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Litecoin Enters the Fight Game: What’s Coming Next?

  • Thomas Hughes
    📈 Price Predictions

    Litecoin enters the Fight Game, becoming the first cryptocurrency to appear on the UFC Canvas

Litecoin Enters the Fight Game: What’s Coming Next?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Litecoin is making history by entering the mainstream sports world and being the first official cryptocurrency partner of the Ultimate Fighting Championship (UFC).

Litecoin’s logo will be featured on the Octagon canvas on Dec. 29, at UFC 232, which will take place in Los Angeles, with the main event being the championship fight between former UFC Light Heavyweight Champion Jon Jones and contender Alexander Gustafsson.

Whether you’re an MMA fan or not, this is great news for cryptocurrency in general and Litecoin in particular as the fight is expected to be viewed by hundreds of thousands or maybe even millions (attendance and pay-per-view). Bullish? Let’s see what happens after the event takes place.

Chart Analysis – LTC/USD

image

Litecoin, the 8th cryptocurrency by market cap, is currently trading at around $30 after reaching a high at $37.70 just a few days ago. The last 24 hours have been sluggish and mostly sideways, with a drop of 1.75% and the pair is currently in the middle of a bearish retracement after the latest rally.

The current drop is normal after the big climb which took the pair from $23 to $37. The Relative Strength Index breached its 70 level several times, indicating overbought and creating regular bearish divergence (the price was making higher highs and the RSI was making lower highs), so all of this was an early warning that a retracement will occur sooner rather than later.

Considering that people are celebrating the Winter Holidays, we may see continued low volatility but once things are back to normal, if the pair moves above 31.30 and above the 200 EMA (4-hour chart), we will probably see another test of the recent high.

Support zone: 28.70

Resistance zone: 31.30; 200 EMA (4-hour chart)

Most likely scenario: choppy markets, move above immediate resistance once the pair finds support

Alternate scenario: brief drop below 29.70 followed by recovery above it

 

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
Contents

According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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