LTCUSD (Litecoin) – Week 29 – Watching the orange trendline
Gabor Gurbacs, director of digital assets at VanEck asset management, has responded to Elon Musk's latest tweet, in which he claims that DOGE would outperform the two most popular cryptocurrencies, BTC and ETH, due to their sluggish base layer transaction speeds. Both Gurbacs and Mow have reminded the eccentric Tesla CEO that the meme-coin he favors and intends to make "better than Bitcoin and Ethereum" has an important problem. Besides, Dogecoin initially came to exist after a Litecoin hard fork. It was LTC creator Charlie Lee who suggested merged mining with LTC to save DOGE. After that, the DOGE hashrate rose over 1,500 percent in just one month. Merge mining can be done for a parent blockchain, which is Litecoin in this case, and a child blockchain, Dogecoin. If DOGE devs decide to make fundamental changes regarding transaction speed and miner rewards, they would first have to make a hard fork to get away from merge-mining with LTC.
Technically, Litecoin did what we expected it to do in our last weekly analysis. It made the down move with low volatility like all the other big market cap cryptos. We give a higher probability for a continuation to the downside if the price stays below the trendline. If the price breaks the trendline and consolidates above we may see a new move to the upside. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, Litecoin did what we expected it to do in our last weekly analysis. It made the down move with low volatility like all the other big market cap cryptos. We give a higher probability for a continuation to the downside if the price stays below the trendline. If the price breaks the trendline and consolidates above we may see a new move to the upside. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
