- Litecoin price flips the 20-day SMA from support to resistance.
- The MACD shows increasing bearish market momentum.
- Flipped the 20-day SMA from support to resistance.
- Reversed the parabolic SAR from positive to negative.
- The MACD shows increasing bearish market momentum,
Since May 10, the Litecoin price has crashed from $388 to $301. Priori to this LTC had jumped from $225 to $388 between April 26 and May 9 - gaining almost $160 in its overall valuation. Let’s see what’s going on with technical analysis.
Litecoin Price Volatility Decreasing
Litecoin has flashed three different sell signals in the daily price chart:
Image: LTC/USD daily
Looking at the IOMAP, the Litecoin price has a strong resistance at the 20-day SMA ($315). Previously, at this level, almost 92,0000 addresses had purchased ~1.70 million LTC tokens.
Litecoin (LTC)Now Accepted To Pay Utility Bills City of Williston North Dakota
Litecoin Foundation recently pointed to how Williston, North Dakota, now accepts Litecoin and other cryptocurrencies as payment for utility bills. Hercules Cummings, Finance Director, said:
We are the first municipality in the State of North Dakota, and the third in the nation, to offer this service.
Currently, utility bill payments are the only bills eligible to be paid with cryptocurrencies. Individuals will have to establish a digital wallet directly with BitPay or through other services like Coinbase or Binance. Anytime an individual pays with cryptocurrency, the transaction gets locked in at an exchange rate. Reportedly, BitPay uses modern technology to convert Bitcoin into fiat while shielding the customer from any volatility risks.
Litecoin foundation added:
The annual carbon footprint of PoW coins measured in terawatt-hours (TWh) of electricity. Litecoin is proving itself once again! BTC: 114 TWh ETH: 44 TWh DOGE: 7.8 TWh BCH: 3.4 TWh LTC: 3.2 TWh.
Not all crypto enthusiasts agreed that these numbers were real. Some users stated that this isn’t inherent to Litecoin or any of the other PoW coins. It’s just that more people/organizations have decided to mine BTC and ETH than DOGE/BCH/LTC.
According to The Currency Analytics report, another user said:
A really disingenuous post and you know it. Be careful perpetuating this nonsense. The profitability of mining Bitcoin requires much cheaper electric than Litecoin. This means you need surplus/stranded. You can mine LTC off the grid. Doge is mix mined! crazy math.
Litecoin Price Is Expected To Reach These Levels
If the buyers don’t step up big time, the Litecoin price could plunge to the 50-day SMA ($270).