The cryptocurrency bloodbath over the weekend seems to have staunched somewhat, with most including Litecoin [LTC] registering some form of stability, if not growth. Litecoin [LTC] has, in fact, registered a positive growth rate of 1.49% over the past 24 hours.
At the time of press, LTC was valued at $31.36 and is placed seventh in the list of the world’s largest cryptocurrencies with a market cap of $1.889 billion. It had a 24-hour trading volume of $682 million, with DOBI exchange contributing a significant 6.96% to the same, via the trading pair LTC/BTC.
In the one-hour graph, it can be seen that LTC is gradually bringing bearish momentum to heel. Much of the downtrend that extended from $32.56 to $30.32 remains. However, the uptrend from $30.03 to $30.67 indicates some bullish activity. Both the resistance and support points hold strong at $30.99 and $30.02 respectively.
The Parabolic SAR indicates that the bearish trend to the market has been overturned by some bullish activity, at least in the short-term, suggesting a possible bullish run.
The Relative Strength Index has the reading line below the point of sixty and yet, above forty. This suggests that the LTC market is neither oversold or overbought and both buying and selling pressures have evened themselves out.
The Awesome Oscillator depicts the market trending above zero, and in the green. This suggests that the LTC market is turning bullish.
The longer-term, one-day chart for the LTC market indicates that it is yet to overhaul the massive downtrend that extended from $53.36 to $23.17. This is despite a brief uptrend that existed between $23.38 to $30.88. The resistance point holds firm at $39.17 while on the other hand, the support point at $29.78 may or may not hold out in the next few weeks.
The Bollinger Bands for the one-day chart are contracting over the past few trading cycles, suggesting that volatility is falling and that any price movement will be merely superficial or sideways.
The MACD line in blue is creeping just under the green signal line. This and the red histogram suggest that the LTC market in the long term will have a bearish outlook.
The Chaikin Money Flow has the reading line well below zero. This suggests that the LTC market is bearish and that there is money flowing out of the market, indicating the possible sale of LTCs.
The projections put forth by both the short-term and the one-day charts offer differing conclusions. While the one-hour chart supported by indicators such as Awesome Oscillator and Parabolic SAR suggests a bullish run soon, the longer term, one-day chart, supported by the CMF and MACD indicators suggests that the overall trend remains bearish, despite some bullish activity against it.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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