Litecoin’s traction on the market is on the massive increase as major update comes closer
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Litecoin (LTC), a prominent cryptocurrency often referred to as “the silver to Bitcoin’s gold,” has recently experienced a significant surge in whale transactions. With an increase of 111%, this spike in large transactions could be tied to the upcoming release of LTC-20, a major update to the Litecoin ecosystem.
The LTC-20 standard is being developed on top of the Litecoin Ordinals Protocols, boasting a total supply of 84 million. This new standard aims to introduce the BRC-20 token, an experimental fungible token built using Ordinals and inscriptions, and stored on the Bitcoin base chain.
The development of LTC-20 and the BRC-20 token is expected to bring significant innovation and growth to the Litecoin ecosystem, potentially attracting increased interest from both retail and institutional investors.
The recent surge in Litecoin whale transactions may be a result of investors anticipating the launch of the LTC-20 standard and positioning themselves to benefit from any potential price appreciation following the update. As the cryptocurrency market often experiences price fluctuations due to news and developments, this increase in whale activity could be indicative of heightened market interest in the upcoming LTC-20 release.
The memecoin market has been experiencing significant turbulence recently, with PEPE, a popular meme-based cryptocurrency, surging by 35% in price amidst a series of rug pulls affecting other memecoins. The latest casualty in this volatile market is WallStreetBets (WSB) token, a cryptocurrency tied to the infamous WallStreetBets subreddit, which became the target of a massive theft resulting in the loss of more than 300 ETH.
The incident has sparked outrage within the WallStreetBets community, as one of the developers associated with the project is allegedly responsible for the theft. The “Chairman” of WallStreetBets, a prominent figure within the subreddit, has announced his intention to contact the FBI and local law enforcement, claiming to know the identity of the rogue developer. This development has only further heightened concerns surrounding the safety and credibility of memecoins and their projects.
While the WSB token has suffered a significant blow, PEPE has continued to thrive, experiencing a 35% price spike in the midst of these market challenges. This remarkable performance suggests that not all memecoins are vulnerable to rug pulls and that some meme-based cryptocurrencies can still generate substantial returns for investors.
Cardano shows reversal potential
Cardano (ADA) has recently displayed a potential reversal pattern on both its 12-hour and 4-hour intraday charts. This pattern, known as the head and shoulders (H&S) pattern, is often seen as a reliable indicator of a trend reversal, sparking speculation that an acceleration in ADA’s price could be imminent.
The H&S pattern is a technical analysis tool used by traders to identify potential trend reversals in the market. The pattern consists of three peaks, with the middle peak (the “head”) being higher than the two adjacent peaks (the “shoulders”). The neckline, which connects the low points of the two troughs on either side of the head, acts as a support level. A break below the neckline typically signals the completion of the pattern and the beginning of a new downtrend.
At the time of writing, ADA is trading at $0.39, with the 50 and 200 exponential moving averages (EMAs) approaching a cross. This impending cross could serve as a confirmation of the H&S pattern and signal a potential reversal in ADA’s price trend. However, it’s important to note that the trading volume for ADA is currently descending, which may impact the strength of any potential trend reversal.
If the H&S pattern is indeed confirmed, it could signal a period of accelerated price growth for Cardano, as investors and traders capitalize on this technical indicator. Nevertheless, the descending volume may present some challenges, and it will be crucial to monitor the market’s reaction to the potential trend reversal.