Recent value motion means that there’s nothing bullish in regards to the chart of the fifth-largest cryptocurrency. However, that is exactly why one contrarian crypto dealer believes Litecoin presently presents buyers with “maximum financial opportunity.”
Litecoin Price Slides to ‘Bedrock Support’
Pseudonymous crypto dealer Loma wrote on Twitter that the Litecoin value is resting on “bedrock support” in LTC/BTC markets.
“An objective chart is showing LTC on bedrock support in a falling wedge. Maximum point of opportunity.”
Humor me if you’ll. Let us counsel, for a second, that $LTC isn’t the truth is a rip-off. Let us assume that in some way, inconceivably, crypto twitter is flawed for the primary time.
An goal chart is displaying LTC on bedrock help in a falling wedge. Maximum level of alternative. pic.twitter.com/qSH8xkNSji
— Loma (@LomahCrypto) August 18, 2019
The analyst’s declare that Litecoin is on the level of most monetary alternative is tough to dismiss.
First, the crypto token seems to be respecting its bedrock help of 700,000 satoshis. This demand space has been underneath the management of the bulls since October 2017. In different phrases, the market has bounced each time it tapped this degree.
Additionally, the dealer stated that Litecoin is printing a big falling wedge. The construction is seen on the each day, three-day, and weekly charts. In all timeframes, you see that the cryptocurrency is buying and selling very near the sample’s apex.
On high of the purchase alerts talked about by Loma, technical indicators seem to help the dealer’s bias. Litecoin is buying and selling in oversold territory on the three-day chart. This means that sellers are more likely to be exhausted.
Also, quantity has dramatically declined. This affirms the bias of bearish exhaustion. It signifies that sellers are shedding curiosity in dumping LTC positions at present ranges.
Fundamentals Support LTC’s Long-Term Bullish Outlook
Litecoin could also be taking a beating in opposition to Bitcoin, however its halving went higher than anticipated from the basic perspective.
In an interview earlier this year, Litecoin creator Charlie Lee revealed that he anticipated the halving to close down unprofitable miners.
“When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time.”
When the halving was applied, nonetheless, the Litecoin community remained wholesome. Lee took to Twitter to share his pleasure.
“Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.”
Since the halving, 12 blocks have been present in 17 minutes.
Seems like miners haven’t shut off their hashrate in any respect. Instead, we’re mining at a price of a block each 1.four minutes on common, which is far quicker than the anticipated 2.5 minutes.
Litecoin community is wholesome! pic.twitter.com/xvgefqIPtP
— Charlie Lee [LTC⚡] (@SatoshiLite) August 5, 2019
This is thrilling information as a result of it exhibits that miners are bullish on the prospect of holding Litecoin although rewards have been minimize in half.
On high of that, Lee reiterated that he’d work on MimbleWimble (MW) and Confidential Transactions (CT) updates. These options are important as they need to enhance the coin’s fungibility – and maybe, by extension, its value.
15/ That stated, I consider it is time now for me to shift focus from adoption again to growth. I nonetheless assume fungibility is extraordinarily necessary and I’ll get the ball rolling on MW/CT once more. This time, I will not make any guarantees on dates. 😀
— Charlie Lee [LTC⚡] (@SatoshiLite) August 11, 2019