Categories: Altcoins

Litecoin May Soon Surge Despite Selling Pressure and Recent Dusting Attack

Click here to view original web page at www.newsbtc.com

Litecoin has been wrapped in negative sentiment as of late, which has primarily been rooted it its lackluster price action following its recent halving event and a recent dusting attack that impacted nearly 300,000 LTC addresses on Binance.

Despite the dwindling optimism surrounding LTC, analysts are now cautiously noting that the cryptocurrency may be nearing a “bedrock support” level that could be followed by a shift in its recent downtrend, and today’s price performance may support this notion.

Litecoin Price Plummets 25% Since Halving Event

At the time of writing, Litecoin is trading up nearly 4% at its current price of $76.40, which marks a slight recovery from its recent lows of $71.

Since Litecoin’s early-August halving event – which was widely viewed as being a bullish catalyst – the cryptocurrency’s price has dropped by nearly 25%, which marks a very disappointing reaction to an event that many analysts had claimed would propel LTC higher.

Importantly, however, this poor price performance has come about during a time of great uncertainty in the crypto markets, and LTC’s recent price action has been largely in sync with that seen by many other major altcoins.

Loma, a popular crypto analyst on Twitter, explained in a tweet from yesterday that despite the conflicting opinions that are held about Litecoin, he believes it is currently trading just above a “bedrock support” level – and today’s price surge may validate this notion.

“Humor me if you will. Let us suggest, for a moment, that $LTC is not in fact a scam. Let us assume that somehow, inconceivably, crypto twitter is wrong for the first time. An objective chart is showing LTC on bedrock support in a falling wedge. Maximum point of opportunity,” Loma said.

Humor me if you will. Let us suggest, for a moment, that $LTC is not in fact a scam. Let us assume that somehow, inconceivably, crypto twitter is wrong for the first time.

An objective chart is showing LTC on bedrock support in a falling wedge. Maximum point of opportunity. pic.twitter.com/qSH8xkNSji

— Loma (@LomahCrypto) August 18, 2019

Has LTC Dusting Attack Impacted Recent Price Action?

Recently, Litecoin wallets on popular cryptocurrency exchange Binance faced a widespread dusting attack in which scammers sent a tiny amount of LTC (known as dust) to hundreds of thousands of wallet addresses in an effort to gain information about the end user’s data.

Subsequently, these scammers then use this information to try to extort the wallet owners by using the data they have about the wallets, but the attack is only effective if the user transfers the dust that they recieved.

The recent $LTC dusting attack on @binance affected 294,582 addresses. During our analysis, we also uncovered a similar large–scale attack in April. pic.twitter.com/T0lMBN6VPG

— glassnode (@glassnode) August 15, 2019

Although it is unclear as to whether or not this dusting attack added any downwards pressure to Litecoin’s price action, it is certainly another factor that could have startled some LTC investors and added some pressure to the negative sentiment that is currently surrounding the cryptocurrency.

Featured image from Shutterstock.

Tags:cryptoLitecoinltc BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Chart Forecast: BTCUSD Awaits Pennant Breakout

Bitcoin Price Forecast: A series of lower highs and slightly higher lows has formed a pennant pattern Regardless of direction,… Read More

2 hours ago

Billionaire Blackstone CEO Heaped Praise On Blockchain—But Made A Bitcoin Warning

Bitcoin has won over many from the traditional finance industry , but far more of the investment old guard remain… Read More

2 hours ago

Early Ethereum advisor charged with extortion and arrested

The accused, Steven Nerayoff, violated the agreement made with a blockchain firm. If found guilty, Nerayoff and his associate Michael… Read More

2 hours ago

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

8 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

8 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More