Litecoin Trading (LTC/BTC) Technical Analysis, June 30: fresh 2014 lows

Litecoin (LTC) has fallen hard in the past 24 hours, particularly in trade with Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC). The LTC/BTC pair has established a new 2014 low of 0.0142 and more selling is possible.

As has been the recent trend throughout its lengthy decline, which can be traced to as far back as March, losses have been most pronounced when Bitcoin rises. Bitcoin is trading significantly higher today, gaining as much as 5% on BTC-e and now trading at $621. Conversely, LTC/USD has convincingly broken through the $9 level which had been offering at lost some hope of support. Six hours ago, it hit a new 2014 low of $8.65. It did unexpectedly spike immediately thereafter, also by 5% and in sync with BTC/USD's rise. The rise was short-lived as BTC held onto its gains while LTC is gravitating back toward its newly-established lows.

Litecoin investors will find this recent trend disturbing. In the "old era", a 5% gain for Bitcoin often translated into a 10% gain or more for Litecoin. Correspondingly, the LTC/BTC pair would rise substantially. During the peak of November's crypto craze, the pair traded as high as 0.052.

LTC/BTC has not traded above its 50-day moving average since April. The gap between its price and 50-day moving average has widened since then and now stands at 23%. The decline has been gradual and has not been accompanied with reliable indications for reversal, such as the successive establishment of increasingly higher peaks for a meaningful period.

Fundamentally, many Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Read this Term seem to be falling out of favor with traders unless they bring something fresh and unique to the table. There are now hundreds of altcoins, literally a "dime a dozen" (at best). Despite Litecoin having come first to the game, it is struggling to stand out in the eyes of traders. Bitcoin, meanwhile, is gaining further acceptance with merchants every day; there is demand for its practical use. While Litecoin has gained some traction in this regard, it is nowhere near on the scale of Bitcoin.

Combining the fundamental and technical indications, one cannot rule out LTC/BTC reaching 0.01 by late August. There is little mid-term support standing in the way. The 0.01 level has not been visited since prior to the crypto markets' meteoric rise in November. If reached, it could represent a meaningful pivot point.