Price Analysis

Litecoin Price Analysis: Is Dusk Attack A Reason for the Degraded Sentiment of LTC?

The recent news of ‘dust attack’ or de-anonymization attack has shaken the Litecoin users. In this attack, any hacker can make a small transaction to account and might revel your identity or blackmail you or at worse, deduce your private information and eventually be able to link the dusted addresses and wallets to his/her wallet. However, one can safeguard oneself by using any VPN or tor network. Additionally, one should use a different address while making any transaction is another way to safeguard your identity.

Current Statistics of Litecoin:

  • The trading price of Litecoin (LTC) vs USD is around 85.327 USD.
  • Against Bitcoin, the crypto was valued around 0.00798270 BTC per chip.
  • With a return on investment of 1,869.03% and with this the coin is ranked at 5th position in the crypto market
  • Additionally, the market capitalization of the digital coin was 5,336,693,144 USD.
  • On top of that, the last 24-hour trading volume of the altcoin is 2,748,496,246 USD.
  • Again, the total LTC chips circulating in the market, at the time of writing, was 63,033,118 LTC.

LTC to USD Price Comparison:

Litecoin Price Prediction
Litecoin Price Chart by TradingView

In order to find out the medium-term action in the crypto let’s compare the price of Litecoin over a period of 25-days. On July 19, it was trading at 104.783 USD. However, today, the coin has declined by a huge margin of 18.57%. Similarly, in the weekly trading, Litecoin has gone down by 6.59% from the level of 91.344 USD on August 08. The intraday trading also has an overall bad ramification for the crypto. The other day, it opened at 85.75 USD and closed the intraday trading at 84.41 USD with a cumulative slowdown of 1.56%.

The crypto has gone down below the earlier support level of 85 USD. Further, expecting any positive movement in the crypto, especially in the short-term, is a long shot. Nevertheless, the altcoin might give some return in the long run. For now, the immediate support for Litecoin is at 83.07 USD and the resistance is at 86.04 USD.

Conclusion:

The dust attack has infused a sense of panic among Litecoin investors. However, the foundation is working round the clock to overcome the attack but it surely has created some negative impact on the trading action of the crypto.

Tags

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
Back to top button
Close