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LITE coin Price Analysis: LTC Price Diving Like a Submarine. Calling Bulls to Rescue.

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Litecoin Price Analysis:
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  • After losing the crucial support of $100 the coin is falling continuously. Calling bulls for support.
  • The top 5 Korean exchanges delisted the coin and labeled it “Dark Coin”.
  • The LTC/BTC pair is at 0.001995 BTC with a loss of 1.53% in it.

Litecoin is a p2p cryptocurrency that was setup by a former google employee. LTC is a cryptocurrency that was designed to provide fast, secure and low cost payments and to be more efficient for daily use with the help of unique properties of blockchain technology.Behind BTC, Litecoin is the second most popular cryptocurrency.

The lite coin came from an all time high of 400 USD and fell below the crucial support of $100 in the beginning of May 2022. As predicted after losing the $100 support it will be very difficult for the ecosystem to sustain and so the coin is facing. The bulls now need to perform some extraordinary moves to make a considerable recovery for the LTC ecosystem. The bears are not at all ready to leave the coin. The needs to manage its buyers in order to prevent a collapse or it can suffer some more worse breakdowns. 

The price of LTC is currently trading at $60.09 with a loss of 2.25% in its market capitalization in the last 24 hrs. The coin has a trading volume of 500 million which is at a loss of 6.03% in 24 hrs trading session and a market cap of 4.2 billion with a loss of 2.21% in it. The volume market cap ratio is 0.1182.

Top 5 Korean Exchanges Delist Litecoin, Label it “Dark Coin” Following MWEB upgrade

The top five Korean exchanges all announced a simultaneous delisting of Litecoin on June 8, according to local news outlet News 1.

Korean exchanges Upbit and Bithumb issued warnings on Litecoin following its MWEB upgrade, as reported by CryptoSlate last month.

The warnings centered around concerns over breaching regulations around money laundering and Know Your Customer (KYC) requirements.

ALSO READ – Is NFT Art Up To Scratch?

What is MWEB?

The LTC MWEB privacy upgrade went live on May 19 following a prolonged development phase.

MWEB added several features and benefits, including greater scalability through a more compact data organization. But chief among them was an optional element of privacy.

Conclusion
The LTC price is falling continuously over the daily chart. The coin needs its bulls to support the ecosystem. The investors are not happy as the coin fell from an all time high of 400 USD. The coin has been delisted from some Korean exchanges after its MWEB upgrade.

Technical levels

Resistance levels: $65 and $68.

Support levels: $57.5 and $52.5.

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.







Nancy J. Allen
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