Litecoin’s price has soared by a massive 350% since December 2018. However, the silver coin’s price is facing a strong correction wave and it is likely the prices will drop even lower.
Litecoin prices hit an imaginary high on 3 April, 2019, as there was a big red candle that had an even bigger wick on it. There is strong resistance for Litecoin between $95 to $105, and the price tested this ceiling for the second time, before dropping again. The price of Litecoin fell by 18% after 10 April. This correction came as a breakout of the pattern that the prices fulfilled. Litecoin was in a symmetrical triangle pattern since 3 April and broke out of it on 10 April.
Litecoin’s unexpected surge on 2 April, faced a correction soon after soaring briefly. LTC’s price was $77.63 at press time, and was testing the support range that extended from $75 to $72. The market cap of Litecoin was $4.8 billion and the coin was ranked fifth on CoinMarketCap, just below EOS. Litecoin’s terrific start to 2019 might thus be coming to an end following the recent correction.
The 24-hour trading volume for Litecoin was $3.35 billion and the top contributor to this was Coineal exchange via the trading pair LTC/BTC. It contributed a whopping $300 million to the cumulative trade volume.
The approaching Litecoin halving has been a boon for the coin as its price has shot up by a massive 350%, since December. The halving, which is set to happen on 6 August, 2019, will halve the block reward from 25 LTC to 12.5 LTC.
Litecoin’s price is at a crossroad now. If the price decides to bounce off the support range as shown in the chart, it would be a positive outcome. However, if this range breaks in the upcoming days, the price will head to $60. Further, the RSI indicator in the daily chart showed that it hadn’t quite reached the oversold zone yet and had time to dip into the oversold zone, if the support didn’t hold.
Subscribe to AMBCrypto’s Newsletter
Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
Subscribe to AMBCrypto’s Newsletter
Is the scarcity principle a factor in Bitcoin’s valuation or is it just crypto white noise?
Bitcoin continues to scale new heights after Wasabi Wallet records first ever 100-person CoinJoin
Ripple welcomes one of the ‘Big Four’ South Korean exchanges, Coinone to Ripple Net
stableDEX.io: A Stablecoin Exchange that will Revolutionize the Crypto Trading Industry
Ethereum Classic releases Parity-Ethereum 2.5.2-beta to allow Atlantis hardfork on Morden, Kotti Classic networks
Tron’s 24-hour DApp volume zooms ahead of both Ethereum and EOS
Bitcoin [BTC]: #DropGold campaign gets called out for being ‘Bitcoin cartel’
Tron’s [TRX] Sun Network testnet goes live as Justin Sun places bet on its ‘unlimited scaling capacity’
Ripple’s David Schwartz defends XRP against BTC’s ‘mediocre finality and censorship resistance’
Gaming giant Ubisoft takes its first steps towards bridging the gap between crypto and gamers
Tron join hands with LATOKEN to become an IEO payment token
Bitcoin prices would go upto $60,000 by August 2020 according to Stock-to-Flow analysis
Bittrex follows Binance’s cue, delists over 40 altcoins from Bittrex US; sign of things to come?
Bitcoin’s ‘supply shock’ ahead, scaling progressing rapidly, says VC