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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency support falls to a yearly low

Akash Anand

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Source: Unsplash

The cryptocurrency market is seeing something of a mixed response with the bear and the bull resulting in a roller coaster price chart. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] have seen both bearish and bullish runs since the markets opened today.

1 hour;

At the time of writing, the trend lines on Litecoin [LTC] indicated an upward turn, a clear sign of a bullish run. The support held at $52.35 after it rose from a low of $51.35.

The MACD indicator shows multiple crossovers with the last crossover indicating a bearish drop. The signal line and the MACD line both show Litecoin tending towards the realm of the bear. The MACD histogram reveals a sporadic bullish and bearish graph pattern.

The Awesome Oscillator, which describes the market momentum, paints a picture of the market momentum dropping. The intermittent momentum rises are still not enough to counteract the effects of thee bear reducing the buying selling power of the Litecoin market.

1 day:

The Bollinger bands show that LTC is in the midst of recovering from a price outbreak. The indicator also reveals that Litecoin has fallen to its lowest support in over a year at $50.48. The bands show that the entire price movement s was contained within the Bollinger cloud, albeit just one bearish drop that broke the support.

The Parabolic SAR shows a mix of bullish and bearish signs with the cryptocurrency majorly leaning towards more drops.’

The Relative Strength Index [RSI] indicates that Litecoin has dropped towards the oversold zone indicating an increase in selling pressure more than the buying pressure.



Conclusion:

The analysis backed by the indicators such as the MACD, RSI, and the Bollinger bands show a bearish trend for Litecoin [LTC]. This was further evidenced by the Parabolic SAR as well as the Awesome Oscillator.





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Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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