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Litecoin [LTC] Technical Analysis: The cryptocurrency tumbles down to hit its yearly low

Laira Rebecca

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Litecoin [LTC] Technical Analysis: The cryptocurrency tumbles down to hit its yearly low
Source: Pixabay

On 19th November, the cryptocurrency community witnessed another major downfall of the market when Bitcoin [BTC] fell below the $5000 mark. Along with BTC, the value of other cryptocurrencies also declined significantly.

At the time of writing Litecoin [LTC] is trading at $36.93 with a market cap of $2.1 billion. The cryptocurrency has declined by 13.98% in the past 24 hours. Also, in the 7 hours statistics, the coin shows a significant drop of 28% approximately.

1 hour:

LTC 1 hour chart | Source: TradingView

LTC 1 hour chart | Source: TradingView

The 1-hour chart of Litecoin [LTC] clearly shows that the price has dropped rapidly in this time frame. There is a downtrend ranging from $51.35 – $43.29 – $37.3 with a resistance point set at $47.58. The cryptocurrency has broken the support level f $41.2 and has further shown a downward correction and reached the current point.

The Chaikin Money Flow [CMF] is currently trying to gain back its position above the zero line depicting that the inflow of money in the LTC market is very less.

The Klinger Oscillator has taken a bearish crossover with both the reading line and the signal line moving downwards.

The Aroon indicator shows that the bears have overtaken the LTC market at the moment. The Aroon Up line has reached the zero line and continues to move sideways without any sign of a reverse trend. Also, the Aroon Down line has touched the maximum point with a sideways progress.

24-hours:

LTC 1 day chart | Source: TradingView

LTC 1 day chart | Source: TradingView

The 1-day chart of LTC shows a downtrend ranging from $179.8 – $50.6 – $42.58. The resistance points are set at $179.8, $140.5 and $97.6.

The MACD is showing a bearish crossover with the moving average line continuing a downward journey. The histogram has started to form negative bars indicating a strong bearish trend.

The Awesome Oscillator is forming a red signal suggesting that the downtrend will continue in the future.

The Relative Strength Index [RSI] has crossed the oversold line and moving further downwards indicating that the selling pressure is much higher than the buying pressure.

Conclusion:

The above Technical Analysis illustrates that the price of LTC is highly on the bearish end. All the indicators in both the timeframes strongly support a negative price movement of the cryptocurrency.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

Whale Alert: Massive $300 million transfer takes place on Binance Chain; funds SAFU, says CZ

Biraajmaan Tamuly

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Whale Alert: Massive 300 million BNB Coin transfer takes place on the Binance Chain; CZ responds amidst transaction
Source: Pixabay

Binance, one of the world’s largest cryptocurrency exchanges, has been having a wonderful year in terms of new developments, such as their new Binance DEX and the massive growth of Binance Coin [BNB]. Binance’s native token has grown by approximately 500 percent in 2019 alone.

The exchange also recently announced the launch of BTCB, with an objective to provide a crypto-asset pegged to BTC’s value for trading purposes on Binance DEX, with the assets being backed by Binance itself.

Binance’s ecosystem is progressively active and it was recently observed and reported by Whale Alert, an online cryptocurrency-transaction tracker, that a sum of approximately $302 million, equivalent to around 8 million BNB coins, was transferred on the Binance Chain.

The transaction took place of 26th January 2019, with a time stamp of 07:52:56 UTC. It was sent from an unknown address, bnb1jkvrjawcd8wlugk8455wqjggxecyxj9uf0g7uy, to another unknown wallet, bnb13wmeg7ypkcr39wnzy2q02mku2qemnrm4kclezs, for a transaction fee of 0.000375 BNB. The block height of the transaction was #15820220, and it was deemed a successful one.

Following the massive transfer, Changpeng Zhao, CEO of Binance, responded on Twitter regarding the transfer and claimed that the current movement was a rotation of funds between some cold wallets.

CZ suggested with a linked tweet that the movement of funds should not necessarily raise any alarms as the funds were SAFU.

In another tweet, CZ  stated that there were currently 4 addresses that were holding 8 million BNB coins each. A total of $32 million BNB was unlocked for the Binance team. However, it was understood that the tokens were not spent and saved in the addresses themselves.

It is speculated that CZ took the initiative to list the reason for the massive transfer as previously, huge BTC transfers, which included a Coinbase wallet transfer, was accused of market manipulation.

At press time, BNB coin was priced at $37.30, experiencing a hike of 1.87 percent over the past 24 hours.





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