The previous halving in August 2015, led to a nearly 600 day period of ranging price action. Although LTC has outperformed most cryptocurrencies and assets since the beginning of the year, a more bearish picture may be more likely in the following months.
Open interest on Bitfinex for the LTC/USD pair is 77% long with longs rising slightly over the past few weeks and shorts slightly down over the same time period (top panel, chart below). A significant price movement downwards will result in an exaggerated move further, as the long positions will continue to unwind. This is known as a “long squeeze.” On March 30th and 31st, shorts held a greater percentage than longs and a short squeeze occurred shortly thereafter, sending price much higher very quickly.
Fundamentals show that on-chain activity has continued to decrease after the block reward halving earlier this month. Both NVT and MVRV show no warning signs of immediate bearish continuation, but NVT remains well-above historic highs, again suggesting decreased on-chain utility compared to previous periods. Hash rate has definitively reached a plateau and is now experiencing a 30%+ reduction as the mining profitability sits at all-time lows.
Developer activity on the main GitHub repo has been nearly non-existent over the past few months, despite a recent Litecoin Core upgrade in June. Charlie Lee recently addressed this growing concern, explaining that LTC has a limited dev team who mostly merges BTC upgrades onto LTC. Further, Adrian Gallagher (thrasher), one of the core developers, works on a personal branch and merges finalized changes with the master branch at a later date, hence the lack of activity on the main LTC repo.
Open interest on Bitfinex for the LTC/USD pair is 77% long with longs rising slightly over the past few weeks and shorts slightly down over the same time period (top panel, chart below). A significant price movement downwards will result in an exaggerated move further, as the long positions will continue to unwind. This is known as a “long squeeze.” On March 30th and 31st, shorts held a greater percentage than longs and a short squeeze occurred shortly thereafter, sending price much higher very quickly.
Fundamentals show that on-chain activity has continued to decrease after the block reward halving earlier this month. Both NVT and MVRV show no warning signs of immediate bearish continuation, but NVT remains well-above historic highs, again suggesting decreased on-chain utility compared to previous periods. Hash rate has definitively reached a plateau and is now experiencing a 30%+ reduction as the mining profitability sits at all-time lows.
Developer activity on the main GitHub repo has been nearly non-existent over the past few months, despite a recent Litecoin Core upgrade in June. Charlie Lee recently addressed this growing concern, explaining that LTC has a limited dev team who mostly merges BTC upgrades onto LTC. Further, Adrian Gallagher (thrasher), one of the core developers, works on a personal branch and merges finalized changes with the master branch at a later date, hence the lack of activity on the main LTC repo.
İşlem kapandı: hedefe ulaştı
Goal achieved.Target is done
İşlem kapandı: hedefe ulaştı
Not
Bottom? Great work!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.