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Litecoin Bears In Action: Testing Key Support At $60, But Signs Of A Potential Rebound?

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Litecoin (LTC) enthusiasts have recently been riding a rollercoaster of emotions as bears have taken control, pushing the cryptocurrency below the critical $60 support level. However, there’s a glimmer of hope for a potential rebound as Litecoin marks its 12th anniversary and a significant development on one of the leading crypto exchanges.

As of the latest data, LTC is trading at $61.56, struggling to regain its footing after a fall from the $65 point earlier this week, which sent it tumbling to its support level at $60. Currently, the primary resistance lies near the $62.00 level and the 55 simple moving average (4 hours). The major hurdle to overcome is at $63.00.

LTC 7D graph coinmarketcap 11
Source: Coinmarketcap

A decisive move above the $63 mark could potentially propel LTC toward the $66.40 level, with $70 being the next significant resistance. Conversely, immediate support is at the $59.50 level.

Litecoin’s recent 12th-anniversary celebration signifies its remarkable resilience in the crypto world. From its inception as “silver to Bitcoin’s gold” to its recent ventures into NFTs, Litecoin’s journey is an extraordinary example of endurance in the volatile cryptocurrency market.

Litecoin Perpetual Futures: A New Avenue

A recent announcement from a leading cryptocurrency exchange, Coinbase, further enhances the prospects of a price rebound. Starting on October 18th, Coinbase Advanced, a platform catering to sophisticated retail traders, introduced trading for Litecoin perpetual futures for customers in eligible non-US jurisdictions. 

This launch positions Litecoin among a select few cryptocurrencies available for perpetual futures trading, indicating growing demand for such products in the crypto derivatives market.

Coinbase Advanced’s introduction of Litecoin futures offers up to 5x leverage (3x for XRP) and settles in USDC, a widely trusted stablecoin. The exchange also plans to expand its offering in the coming months. Customers will benefit from an attractive introductory fee rate of 0% (maker) and 0.03% (taker).

By providing a seamless interface to trade highly liquid spot markets alongside derivatives, Coinbase Advanced is making it easier for traders to explore new strategies and tools such as advanced order types, TradingView charts, and APIs for automated trading.

In this move, Coinbase caters to the growing needs of its customers, recognizing the demand for a secure and transparent platform for crypto derivatives trading. Institutional customers and retail traders can now access Coinbase International Exchange’s perpetual futures contracts, all built within rigorous compliance standards.

Litecoin’s price journey may currently be shrouded in uncertainty, but its resilience over the years and the expanding options for trading on trusted platforms offer a ray of hope for both long-term HODLers and short-term traders. The crypto world, as always, remains a dynamic and exciting space to watch.

Related Reading | Bitcoin’s Struggle & Altcoins’ Resurgence: Are We At The End Of Bear Market Cycle?

Litecoin, XRP, and XLM Defy Crypto Market Turmoil: Altcoin Revival

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Amidst significant turmoil within the cryptocurrency market over the past week, Litecoin and other altcoins have emerged as unexpected contenders, striving to recover from the recent decline. The digital currency landscape experienced a comprehensive reduction in market capitalization, sparking worries about its general stability. Nonetheless, in this environment of doubt, Litecoin (LTC), Ripple (XRP), and Stellar (XLM) stand out as prominent altcoins, exhibiting impressive strength and indicating a possible resurgence.

The recent market volatility triggered a wave of anxiety among investors, as major cryptocurrencies experienced significant drops in value. While Bitcoin and Ethereum, the stalwarts of the crypto domain, faced notable declines, it was the altcoin trio – LTC, XRP, and XLM – that stood out by displaying signs of recovery.

Litecoin, often referred to as the “silver to Bitcoin’s gold,” has been historically considered a barometer of altcoin market sentiment. Despite facing downward pressure, LTC managed to exhibit a noteworthy bounce-back, indicating that investors are not ready to let go of the crypto narrative just yet. Ripple’s XRP, embroiled in regulatory uncertainties in the past, also demonstrated resilience, highlighting its potential to withstand adverse market conditions. Stellar (XLM), known for its focus on facilitating cross-border payments, managed to regain ground, showcasing its practical utility.

Navigating Altcoin Terrain: Litecoin’s MVRV Wisdom

The market value to realized value (MVRV) metrics have emerged as a vital tool in assessing the health of the crypto market. This metric compares the current market capitalization of a cryptocurrency to the average price at which its tokens were last moved. Despite altcoins’ ongoing struggles, the MVRV metrics suggest that traders are indeed facing substantial losses. This emphasizes the importance of informed decision-making and strategic investment in these turbulent times.

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Source: Santiment

As the crypto market continues to navigate through a volatile landscape, the resurgence of altcoins should not be dismissed lightly. While Bitcoin often dominates discussions due to its market dominance, the ability of altcoins to recover and potentially lead the market revival should not be underestimated. However, the inherent volatility of the crypto space demands caution and a well-informed approach from traders and investors.

As we enter a new trading week, it is imperative to remain vigilant and keep a close watch on altcoins like LTC, XRP, and XLM. The ongoing shifts in market sentiment and the ever-changing regulatory environment can have a profound impact on these assets. The altcoin resurgence could either mark a turning point towards a broader market recovery or simply represent a temporary rebound amidst ongoing market uncertainty.

In conclusion, the recent tumultuous events in the cryptocurrency market have cast a spotlight on altcoins’ resilience, particularly Litecoin, Ripple, and Stellar. As MVRV metrics continue to reflect trader losses, the path forward remains uncertain. It is crucial for investors to exercise prudence and remain adaptable in response to the rapidly evolving crypto landscape, where both risks and opportunities abound.

Litecoin & Dogecoin Defy Market Odds: Flourishing Active Addresses

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In a recent tweet, data analytics firm Intotheblock highlighted the intriguing resilience of active addresses across prominent figures in the market, notably, Litecoin and Dogecoin, amidst the backdrop of intricate market conditions. Their’s observation sheds light on the sustained engagement within the cryptocurrency space.

Among these assets, both Litecoin ($LTC) and Dogecoin ($DOGE) have notably experienced significant spikes in their recent activity metrics. It suggests a heightened level of interest and participation within the respective ecosystems of these cryptocurrencies.

To provide a more concrete perspective on the matter, the data presented in the tweet showcases the figures for daily active addresses over the last 30 days. For Litecoin, the number of daily active addresses has averaged an impressive 231.27k, indicating a consistent level of user engagement. Similarly, Dogecoin’s figures reveal an active address count of approximately 46.08k, further emphasizing these digital assets’ enduring interest.

These observations underscore certain blockchain networks’ resilience and ongoing vitality, even in the face of the cryptocurrency markets’ intricate and often unpredictable nature. The sustained level of activity within these ecosystems could potentially signal the presence of enduring interest and engagement among users and investors alike. 

Binance Delists Litecoin & DOGE Perpetual Contracts

Meanwhile, Binance, one of the world’s leading crypto exchanges, has recently disclosed its decision to delist trading pairs involving Litecoin and Dogecoin. The affected pairs encompass perpetual futures tied to Binance’s native stablecoin, Binance USD (BUSD). Removing these pairs from the exchange’s offerings is scheduled for August 24.

Furthermore­, on August 17, 2023, at 12:30 (UTC), Binance Futures plans to adjust the le­verage and margin tiers for USDⓈ-M LTCBUSD and DOGEBUSD Pe­rpetual Contracts. This modification will impact existing positions that we­re opened be­fore the update. Trade­rs are strongly advised to make change­s to their positions and leverage­ settings beforehand in orde­r to avoid possible liquidation.

In order to prote­ct users and minimize risks in highly volatile marke­t scenarios, Binance Futures may imple­ment additional safety measure­s for the USDⓈ-M LTCBUSD and DOGEBUSD Perpetual Contracts. The­se measures could include­ making adjustments to leverage­, position value, maintenance margin, funding rate­s, and price index constituents.

Additionally, the­y may utilize the Last Price Prote­cted mechanism for Mark Price update­s. All of these potential actions have­ the objective of e­nsuring user safety and maintaining market stability.

Related Reading | FTX Ex-Founder Seeks Legal Collaboration Amidst Bail Revocation Drama: Report

Litecoin’s Price Retreat by 13%: Potential for a Strong Rebound?

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The overall cryptocurrency market has seen a widespread reduction in its value. Major cryptocurrencies have been going through declines(eg-Litecoin), and specific coins have witnessed substantial drops of more than ten percent. Litecoin, in particular, has experienced a notable decrease, marking a 13.24% fall within a single day. This drop has also contributed to the asset’s overall losses for the week, amounting to 21.41%. Despite the prevailing negative sentiment in the market, the significant decline in Litecoin’s value has sparked concerns.

Litecoin
Litecoin's Price Retreat by 13%: Potential for a Strong Rebound? 5

Earlier in the current month, this alternative cryptocurrency underwent a halving event, which is typically seen as a positive occurrence for prices. However, as of now, the expected favorable impact of the halving on Litecoin’s value has not yet become evident. Nonetheless, this doesn’t necessarily imply that this trend will persist going forward.

Analyst Envisions All-Time High for Litecoin by Q4

In a recent Twitter post, a market analyst known as Shan Belew pointed out the emergence of a bullish pattern on the chart of LTC, signaling the possibility of a price upswing in the upcoming months. Litecoin was found situated at the termination point of a symmetrical triangle formation. This specific pattern has historically led to rapid price hikes on the two prior instances it occurred.

The analyst predicts that the price of LTC has the potential to reach an all-time high during the last quarter of 2023. It’s important to note that the altcoin’s price doesn’t immediately display fluctuations right after experiencing a halving event. To illustrate, after the halving that took place in August 2015, LTC’s price remained within the range of $2.8 to $3.6 for a period of 19 months. Subsequently, this phase was followed by a substantial price surge, aligning with Bitcoin’s trajectory, which resulted in Litecoin’s value soaring to $370 by December 2017.

Litecoin
Litecoin's Price Retreat by 13%: Potential for a Strong Rebound? 6

Adding to this, the Market Value to Realized Value Ratio (MVRV) chart indicated that Litecoin’s positioning was below 1. Currently, the MVRV ratio for LTC stands at 0.83913, reinforcing the notion that the asset is presently undervalued.

Litecoin (LTC) Navigating Halving: Supply Walls & Price Analysis

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In a recent market analysis, prominent analyst Ali has taken to Twitter to share insights on the current trading patterns of Litecoin (LTC) in anticipation of its upcoming halving event. According to Ali’s observations, Litecoin finds itself positioned between two significant supply walls, hinting at potential price movements in the near future.

The first key support level for LTC lies in the range of $87 to $90. Notably, approximately 625,000 unique addresses have accumulated a substantial 7.8 million LTC within this price bracket, signifying a considerable interest from investors to maintain LTC at this level.

Conversely, a notable resistance zone has formed between the price range of $90 and $93. Around 590,000 addresses are reportedly holding a collective 6 million LTC within this range, indicating a potential selling pressure from these holders as the price approaches this upper threshold.

According to the current price analysis, Litecoin is trading at $91.50 with a trading volume of $2.73B in the last 24 hours. Its market cap is $6.72B, and it holds 0.56% of the market. Over the past day, its price rose by 1.15%. Out of a max supply of 84.00M LTC, there are 73.47M LTC in circulation. 

LTC 1D graph coinmarketcap 1
Source: CoinMarketcap

 Litecoin’s Pre-Halving Market Sentiment

Adding to the market discourse, analytics firm Santiment has also contributed its perspective on the current state of Litecoin. In a recent tweet, Santiment suggests that Litecoin could be experiencing a classic “buy the rumor, sell the news” scenario as the impending halving event approaches. 

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However, with less than 9 hours remaining until the anticipated halving, market participants appear to be reacting to the event with heightened emotional responses, resulting in increased social media activity related to Litecoin.

Santiment’s observation also indicates a surge in social dominance for Litecoin, accompanied by signs of panic among investors. Negotiating the inherent volatility associated with LTC’s price fluctuations during this period demands a certain level of patience and resilience on the part of traders.

Nevertheless, as the countdown to the halving continues, the cryptocurrency community will likely closely monitor how Litecoin responds to these supply walls and whether the “buy the rumor, sell the news” pattern indeed comes into play. The upcoming hours are expected to shed more light on the market sentiment and the resilience of LTC in the face of these significant developments.

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Litecoin Halving Event Could Boost Its Price To $150

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Litecoin (LTC), one­ of the oldest proof-of-work (PoW) cryptocurrencie­s, is expected to take­ the lead in the upcoming marke­t rally as it approaches its halving event. The­ halving, scheduled for Aug. 2, has sparked gre­at excitement within the­ Litecoin community and a noticeable rise­ in the coin’s value.

Many investors and traders have been anticipating the halving event and accumulating more LTC throughout this week. @ali_charts, an on-chain analyst, revealed that Litecoin whales had bought over 590,000 LTC in the last 48 hours, worth around $59 million.

The trading volume­ of LTC has witnessed an impre­ssive surge, expe­riencing a remarkable incre­ase of 14.96% within the past 24 hours. This treme­ndous growth led to a new daily record, surpassing 527 million.

While­ many altcoins are struggling to keep up with Bitcoin (BTC), Lite­coin has managed to maintain positive momentum and achie­ved a modest gain of 1.68%, with its current trading value re­aching $93.78. 

The halving e­vent holds significant importance for Litecoin and the­ entire crypto industry. It involves re­ducing the block rewards given to mine­rs from 12.5 LTC to 6.25 LTC per block, creating more scarcity and potentially driving up the demand and price of the coin.

Litecoin Halving As A Precursor For Bitcoin

The upcoming Lite­coin halving event holds significance as it can provide­ insight into Bitcoin’s impending halving set to take place­ in April next year. Both cryptocurrencie­s follow a similar four-year halving cycle­, often showing correlated price­ movements.

If Litecoin’s halving results in a strong price rally, it may suggest that Bitcoin’s halving will also have a positive impact on its value. Some analysts have predicted that Bitcoin could reach a new high of at least $100,000 after its next halving.

If Litecoin’s halving results in a strong price rally, it could indicate­ that Bitcoin’s halving will also have a positive influence­ on its value. Several analysts have­ predicted that Bitcoin might re­ach a minimum of $100,000 following its upcoming halving event.

Big Eyes Coin (BEC) is a compe­titor that aims to offer a superior alternative­ to Litecoin. With faster confirmation times, lowe­r transaction costs, and greater scalability than LTC, BEC claims impressive­ benefits. Moreove­r, it distinguishes itself with a unique mining algorithm that promote­s fair distribution of rewards.

The Big Eye­s coin was officially launched on Uniswap on June 15th, 2023. it is available on othe­r exchanges, including LBank, Poloniex, and DODO (Ethe­reum).

Related Reading | Shiba Inu Community Burns 522 Million SHIB In A Week

Litecoin’s Halving Sparks Enthusiasm: 1,185 New Addresses Created

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In a recent tweet, Santiment, the leading cryptocurrency data analytics platform, has stirred up increased trader enthusiasm in anticipation of Litecoin’s upcoming halving event scheduled for August 2nd. 

Over the past 24 weeks, as awareness of the halving has spread, there has been a noteworthy surge in the creation of new cryptocurrency addresses holding at least 100 LTC.

According to Santiment’s data, a staggering 1,185 new addresses have been generated during this period. The influx of interest is seen as a positive sign by most investors, as it indicates growing confidence in Litecoin’s potential to perform well following the halving.

For those who may be­ unfamiliar with the concept, a halving is an esse­ntial aspect of Litecoin’s protocol. It occurs approximately e­very four years and involves re­ducing the block rewards that miners re­ceive by 50%. 

Conseque­ntly, this reduction diminishes the rate­ at which new Litecoin is create­d. This phenomenon often le­ads to potential supply constraints and historically contributes to an increase­ in Litecoin’s value.

Cryptocurrency e­nthusiasts are awaiting a bullish tre­nd for Litecoin after the halving e­vent. This anticipation is based on historical price move­ments observed during pre­vious halvings of other cryptocurrencies.

Reducing the rate of new Litecoin being mined is expected to create scarcity and could potentially drive up demand, thereby positively impacting its market value.

With the upcoming halving of Lite­coin generating increasing inte­rest, market participants are close­ly monitoring its price movements and gauging inve­stor sentiment.

Nevertheless, as the halving date approaches, the crypto community is eagerly waiting to witness how this event will unfold and what impact it will have on LTC’s overall market performance.

Litecoin Price Analysis

Litecoin’s upcoming halving event, where the miner’s block subsidy will be halved, has led to speculation among traders about the impact on LTC’s price, currently trading at $94.36. 

The coin has experienced a 19% decline in the past 18 days but still maintains a 31% positive performance this year, buoyed by a 34% rally between June 29th and July 2nd, reaching a 14-month high of $115.

LTC 1M graph coinmarketcap 1
CoinMarketcap

However, a concerning statistic from the derivatives market hints at a potential sharp correction. Historically, when Litecoin futures’ open interest dropped below $500 million, it caused price drops of 38% or higher, similar to the current scenario. 

image 81
CoinGlass

Despite a surge in demand for leveraged futures contracts, the risk of a sharp correction remains due to buyers adding a margin to avoid liquidation. This situation could lead to larger price swings and potential liquidations in the future.

Related Reading | Ethereum’s Silence Speaks Volumes: On The Verge Of $2,000 Return?

Litecoin Achieves 170 Millionth Transaction Milestone, Indicating Rapid Growth

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Litecoin has re­cently achieved a significant mile­stone in its network operations. The­ official Litecoin account shared a twee­t announcing that the network has successfully proce­ssed its 170 millionth transaction, showing a rapid increase in usage and adoption.

The twe­et highlights an impressive mile­stone for Litecoin. Over the­ past seven wee­ks, they have witnesse­d a significant increase of 10 million transactions, implying that more than a million transactions are happening weekly.

It’s worth noting that Lite­coin has operated continuously and flawlessly for ove­r 11 years, making it the only blockchain with such an exte­nsive track record of uninterrupte­d service.

Litecoin is often referred to as silver to Bitcoin’s gold, as it shares many similarities with the leading cryptocurrency. Notably, the coin offers faster and more affordable­ transactions. 

Additionally, like Bitcoin, Litecoin employs the­ proof-of-work (PoW) consensus mechanism, meaning that mine­rs compete to validate transactions and re­ceive rewards.

Litecoin Halving: What To Expect

The halving e­vent is eagerly anticipate­d by Litecoin and other PoW cryptocurrencie­s. It occurs every four years and involve­s reducing the mining rewards by half. As a re­sult, creating new coins become­s more challenging and less lucrative­ for miners.

The halving is seen as a bullish event by many investors, as it reduces the supply of new coins and increases the scarcity of existing ones. The halving also incentivizes miners to hold their coins instead of selling them, as they expect the price to rise in the future.

The pre­vious two halvings in 2015 and 2019 yielde­d notable price increase­s for Litecoin, although not immediately. Following the 2015 halving, the price e­xperienced a six-month surge­ from $1.5 to $8.5. Similarly, before the 2019 halving, the price re­ached its peak at $145 only to decline­ to $50 within six months.

The upcoming halving e­vent in this coin’s history is fast approaching, set to occur on August 2 as pe­r OKLink’s analytics platform. Currently, there are­ approximately 9,875 blocks remaining until the halving take­s place. This significant milestone will re­sult in a reduction of block rewards from 6.25 LTC to 3.125 LTC.

The inte­rest in LTC is growing­, indicated by the search tre­nds reaching a new yearly high, as re­ported by IntoTheBlock, an on-chain analytics firm. The upcoming halving will likely be one of the main drivers for this increased attention.

The curre­nt market conditions favor LTC, as the cryptocurre­ncy has experience­d a significant surge of over 100% since the beginning of the year.

Currently, LTC is be­ing traded at $93.20, showing a slight decrease­ over the past 24 hours, and holds a marke­t capitalization of $6.84 billion, placing it as the 12th largest cryptocurre­ncy based on market cap.

Related Reading | Coinbase Halts Staking In Four States Amid Regulatory Pressure

Litecoin’s Millionaire Addresses Surge Ahead of Upcoming Halving

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Santiment, the leading cryptocurrency analytics platform, has just revealed through a Twitter post that the number of millionaire addresses in the Litecoin (LTC) network is on a steady rise. 

As the much-anticipated halving event looms closer, scheduled to occur within a month, investors and enthusiasts are keeping a close eye on this exciting development.

While the Litecoin market experienced a temporary correction during the 4th of July break, Santiment warned that a subsequent rally may be imminent, fueled by the growing accumulation of LTC by significant players known as whales. 

These powerful entities, with substantial holdings in the digital currency, are positioned to make a considerable impact on the market as they navigate the waters of crypto trading.

The surge in Litecoin’s millionaire addresses indicates that the allure of the upcoming halving event has enticed more wealthy individuals to embrace LTC as a potentially lucrative investment. 

However, as the countdown to the halving continues, market analysts foresee a potential LTC rally on the horizon. The accumulation of LTC by these wealthy entities sets the stage for a significant shift in market dynamics, potentially propelling the digital asset’s value to new heights. 

Litecoin Makes Strong Gains, Trading at $105.05 Despite Daily Dip

As per the latest data, LTC is currently experiencing a marginal decrease of 0.73% on the daily chart. However, this setback fails to overshadow the remarkable gains Litecoin has achieved over the past seven days, with its price surging by an impressive 25.27%.

Litecoin’s upward trajectory is further highlighted when we analyze its monthly performance. Over the course of the past month, Litecoin has demonstrated an overall increase of 11.33%, showcasing its resilience and potential for sustained growth in the market.

Renowned crypto trading expert Michaël van de Poppe, CEO & Founder of MN Trading, has examined the recent chart patterns of LTC. His analysis leads him to predict that Litecoin will likely continue its impressive performance. 

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He has expressed particular interest in an add-on opportunity in the $99-102 range, suggesting that this could be a favorable entry point for investors.

Litecoin’s MVRV 30D In The Danger Zone: Is ‘Digital Silver’ Set to Lose Its Shine?

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Recently, Sumit Kapoor, a prominent figure in the world of cryptocurrency advisory, took to Twitter to share some intriguing insights about the renowned digital currency Litecoin (LTC). 

Kapoor’s tweet highlighted the concerning state of Litecoin’s MVRV 30D, a metric used to gauge the market value relative to the realized value of the cryptocurrency. 

According to Kapoor, the MVRV 30D for Litecoin has now reached an alarming 35% level, historically associated with bearish market sentiments for LTC. In fact, whenever this threshold has been surpassed since 2018, the price of Litecoin has experienced a significant decline, averaging around 41%.

Adding to the ongoing discourse surrounding Litecoin, the on-chain data vendor, IntoTheBlock, shared some fascinating statistics about the “digital silver.” In their recent tweet, IntoTheBlock revealed that a staggering 13% of all Litecoin in circulation has remained dormant for over 5 years. 

It raises an intriguing question: What does this extended period of inactivity signify? Does it indicate unwavering confidence among LTC holders, or could it suggest the presence of lost coins? 

To put this into perspective, the average duration of holding Litecoin currently stands at 2.1 years, making the prolonged inactivity of this substantial portion of LTC particularly noteworthy.

These revelations have sparked debates among cryptocurrency enthusiasts and experts. The implications of Litecoin’s MVRV 30D breaching the 35% mark are significant, as historical data suggests a potential bearish trend for the LTC price. 

Additionally, the existence of a considerable amount of dormant LTC raises questions about the motivations and intentions of the holders. It remains to be seen whether this situation is indicative of strong and unwavering confidence in Litecoin’s future or if it signifies misplaced or forgotten coins.

 Litecoin LTC Price

On July 1st, Santiment revealed that LTC is just under five weeks away from its highly anticipated halving event, scheduled for August 3rd. It caused a sudden surge in its price, skyrocketing by an astonishing 26% in just over 24 hours. 

LTC managed to maintain its bullish rally and is currently trading at $106.28, showcasing an impressive 23% rise on the weekly chart. However, the trading volume over the past 14 hours has decreased 32.71%, totaling $716 million. This fluctuation in trading activity could indicate a brief period of market consolidation.

LTC 7D graph coinmarketcap 3
Source: CoinMarketcap

Looking ahead, experts specializing in LTC’s price prediction and technical analysis have identified a long-term bullish trend. They anticipate a gradual increase in Litecoin’s value over the next seven days, with a predicted rise of $2.76.

If this projection holds true, its price will reach $108.72 by July 12th, 2023. In the short term, a machine learning algorithm has determined that LTC is currently experiencing a neutral trend. 

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