Litecoin (LTC) Long-term Price Analysis

  • Litecoin hasn’t been able to convincingly rise against the US dollar.
  • Its price has been trading between the short space of the two SMA trend-lines

LTCUSD Long-term Trend - Bearish

 

Distribution territories: $120, $140, $160.

Accumulation territories: $70, $50, $30.

Litecoin hasn’t been able to convincingly rise against the US dollar. The cryptocurrency initially saw a series of price declines from July 18 to 23. On July 24, a sudden spike occurred, and its price, once again, moved up to touch the trend-line of the 50-day SMA.

Litecoin, LTCUSD, Cryptocompare chartLitecoin Chart by TradingView

On July 25, the cryptocurrency saw the bears lightly drive it south. Its price has been trading between the short space of the two SMA trend-lines. The 14-day SMA is a bit bent north below the 50-day SMA. The 50-day SMA is still above the 14-day SMA.

This shows the cryptocurrency is still suffering from the impact of the bearish trend. The Stochastic Oscillators had moved to touch range 60, but now seem to be pointing north-east. This suggests that neither the bulls nor the bears are currently taking control.

Currently, the accumulation territory of $70 will remain critical for the bears, who may find it hard to breach. As such, the bulls are expected to attempt to gain momentum when downward movements start weakening. Traders can be on the lookout for good buying entries.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Ravencoin Vulnerability Allowed Attackers to Increase Total Supply by 1.5%

Attackers have exploited a vulnerability found in Ravencoin, an open-source fork of Bitcoin that launched in 2018, to generate extra RVN tokens “beyond the coinbase of 5000 RVN per block.”

According to a Medium post published by Ravencoin lead developer Tron Black, community members from the CryptoScope team reached out to the Ravencoin team with the findings. Both teams then worked together to stop the exploit from being leaked, and started “code review to detect, isolate, and fix the issue.” The post reads:

A community code submission caused a bug that has been exploited. Law enforcement has been notified and is working with us. The vulnerability does not allow the stealing of RVN or assets that you own and control, but the minting did create RVN that should not exist.

In total, the extra coins that were minted beyond Ravencoin’s total 21 billion supply are the equivalent of 44 days worth of mining, or about 1.5% of the RVN tokens that will ever exist. Black’s suggestion on the post was for the community to absorb the economic cost of the extra tokens, or to move the halving 44 days earlier.

He added the minted RVN tokens were moved to an exchange and traded, and as a result were mixed with other circulating RVN tokens. This means that trying to burn the tokens, even if with community backing, will “cause irreparable harm to innocent victims.”

The burden, Black added, is currently being shared across all RVN holders in proportion to their holdings in the form of inflation. The developer urged users to keep trading to a minimum until a fix is issued. Details on the vulnerability will not be revealed until the fix is implemented.

Featured image by Tyler Quiring on Unsplash.