Litecoin trades around $153 after a push higher earlier. Closest resistance at $155. Closest support around $143 area. Litecoin price prediction for today is bearish as we could see a further retracement after another test of resistance area around $155. The overall market sent mixed signals today as the majors – Bitcoin and […]
Litecoin trades around $153 after a push higher earlier.
Closest resistance at $155.
Closest support around $143 area.
Litecoin price prediction for today is bearish as we could see a further retracement after another test of resistance area around $155.
Cryptocurrency heat map by Coin360
The overall market sent mixed signals today as the majors – Bitcoin and Ethereum remain flat after strong bullish momentum yesterday. Rest of the market, however, is relatively bullish with solid gain across the board.
Litecoin Price Prediction: Litecoin price prediction: LTC ready to test $155 again
LTC/USD opened at $145 after a retest of $143 support. Right now, the price of Litecoin is heading to test the resistance at $155, which was mentioned in our previous Litecoin price prediction. Unless Litecoin can make a clean move above the $155 resistance as well as the previous swing high, we should see LTC reversing to the downside once again and heading towards the previous low.
Therefore, the Litecoin price prediction is bearish for the upcoming hours. This could, however, change quickly, depending on what happens later on.
Litecoin price movement in the last 24 hours
During the last 24 hours, Litecoin has moved in a range of $142.41 – $155.27. The 24 hour trading volume has remained flat compared to yesterday, with just under $7.8 billion turnover. Therefore, the overall volatility and market interest is substantial, and we could see Litecoin rapidly moving to either side if previously mentioned technical levels are broken or respected.
LTC/USD 4-hour chart – Litecoin to form ABC retracement pattern?
Looking at the 4-hour chart, we can see that Litecoin has set both a higher high and a higher low after several weeks of bearish momentum in January.
The previous major swing high of $165 is yet to be tested. Break above it would be a very strong technical indicator for LTC/USD`s reversal to the upside. Litecoin did already break above previous local swing highs of $143. This allowed the $143 price level to turn from resistance to support.
Since the $143 level was already tested as support successfully, we could see the price of LTC moving higher in the upcoming hours. However, the resistance of $155 needs to be broken first. Therefore, traders should pay attention to what happens close to this area. If Litecoin rejects further upside, we could see another push lower, likely towards the next support at $135. An additional target could be the $140 psychologically semi-round number price mark, which is also where both the 50 and 100 period moving averages are located as of now.
Therefore, if we see Litecoin rejecting further upside, a short position can be taken with the expectation that the previously mentioned support targets will be reached later on.
Alternatively, if Litecoin moves above the $155 resistance and the previous local swing high at $159, we could see Litecoin move further towards $165 previous major swing high. From there on, Litecoin`s price structure could send a very strong signal for the upcoming market direction. If the high is broken in a clear way, Litecoin should start heading towards a new all-time high again.
Litecoin Price Prediction: conclusion
Litecoin price prediction for today is bearish as Litecoin is yet to test the resistance ahead. If LTC can break through it, we should see a move towards the $165 resistance, where the previous major swing high was set in the middle of January.
Alternatively, if Litecoin rejects further upside, the analyst believes we will see further downside in the form of ABC pattern, leading LTC/USD to at least $140 price mark.
Therefore, right now, the best option would be to wait for further downside. While waiting, see our latest news on upcoming ETH CME Futures potentially dethroning BTC as well as potential Coinbase IPO.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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24 Year-Old Founder of Hedge Funds Pleads Guilty of a $90M Crypto Scam
An Australian man, founder of two multi-million crypto funds in New York, pleaded guilty on a crypto scam charge. The Ponzi scheme used a trading algorithm, taking advantage of price differences for Bitcoin and other cryptocurrencies.
Draining almost $90M From Investors
According to a recent report, Stefan He Qin organized the fraud that stole about $90 million from clients through his hedge funds – Virgil Sigma Fund LP (“Virgil Sigma”) and the VQR Multistrategy Fund LP (“VQR”). The two cryptocurrency hedge funds, located in New York, attracted over $100M of investments.
In a few years, the Australian managed to steal investor’s money from the Virgil Sigma fund. In December 2020, he made another attempt for a classic Ponzi scheme, stealing clients’ money from VQR in order to pay back his investors in Virgil Sigma.
Qin was charged with one count of securities fraud and pled guilty in Manhattan federal court.
“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the fund and what he had done with their money”, said U.S. Attorney Audrey Strauss.
Later on, Qin admitted his attempt to steal funds from another fund he controlled to meet the redemption demands of the deceived investors from the former fund.
As per the court statement, the multi-million investment hedge funds Virgil Sigma and VQR packed Qin with slush funds for his extravagant lifestyle.
The Australian used Virgil Sigma to employ a strategy to earn profits from arbitrage opportunities in the cryptocurrency market. The scam stepped on a trading algorithm, taking advantage of price differences for several cryptocurrencies, including Bitcoin, in about 40 different exchanges worldwide.
QIN pled guilty to one count of securities fraud. This charge carries a maximum sentence of 20 years in prison.
Crypto Scams Becoming Even More Creative
Crypto frauds seem to be on the rise lately. Scammers have become quite resourceful, coming up with different ways to get to investors’ funds.
As CryptoPotato reported, recent research showed that in about one week, fraudsters stole at least $587K from unsuspecting individuals using the old “send me X amount crypto, and I’ll double it” scenario.
In recent cases, scammers have used bots impersonating or replying to verified Twitter accounts, such as the Winklevoss twins or Elon Musk.
These bots affirm they’ve received money from crypto celebrities and attach links to a giveaway that invites individuals to deposit money to a cryptocurrency address to receive twice the amount immediately. The result, of course, was thousands of deceived.
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Looking for a new cryptocurrency to invest in?
As Bitcoin ranges around the astronomical $35,000 mark, more and more people around the world are getting excited about crypto. Newcomers are looking for the next coin with massive upside potential, while seasoned crypto-enthusiasts are searching for their next investment opportunity.
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The FunFair Token (FUN)
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The FUN Token is a decentralized utility token listed on major exchanges like Binance, BitFinex, HitBTC, OKEX, and Changelly. It is fast, transparent, and extremely developer-friendly.
Why Is FUN One of the Most-Promising Cryptocurrencies of 2021?
FreeBitco.in, one of the biggest Bitcoin iGaming websites in the world, has chosen FUN as the designated token for its Premium Membership Program.
FreeBitco.in has over 41 million registered users. It is a simple and rewarding crypto-gaming platform that is dedicated towards promoting and facilitating cryptocurrency adoption through innovative new practices.
Their latest effort involves harnessing FunFair (FUN) for the program. Users are required to buy FUN Tokens to unlock these benefits on the website:
1% Cashback on Wagers
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50% Referral Commissions for Life
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When the token sale goes live, 41 million users will be getting their hands on FUN Tokens to unlock the benefits mentioned above.
FUN’s value is set to skyrocket with this massive increase in demand and this could be an attractive investment opportunity for the long-term.
The Early Bird Gets the Coin…
You have a chance to acquire FUN Tokens before its value rises exponentially in coming weeks. The value of FUN has increased by 600% in the last month, and it can only go higher.
If you don’t have a FreeBitco.in account, click here to learn more about the program. FUN costs $0.04 at the time of writing; get them now and ride the rally to the moon as the program gets going.
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What Is Freebitco.in?
Freebitco.in is a Bitcoin Gaming platform based on a fully automated, proprietary tech-stack that powers a variety of Free-to-Play games, Betting Contests, Lotteries, Giveaways, and a signature Bitcoin Dice game.
According to SimilarWeb, FreeBitco.in is one of the largest bitcoin gaming websites and the seventh-largest online casino in the world. With over 52 million visits and 3,600 BTC wagered every month, FreeBitco.in’s reach in the crypto space is unrivalled.
FreeBitco.in’s provably fair algorithm has created a trustless ecosystem for online gamblers everywhere, as evidenced by 2.8 million new sign-ups and $600 million wagered in 2020, with a 30% year-on-year growth.
Behind these achievements is a dedicated team of experienced developers focused on constructing the best gambling experience possible. Not only that, since 2013, they have dedicated themselves to advancing the interests of crypto around the world.
Don’t forget to follow them on social media to stay up to date with their projects:
Facebook: https://www.facebook.com/theofficialfreebitco.in/
Twitter: https://twitter.com/freebitco/
Instagram: https://www.instagram.com/freebitcoinofficialaccount/
YouTube: https://www.youtube.com/channel/UCRGZKC1sB62wa9opHwq0jJw/
Source: https://www.livebitcoinnews.com/demand-for-fun-rises-as-bitcoin-casino-adopts-token/