The newly-minted world’s fourth largest cryptocurrency on CoinMarketCap, Litecoin [LTC], has exhibited a magnificent surge of over 30% last weekend marking its foray into the bull’s realm after a long presence in the bear’s pit. The coin has maintained a steady valuation lately.
The coin opened at a price of $44.76 the very next day. LTC reached a low of $42.40 before reaching a high of $47.09 and finally closing at a value of $46.83.
The pair LTC/BTC has been trending at the exchange DigiFinex sweeping a volume of $92.48 million at a price of $44.30; a volume of $90.77 million at a price of $44.26 on the OKEx exchange. Additionally, the pair is also trending at Coineal with a circulation volume of $90.77 million, valued at $44.26.
At the time of writing, LTC has consistently surged at a pace of 1.15% after the rise. The silver coin is trading with a market cap of $2.68 billion at a valuation of $44.36 with a volume of $1.40 billion coins being traded in the past 24 hours.
The one-hour chart for the coin exhibits an upward trend of $32.26 to $43.85 and a downtrend from $46.48 to $44.01. The resistance is marked at $44.11 which is close to the price and that of support is registered at $41.10.
Bollinger Bands: The BB indicator for the time period tends to converge indicating a potential decline in price volatility for the coin.
Chaikin Money Flow: The CMF graph continues to tread well above the zero-line, suggesting money flow into the market, and hence, a bullish trend for the coin.
Klinger Oscillator: The KO indicator heads towards a potential bullish cross-over.
Litecoin [LTC] recorded an uptrend from $23.27 to $29.72 and a downtrend from $55.89 to $34.33. The resistance registered for this time period is marked at $46.33 and that of support at $32.13.
Parabolic SAR: The dotted line aligned above the candles in Parabolic SAR indicator depicts the coin steering toward a bull zone.
MACD indicator: The MACD line treading above the signal line indicates the coin following a bullish pattern.
Awesome Oscillator: The AO indicator also predicts a bullish trend for the coin with the lines in green.
The indicators – CMF, KO, Parabolic SAR, AO and MACD, all indicate the coin further treading into the bull zone with potential low price volatility as predicted by BB.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
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