Litecoin Price Analysis: Bulls are Resilient, LTC Adds $35 Million

 

At the end of the day, account holders at QuadrigaCX, a Canadian cryptocurrency exchange, are feeling the pinch. Considering the losses, who wouldn’t? Majority of the affected are skeptical of his death despite evidence showing that Cotten died and a Death Certificate issued by Directorate of Economics and Statistics of the State of Rajastan, India.

Read: Increasing Number of Crypto Hedge Funds: Research Group Found the Reasons

He died on Dec 9, 2018, and hospital clinicians did everything they can to resuscitate him after being admitted in critical condition from a pre-existing Crohn’s disease where he was “on monoclonal antibody therapy every 8th week” a statement from J.A. Snow Funeral Home read:

“Despite the best efforts of our clinicians the patient could not be revived and was declared dead approximately at 7:26 pm. All standard medical procedures and guidelines were followed to treat the patient. The information of his death was communicated to the relevant authorities”

Since he was the only one with the address of the cold wallet and the controlling private keys, there is a strong possibility that more than 160,000 users would have to contend with a $190 million loss. That’s massive and another reminder of why control of private keys is important.

After all, the adage goes: Not your keys, Not your coin. The Proof of Keys movement that at one time had gained momentum is once again proving to be a real genuine concern.

LTC/USD Price Analysis

Aside from Binance Coin, a top performer in the top 10, LTC is up 7.8 percent in the last week. This is solid and an indicator that Bitcoin—considering their positive correlation—is lagging and poised to increase further magnifying performance in the world’s seventh most valuable coin.

From the chart, it is clear that bulls are in a correction and moving in tow with the bull trend which was set in motion in late Dec 2018. Even though our trade conditions are yet to be validated, the simple fact that prices are rejecting lower lows off the main support trend line and $30 main support line hints of underlying demand and a possible expansion towards $50.

Note that despite everything, LTC/USD it technically trading within a bear breakout pattern and with $50 being our main resistance line but a breakout level, it is important for Litecoin bulls to generate enough momentum and clear this level. If not, odds are bears will resume after a successful retest—where prices are oscillating at.

Often, the trend resumption phase clears previous supports, driving prices to new lows. In our case, risk-off, aggressive type of traders must wait for a high-volume break above $35. After that, they can fine tune entries in lower time frames with first targets at $50.

All Charts Courtesy of Trading View–CoinBase

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.