The cryptocurrency market, including that of Litecoin [LTC], has shown signs of small recovery over the past few days since the bloodbath over the weekend. Litecoin’s [LTC] growth rate over the past 24 hours, in fact, is a decent 0.16%.
At the time of press, LTC remains the world’s seventh-largest cryptocurrency, with a market cap of $1.897 billion. The LTC market saw a 24-hour trading volume worth $686 million with ZB.com contributing a significant 8.24% of it via the trading pair LTC/USDT. The cryptocurrency is presently valued at $31.50.
In the one-hour chart, it can be seen that the healthy uptrend that extended from $30.03 to $31.02 has stalled somewhat over the past few trading cycles. However, there’s a good chance that a similar uptrend can soon wipe out the downtrend that extended from $32.56 to $30.40.
The last few trading cycles have seen the support point at $31.35 crumble and it now can be found at $31.01. On the other hand, the resistance point is firm at $32.04.
The Parabolic SAR has its markers above the candlesticks in the more recent trading cycles, suggesting that the LTC market has dipped and it is now bearish.
The Aroon indicator has the Aroon Up Line in blue well over the Aroon Down Line in green, suggesting that LTC market despite recent shortfalls is going to be bullish.
The MACD graph indicates that there has been a bearish crossover as the reading line is well above the MACD line. However, contrary to the reading of the MACD line, the histogram accompanying the graph isn’t red and is instead, suggesting some bullish movement.
The one-day chart has the LTC market still recovering from the huge downtrend that extended from $53.36 to $23.17 since last August. The uptrend has been slow and sluggish, extending from $23.38 to $30.69 over the course of the month.
Both the support point at $29.78 and resistance point at $39.17 hold firm for the time being. However, the former may be overhauled if the market dips even more.
The Bollinger Bands have contracted significantly over the past few trading cycles. This suggests that volatility is falling and that any price movement will be merely superficial or sideways.
The Awesome Oscillator is trending right around the zero mark line. This suggests that despite the fact that it’s in green, any bullish movement may just be short-term before being overhauled by the bears again.
The Chaikin Money Flow shows the reading line below zero, suggesting that money is still flowing out of the market. However, considering the fact that the line is creeping up towards the zero-mark, it would seem that some bulls are buying back into the market.
The projections offered by both the short-term and longer-term, one-day graph suggests contrasting conclusions. While the indicators on the one-hour graph are sending mixed signals about whether the Litecoin [LTC] market is bullish or bearish, the one-day chart is much more clearer. It suggests that a stalemate has taken shape where neither the bears nor the bulls are assuming control.
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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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