- Can the price of LTC reach the $50 supply zone as the coin surges
- What is to come for LTC?
- Fake Litecoin LTC Foundation
At about 48 hours ago, the downtrend price corrected as the coin proceeded to the $42 supply level. Previously, LTC declined to $39 on November 20, though it gradually surged to $41. The price trend has been irrelevant due to low volatility. Litecoin is currently in the bearish trend zone and if tackled vigorously by the bears the downtrend movement will persist. In its current low, it is projected that any further breakdown will see the price of LTC revisiting the $36 lows.
Although, on the upside, LTC will make a positive move that is if the current bullish trend is maintained. Also, a break above $42 will guarantee its unceasing move. It seems LTC is thriving higher as per the stochastic which has a 50% range. It means that LTC is trending higher as the price revisits the highs of $42 and $50. Currently, its key supply zone is at $80, $100, $120, while its key demand zone is at $50, $40, $20.
What is to Come for Litecoin LTC?
Since December 18, the upward move has been persistent, Litecoin is gradually moving towards the $42 supply zone. LTC will increase to the previous level of $42 and $50 if it surges over the high of $42. As Litecoin makes notable moves, traders should be on the look-out to but setups. Though, stop-loss orders should be retained at $36 low.
Fake Litecoin LTC Foundation
Litecoin Foundation has released an official statement warning its community about scammers who recently launched a fake giveaway in the name of Litecoin. David Schwartz from Litecoin Foundation stated that the YouTube channel that provides a free giveaway of 100,000 LTC was a scam. The further stated that these people are in no way linked with Litecoin Foundation and that they are trying to scam users out of their cryptocurrency.
“There is a fake Litecoin Foundation YouTube channel scamming people out of their LTC as we speak. DO NOT believe the channel and what it is offering! This is NOT the official Foundation YouTube channel.”
To make the scam convincing, the scammers downloaded several videos from Litecoin Summit 2019. In the clip released, they declared that they would give away 100,000 coin worth of about $4 million. It further stated that users should transfer from 10 – 1000 LTC to several wallets to get the rewards ten times as big as their donation.
Litecoin (LTC) Price Today – LTC / USD
About 6,000 people have viewed the videos with the fake giveaway. According to Litecoin Block explorer, the cryptocurrency wallets offered by the scammers received 10 and 300 LTC in the past 24 hours. The owners of the fake accounts are allegedly that of Russian origin as that channel description contains a quote from Alice in Wonderland in Russian. However, the country of the channel in the USA.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.