experiences a high volatility while stuck in a narrow price range.
The central theses
- litecoin rose by more than 35% and then died yesterday after a fake announcement of a partnership from Walmart (NYSE :) had appeared online.
- The Litecoin Foundation and a spokesman for the project have now exposed the message.
- on-chain data show that LTC is stuck within a stiff support and a resistance.
market participants hurried to the stock exchanges on Monday to buy Litecoin after a press release claimed, Walmart worked with the asset. It turned out that the news was fake, which led to significant losses.
Fake Press Department Funken Litecoin pump and dump
Litecoin has just gone through one of the most malignant pumps and dumps of the year.
The cryptocurrency number 14 after market capitalization on Monday a course jump of 35% according to A Press release was referred to a partnership with walmart. A tweet of the official Litecoin twitter account also seemed to confirm the message, but was deleted abruptly. A spokesman for the multinational trading group has now confirmed that the announcement was fake. The Litecoin Foundation has also exposed the rumors.
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Litecoin-Tweet
When it became clear that the press release was fake, there was a sale. LTC quickly lost all the profits he had made within minutes and retired towards $ 174.
Data from BYBT show that the unpredictable price campaign of Litecoin causes Liquidations of long and short positions worth over 25 million US dollars. While some cryptocurrency enthusiasts tremble before fear , others wonder where LTC leads next.
Litecoin is stuck in the limbo
The transaction history shows that Litecoin is currently being traded in an important area of interest. Based on the Global in/Out of the Money (Giom) from Intothblock, almost 730,000 addresses had previously bought over 10 million LTC between 172.85 and $ 188.62.
only a daily candle closure outside of this price range determined where the asset is going next.
LTC - In/Out of the Money
Cutting the resistance of $ 188.62 could encourage investors to buy more tokens, the prices towards the next offer barrier at $ 267.30. On the other hand, an increase in sales pressure, the LTC under the support brand of $ 172.65, could lead to a downturn to $ 116.
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