Litecoin Mines Coin Number 60 Million and Ben Askren Announces Litecoin Sponsorship For UFC 235 — Can LTC/USD Head Back Toward $42?

  • Litecoin has just mined coin number 60 million.
  • UFC Fighter, Ben Askren, recently announced that Litecoin is sponsoring him for the next UFC event.
  • Support moving forward — $30.26, $28.00, $27.01, $25.07, $24.74, $22.80.
  • Resistance moving forward — $32.54, $34.82, $35.70, $37.07, $39.75, $41.37, $43.47, $46.49.

Latest Litecoin News

The Litecoin train seems to be running along smoothly after the network reached its recent major milestone. On January 12, 2019, on block #1560000 the Litecoin network surpassed the mining of its 60 millionth coin.

There has now been a total of 71.44% mined out of the total available supply, which totals a maximum supply of 84 million. This means that there are only around 24 million coins left to be mined.

Adding further to the addition in coin supply, the Litecoin network will undergo a block halving around August 8, 2019, around 205 days from now. Upon the next block halving, the mining reward per block will be halved from a total of 25 Litecoin per block to 12.5 Litecoin reward per block.

In other Litecoin news, the recently signed UFC fighter Ben Askren has announced that Litecoin will be sponsoring him during the next UFC event at UFC 235.

In the video, Askren stated that he actually owns a lot of Litecoin and is excited to help take Litecoin to the next level of mass adoption.

This comes after the Litecoin sponsored the previous UFC event at UFC 232 on December 29, 2018. After the announcement of the Litecoin sponsorship by the veteran voice of the Octagon, Bruce Buffer, Litecoin Google search trends reached a peak as a large number of people around the world searched for that term.

Let us continue to analyze price action for LTC/USD over the short term, and continue to highlight any potential areas of support and resistance moving forward.

Litecoin Price Analysis

Litecoin has seen a small price increase totaling 4.79% over the past 24 hours of trading, as the cryptocurrency is now trading at a price around $32.22 at the time of writing. Litecoin has sufffered a 17% price decline over the past 7 trading days, but is still up by a total of 37% over the past trading month.

Litecoin is now ranked in 8th position, as it presently holds a $1.94 billion market cap value. The 69-month-old project is currently trading at a price that is 91% lower than its all-time high price.

LTC/USD — 4HR CHART — SHORT TERM

Litecoin Analysis
https://www.tradingview.com/x/oDiQ4Hmz/

Analyzing price action from the 4HR perspective above, we can see that since our last Litecoin price analysis, price action went on to surge into our expected resistance area at the short-term 1.272 Fibonacci Extension level (drawn in black) priced at $41.37.

After hitting this level of resistance, the market then went on to roll over and began to trend downward. We can see that LTC/USD continued to fall until reaching support at the short-term .618 Fibonacci Retracement level (drawn in green) priced at $30.26. At this level of support, a small price bounce was experienced.

LTC/USD is now trading slightly underneath the support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $32.55.

TREND — NEUTRAL

Litecoin is still currently trading along the Retracement path of its previous swing leg higher, rendering a neutral trading condition. However, if LTC/USD was to fall below the $30 handle, the market would be considered bearish in the short term.

For this market to be considered bullish, we would need to see Litecoin rise and surpass the $42 handle.

Where is the support below the market?

If the selling pressure continues to push LTC/USD lower, we can expect immediate support toward the downside to be located at the short-term .618 Fibonacci Retracement level (drawn in green) priced at $30.26.

If the sellers continue to drop price action below the $30 handle, we can then expect further support toward the downside to then be located at the short-term .786 and ,886 Fibonacci Retracement levels (drawn in green) priced at $27.01 and $25.07, respectively.

Further support below this will then be expected at the 2018 yearly low, priced around the $22.80 handle.

Where is the resistance located above the market?

The first level of resistance to break for Litecoin will be located at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $32.54, followed by the short-term .382 FIbonacci Retracement level (also drawn in green) priced at $34.82.

If the bullish pressure continues to drive LTC/USD further higher, the market will meet further resistance above at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $39.75, closely followed by the short-term 1.272 Fibonacci Extension level (drawn in black) priced at $41.27.

If the buyers continue to drive price action above the $42 handle then we can expect further higher resistance above this level to be located at the short-term 1.414 Fibonacci Extension level (drawn in black) priced at $43.47, closely followed by the bearish .618 FIbonacci Retracement level (drawn in red) priced at $43.80. This bearish Fibonacci Retracement is measured from the high seen during November 2018 to the low seen during December 2018. The combination of these 2 resistance levels will require LTC/USD to have significant momentum and volume for price action to be able break above.

If the bulls can break above this combined level of resistance, then the final level of resistance toward the upside to highlight is located at the short-term 1.618 Fibonacci Extension level (drawn in black) priced at $46.96.

Conclusion

The mining of the 60 millionth Litecoin is an impressive achievement for the Litecoin network. This combined with the fact that the UFC’s Ben Askren is sponsoring Litecoin in another UFC event will surely put the brand in front of more faces as the network reach further increases.

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