LTC Price Up but Participation Levels Thin, Will Gains be Sustained?

Today’s Litecoin (LTC) News

CoinBene says it is “the World’s Leading Trustworthy Crypto Assets Platform” at its homepage and as a pro-safety platform, rumors of being hacked are unfounded and pure lies. But this was expected. Centralized cryptocurrency exchanges are honeypots for increasingly sophisticated and nefarious actors. And in 2019, it seems, exchanges “stepped in” with the wrong foot.

Read: Crypto Exchange CoinBene Affirms Long Maintenance Downtime Period Is Not Due To A Hack

After QuadrigaCX drama, Cryptopia sustained hemorrhage and Monday’s DragonEX loss, news of CoinBene hack would have been too much for the community. Encouragingly for the platform’s clients may be spared at the expense of the exchange’s reputation even if it wasn’t hacked. The damage has been done and customers are apprehensive.

But it all started when a Twitter user took to the public that his attempt to deposit funds has been stuck on pending for over an hour and “unfairly” concluding that, well, the exchange has been hacked.

Despite the exchange responding and clarifying that the reason for delay because of wallet maintenance preventing deposits and withdrawals, the hacking rumor did spread like wildfire.

Also Read: Binance Goes Good Will Hunting, Plans to Freeze All Identified Stolen Funds from DragonEx

The situation was further exacerbated by Nick Schteringard, a reporter with Forklog, who reference two ETH wallets with suspicious trading activities. All the same, the failure of CoinBene to make public their wallet maintenance did cast doubt on the safety of user funds but the exchange seems to be working on this and reassuring those in that their platform is secure.

LTC/USD Price Analysis

Litecoin

Up one percent in the last day, Litecoin (LTC) bulls are in control and trading within a bullish breakout pattern. If anything, our last LTC/USD trade plan is valid and as long as prices are trending above $50 and the 20-day MA, traders should consider loading up on every dip with first targets at $70 and later $90. It is easy to see why.

First, note that prices are literally in consolidation mode and although we have these lower lows printing in relation to the upper BB, buyers are firm and likely to edge higher in days ahead. On a more cautious approach, it would be ideal if traders load up once there is a high-volume break above Mar 16 highs at $62. Accompanying volumes, in this case, must exceed 254k of Mar 16 and preferably 410k of Mar 5 in a trend continuation phase with first targets at $90 as laid out before.

Note that even if yesterday’s prices were firm, volumes were low—168k, meaning participation was not as high to warrant a strong bull signal. As a result, caution must prevail and solid confirmation of yesterday’s three-bar bull reversal pattern would definitely reaffirm buyers of Mar 5. Failure could see LTC drop to $50—55 zone.


All Charts Courtesy of Trading View—BitFinex

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.

Source