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What Drives Litecoin Price? Hype Vs Legit Volume Triggers

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What Drives Litecoin Price? Hype Vs Legit Volume Triggers
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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.

Contents

Litecoin shows signs of strength and continues rising. Although traders’ LTC price predictions differ, it’s clear that LTC doesn’t give up and is accumulating forces for a new breakout. What exactly helps the Bitcoin’s younger brother to stay afloat? Hype or true volume circulating on the market? Let’s see what tradingview users think: read their Litecoin price predictions.

Halving is the secret?

LTC halving will boost its price

Litecoin is about to go through a block halving (in 2 months), which means that for every block the miners mine they will receive 12.5 LTC instead of the previous 25 LTC. This will greatly affect the fundamental price floor for Litecoin and make it twice as expensive to make new Litecoins. Such a situation also evokes many questions. Where was the original price floor for LTC? How much should the price rise? Is this spot price accurate to the new price floor 2 months from now, or is it overly inflated?

Halving is coming soon, and that will naturally affect the price making LTC soar.

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LTC is simply the strongest

BTC drags Litecoin, too

LTC has bounced off of support on Fib. It stayed above $100 following trendline but decided to go its own way. Why? Simply because LTC is the strongest of all altcoins. Now it needs to break $125 on this next move up. User mycoinmoon believes it will, seeing that BTC will soon be around $10K at which point LTC will be $150. Thus, Bitcoin will trigger the growth of LTC attracting volume to the market.

LTC will attempt to break resistance again

LTC accumulating force to reach 0.16 BTC level

On the LTC price chart, we can see Inverse Head and Shoulder pattern for Litecoin that is going to retest a major resistance. It’s just accumulating power to attack the major resistance levels and might reach 0.16 BTC.

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Litecoin clears the path

Indicators show LTC must grow

Following up on a previous TA, we can see the observed price squeeze from BB indicating an imminent break to either the upside or downside. Given the bullish golden cross (50MA over the 200MA) as well as strong support evident on the 50MA, the breakout to the upside was of a much greater likelihood.

MACD has consistently defended its signal line, indicating a rejection of the bears. We wait for momentum to pick up for sustained bullish price action. Also, keep in mind that Litecoin's halving is coming up in a couple of months – it will play a serious role.

Litecoin price charts by TradingView

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
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On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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