Hundreds of millions of dollars in Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates. According to data from market intelligence firm Coinglass, in the past 24 hours, $359 million in crypto was sold off. The liquidation was likely caused by the Federal Reserve raising interest rates […]
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Litecoin was one of Thursday’s biggest gainers, as prices rose by as much as 13% in today’s session. This came despite the global crypto market cap shifting lower, down 1.65% as of writing. Dogecoin was also higher, as the meme coin rebounded from Wednesday’s losses. Litecoin (LTC) Litecoin (LTC) has been one of Thursday’s biggest […]
Litecoin is the winner in daily crypto gains as whales appear to be behind the ongoing LTC price rally, on-chain data suggests.
Litecoin (LTC) emerged as one of the best-performing cryptocurrencies on March 23, surpassing its top-ranking rivals Bitcoin (BTC) and Ether (ETH).
LTC price rallied 5.5% to reach an intraday high of around $92.50. In comparison, the total crypto market capitalization (TOTAL) has risen 2.25% to $1.14 trillion, with BTC and ETH rising 1.79% and 1.42%, respectively.
The Federal Reserve's 25 basis points (bps) rate hike on March 22 appears to be the key driver behind Litecoin beating its crypto rivals over the past 24 hours.
Notably, LTC price rallied over 15% versus BTC and about 14.5% versus ETH since the Fed announcement.
One reason could be that Litecoin has relatively underperformed the cryptocurrency market in March, dropping over 6.5% month-to-date (MTD) versus the crypto market's 9.35% gains.
Hence, traders likely saw this as a "buy the dip" opportunity for Litecoin with more upside potential, particularly as there were little to no other notable catalysts.
Meanwhile, on-chain data shows a rise in the Litecoin supply held by addresses with a balance between 1 million and 10 million LTC in March. Additionally, the share of supply held by addresses with a balance between 100,000 LTC and 1 million LTC has been dropping.
This suggests that the whales holding 10,000-1 million LTC have been accumulating Litecoin in March to enter the 1 million-10 million LTC holders' cohort.
A halving event occurs when the rewards for mining new blocks get cut in half.
Previous halvings in Bitcoin and Litecoin markets have preceded extended bull runs. Therefore, the next Litecoin halving, scheduled for August 2023, could also produce a similar bullish outcome.
Independent market analyst Rekt Capital noted that the euphoria around the Litecoin halving may have influenced traders to buy LTC in the face of a "market-wide dip."
$LTC is showing strength meanwhile most of the market struggles on this market-wide dip
— Rekt Capital (@rektcapital) March 22, 2023
Important not to forget about the #LTC Halving this coming August 2023#BTC #Crypto #LITECOIN https://t.co/otWMSUAYV9
From a technical perspective, Litecoin looks ready to undergo a price correction in the coming weeks.
Related: Ethereum faces 6-month lows versus Bitcoin — Will ETH price rebound?
Notably, LTC/USD is testing its multi-month descending trendline resistance for a potential pullback, similar to what transpired in May and November 2021.
A decisive bearish reversal could have LTC test its previous support line near $47.50 as the downside target, down about 45% from current price levels.
Conversely, a breakout above the descending trendline resistance may push LTC price toward the $105-140 price range.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
According to statistics, there are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction. Onchain data also shows that since inscriptions started gaining popularity last month, Bitcoin miners have obtained 98 bitcoins worth $2.66 million in added fees. The Rise of Ordinal Inscriptions on Bitcoin Blockchain […]
Litecoin rose by as much as 15% in Tuesday’s session, as markets reacted to the latest inflation report from the United States. Figures from the monthly Consumer Price Index showed that inflation has fallen to 6% in February, down from 6.4%. Dogecoin was also higher on the news, extending recent gains. Litecoin (LTC) Litecoin (LTC) […]
Dogecoin, Zcash and Litecoin have already patched the “critical” vulnerability, but hundreds of others may not have, risking billions’ worth of crypto.
More than 280 blockchain networks are at risk of “zero-day” exploits that could put at least $25 billion worth of crypto at risk, according to cybersecurity firm Halborn.
In a March 13 blog post, Halborn warned of the vulnerability it dubbed “Rab13s” — adding it has already worked with some blockchains, such as Dogecoin, Litecoin and Zcash, to institute a fix for it.
Halborn discovered massive #ZeroDay impacting Dogecoin and 280+ networks including Litecoin and Zcash, putting over $25 Billion of digital assets at risk!
— Halborn (@HalbornSecurity) March 13, 2023
...
Halborn said it was contracted in March 2022 to conduct a security review of Dogecoin’s codebase and found “several critical and exploitable vulnerabilities.”
It later determined those same vulnerabilities “affected over 280 other networks” that risked billions of dollars worth of cryptocurrencies.
Halborn outlined three vulnerabilities, the “most critical” of which allows an attacker to “send crafted malicious consensus messages to individual nodes, causing each to shut down.”
3/ The most critical vulnerability discovered is related to peer-to-peer (p2p) communications where attackers can craft consensus messages and send it to individual nodes, taking them offline.
— Halborn (@HalbornSecurity) March 13, 2023
Halborn researchers, led by @safe_buffer, have code-named this vulnerability #Rab13s.
It added these messages over time could expose the blockchain to a 51% attack where an attacker controls the majority of the network’s mining hash rate or staked tokens to make a new version of the blockchain or take it offline.
Other zero-day vulnerabilities it found would allow potential attackers to crash blockchain nodes by sending Remote Procedure Call (RPC) requests — a protocol allowing a program to communicate and request services from another.
7/ Secondly, attackers can execute code through the public interface (RPC) as a normal node user. Since a valid credential is required to carry out the attack, the likelihood of this exploit is lower.
— Halborn (@HalbornSecurity) March 13, 2023
It added the likelihood of RPC-related exploits was lower as it requires valid credentials to undertake the attack.
“Due to codebase differences between the networks not all the vulnerabilities are exploitable on all the networks, but at least one of them may be exploitable on each network,” Halborn warned.
Related: Jump Crypto and Oasis.app ‘counter exploits’ Wormhole hacker for $225M
The firm said at this time it’s not releasing further technical details of the exploits due to their severity and added it made a “good faith effort” to contact all affected parties to disclose the potential exploits and provide remediation for the vulnerabilities.
Dogecoin, Zcash and Litecoin have already implemented patches for the discovered vulnerabilities, but hundreds could still be exposed, according to Halborn.
Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher. Litecoin (LTC) Litecoin (LTC) rose by as much as 15% to […]
Dogecoin fell to its lowest level since October, as cryptocurrency prices plunged during Friday’s session. Overall, the global crypto market cap dropped by nearly 9% today, which seems to have been triggered by yesterday’s liquidation of Silvergate bank. Litecoin has been another notable mover, falling by over 17%. Dogecoin (DOGE) Dogecoin fell to a five-month […]
The strength in the U.S. dollar suggests that the risky assets may remain under pressure in the near term, but Bitcoin and select are showing signs of resilience.
On March 7, United States Federal Reserve Chairman Jerome Powell warned that interest rates may remain higher for longer than previously anticipated. This boosted expectations of a 50 basis points rate hike in the Fed’s March meeting to about 70% from 30% a week earlier, FedWatch Tool data suggests.
The U.S. dollar shot up and the S&P 500 plunged after Powell’s comments on March 7 but a minor positive in favor of the cryptocurrency investors is that Bitcoin (BTC) stayed relatively calm. The next trigger that could influence the markets is the February Jobs report to be released on March 10.
Although the macroeconomic environment is not favorable for risky assets, Bitcoin has shown relative resilience. This suggests that Bitcoin investors are not panicking and dumping their positions due to the short-term uncertainty.
Will Bitcoin and the major altcoins continue lower or is a rebound around the corner? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls are finding it difficult to push Bitcoin back above the breakdown level of $22,800. This suggests a lack of aggressive buying at current levels. That could pull the price down to the crucial support of $21,480. This is the make-or-break level in the near term.
The moving averages have completed a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears are in command.
If the price breaks below $21,480, the bears will fancy their chances. They will then try to yank the price to the psychologically important level of $20,000. Buyers are expected to defend the zone between $21,480 and $20,000 with all their might because a break below it may witness aggressive selling.
If bulls want to prevent the sharp decline, they will have to quickly push the price back above the moving averages. That could signal a possible range-bound action between $21,480 and $25,250.
Buyers are trying to protect the $1,550 level on Ether (ETH) but a minor negative is that they have failed to achieve a strong rebound off it. This suggests that the bears are selling on every small recovery.
The 20-day exponential moving average ($1,599) has started to turn down and the RSI is in the negative zone, indicating that bears have the upper hand. If the $1,550 support cracks, the ETH/USDT pair may drop to $1,461.
This level may again attract strong buying by the bulls. If the price rebounds off this level with strength, it will suggest that the pair may consolidate between $1,461 and $1,743 for some time. Contrarily, a break below $1,461 will open the doors for a possible drop to $1,352. This level may again attract strong buying by the bulls.
BNB (BNB) bounced off the $280 support on March 6 and March 7 but the bears pounced at higher levels. This suggests that the sentiment remains negative and every minor recovery is being sold into.
If the $280 gives way, the BNB/USDT pair will complete a bearish head and shoulders pattern. This negative setup may start a downward move to $245 where buyers will try to arrest the decline.
Another possibility is that the bulls sustain the current rebound. Such a move will indicate that the buyers are fiercely defending the $280 support. That may start a recovery to the 20-day EMA ($299).
The bears are expected to sell the rally to the 20-day EMA. If that happens, the pair may again slide to $280. On the contrary, a break above the 20-day EMA will be the first sign that suggests the bears may be losing their grip.
XRP (XRP) rebounded off the $0.36 support with strength and soared above the resistance line of the descending channel on March 8, a sign that the bulls are buying with full force.
If buyers sustain the price above the 50-day simple moving average ($0.39), it will suggest a potential trend change in the near term. The XRP/USDT pair may then start its march toward $0.43 where the bears are again likely to mount a strong defense. If the price turns down from this level, the pair may oscillate between $0.36 and $0.43 for a while longer.
Conversely, if the price turns down from the current level, it will suggest that the bears are not willing to let the bulls have their way. Sellers will then again try to pull the pair below $0.36 and clear the path for a possible drop to $0.33.
Cardano (ADA) bounced off $0.32 on March 7 but the bulls could not build upon this strength. This shows a lack of follow-up buying at higher levels.
The bears are again trying to pull and sustain the price below $0.32 on March 8. If they manage to do that, there is another support at the 61.8% Fibonacci retracement level of $0.30. If this level breaks down, the selling could intensify and the ADA/USDT pair may plummet to the 78.6% Fibonacci retracement level of $0.27.
Contrary to this assumption, if the price turns up from the current level or $0.30, the pair may again attempt a recovery. The bulls will gain the upper hand after they propel the price above the moving averages.
Dogecoin (DOGE) has been gradually grinding down toward the strong support near $0.07 but a minor positive is that lower levels are attracting buyers as seen from the long tail on the March 6 and March 7 candlestick.
The bulls are trying to push the price toward the breakdown level of $0.08. This level is likely to attract strong selling by the bears. If the price turns down from $0.08, the DOGE/USDT pair may drop to $0.07 and remain stuck between these two levels for some time.
The bears may find it difficult to break the support near $0.07 but if they do, the pair could tumble to the next major support near $0.06. On the upside, a break and close above the downtrend line will signal the start of a possible recovery toward $0.10.
Polygon (MATIC) has been trading in a tight range for the past few days, which resolved to the downside on March 8. The failure to start a recovery suggests that the bulls may be wary of buying at the current levels.
The MATIC/USDT pair could slide to the strong support at $1.05 where the bulls will try to protect the level. If the price rebounds off this support, the pair could pullback to the moving averages.
This is an important level to keep an eye on because a break and close above it may suggest that the correction may be over. The pair may not start a new up-move in a hurry but remain range-bound for a few days.
On the other hand, if the price turns down from the moving averages, it will suggest that bears continue to sell on rallies. The bears will then again try to sink the price below $1.05. If they succeed, the pair may slip to $0.90.
Related: Brace for BTC price volatility? Bitcoin ‘coin days destroyed’ metric jumps to 2-month highs
Solana (SOL) remains in a firm bear grip. The failure to start a rebound off the crucial support at $19.68 shows that buyers may not be jumping in to buy.
The bears have yanked the price below $19.68 on March 8. This indicates the start of the next leg of the correction. The bears will try to strengthen their position further by pulling the SOL/USDT pair toward the next major support near $15.
If bulls want to prevent this collapse, they will have to quickly push the price back above the 20-day EMA ($21.80). That may start a relief rally to the resistance line, where the bears may again pose a strong challenge.
Polkadot (DOT) turned down and broke below the support at $5.73 on March 8. This indicates that the bears are trying to solidify their position further.
There is a strong support at $5.56 but if this level cracks, the DOT/USDT pair may enter a downward spiral. The next support is much lower at $4.80.
Contrary to this assumption, if the price rebounds off $5.56, the pair could reach the 20-day EMA ($6.30). During downtrends, the bears try to sell on rallies to the 20-day EMA. If the price turns down from this level, the likelihood of a break below $5.56 increases.
If bulls want to make their presence felt, they will have to drive the price above the moving averages.
Litecoin (LTC) turned down and broke below the immediate support of $85 on March 7. This indicates the resumption of the correction.
The LTC/USDT pair could first fall to the $81 support. The bounce off this level may face selling near the 20-day EMA ($92). If the price turns down from the 20-day EMA, the next stop could be the vital support at $75. This level is likely to attract solid buying by the bulls.
The farther the price moves away from the local top of $106, the longer it will take for the pair to resume its uptrend. The recovery is likely to pick up momentum after the price sustains above the moving averages.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Ethereum classic remained near a two-month low on March 6, as a cloud of uncertainty continued to hover over markets. The global crypto market cap remained bearish to start the week, and is down 0.55% at the time of writing. Litecoin also moved lower on Monday. Ethereum Classic (ETC) Ethereum classic (ETC) started the week […]