Fundamental Analysis Litecoin (LTC) October 2018

Fundamental Analysis Litecoin (LTC) October 2018

Introduction

The month of April started with a positive outlook, causing a rise in the exchange rate of the LTCUSD. Read on as we throw more light on the events and how they relate to the price dynamics.

A Focus on Previous and Upcoming Events in the Litecoin Community

Fundamental Analysis Litecoin (LTC) October 2018 - Upcoming events chart

Litecoin upcoming events:

Litecoin past events:

 

LitePal Launch April 1

Even with a disappointing launch of the LitePay now turned LitePal payment processor, the price of LTC against the USD still went bullish as traders interpreted it to be positive. Price closed above a bearish accumulation price pattern on the release date, establishing a strong support at the daily low.

Smart Contracts April 13

The launch of the smart contract by Abra on the Litecoin network further fueled the bullish run of the Litecoin traded against the U.S dollar. About 50 fiat and 20 cryptocurrencies can be used on the Abra App. The advantage of using Litecoin over Bitcoin despite Bitcoins security is the lower and faster transaction fee.

Litecoin Listing on BlocBid April 16

On April 16, Litecoin was listed on BlocBid leading to consecutive bullish bars on the above price chart, offering more gains for buyers that held on to their position since April.

Litecoin Listing on Korbit April 18

Listing Litecoin on Korbit put the price in a bullish accumulation pattern, another bullish signal. A failure of this level would have pushed the pair into a bearish trend, however, the bullish pattern held its ground.

LTC Private Hard Fork April 21

While Litecoin price closed bearish on the 21st forming a bearish accumulation pattern, the pair was expected to continue in the same direction. Price broke out of the bearish accumulation pattern. This was as a result of the LTC private hard fork which took place on the same date. The LTCUSD pair reacted to this event, forming a similar pattern to the April 1 LitePal launch date.

Listing on Coinbit May 11

Prior to the listing of Litecoin on Coinbit, the LTCUSD pair triggered a bearish accumulation pattern on the 8th of May, this time sending the pair south. Although this event was expected to be favourable to the price of the LTC, speculators interpreted it differently.

Bitcoin Blockchain Fair 30th May

This event triggered a three consecutive bullish candle pattern, which couldn’t stand the test of time as the market sentiment was already bearish. This event continued to push the pair into a downward spiral, as more bearish signals are triggered from the month of May, June, July and September.

A double bearish accumulation pattern was triggered on the 21st of June, sending the pair deeper into the abyss. Another bearish accumulation pattern was formed on the 19th and 30th of July, both offering huge gains for short selling traders

A bearish hidden divergence pattern was later formed on September 5, dashing the hopes of HODLERs.

Global Litecoin Conference in San Francisco 14th September

The global LTC conference which took place in San Francisco coincides with a bullish regular divergence and breakout of a bearish accumulation pattern, offering hope to those still holding on to LTC in their wallets.

Gemini Exchange Listing and Happy 7th Birthday October 13

Gemini is expected to list Litecoin on their platform on the same date as the cryptocurrency’s 7th birthday. At the moment the price pattern shows a bearish outlook and a bearish hidden divergence pattern is already formed, coinciding with triple bearish accumulation pattern.

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