Litecoin Hints for Another Increase to the Highs of $50
Litecoin (LTC) price earlier this week went up over the $45.00 and $48.00 resistance levels against the U.S. dollars. But the LTC price did not successfully clear the $50.00 resistance area.
In addition to that, there was a high forming near $49.94 before the price began a sharp downside correction. Also, it broke some important support near $48.00. Still, it stayed well bid above the 100 simple moving average – 4-hours.
A low is formed near $44.58, and the price is currently increasing. Litecoin has so far been trading nicely over the $46.50 level. LTC surpassed the 50% Fib retracement level of the current fall from the $49.94 high to $44.58 low.
For the 4-hours chart of the LTC/USD pair, there is a major bullish trend line building with support near $46.50. Now, the Litecoin and U.S. dollar pair is arriving in a major resistance near the $48.00 level – the latest breakdown zone. And all of these coincide with the 61.8% Fib retracement level of the recent drop from the Litecoin price of $49.94 high to $44.58 low.
A victorious break above the $48.00 resistance might ignite a fresh run towards the $50.00 resistance. Then, the following major challenge for the bulls is near the $52.50 level. In the discussed situation, aside from LTC, Bitcoin (BTC) might also gain traction over the $9,740 and $9,800 resistance level.
Moreover, of Litecoin failed to go above the $48.00 resistance, there is a chance of another decline happening. Then on the downside, the first major support is near the trend line and $46.50.
Bittrex and Poloniex
Meanwhile, the plaintiffs behind a class-action alleging that Bittrex and Tether fueled the 2017 bull run through market manipulation have requested the issuance of summons to exchanges Bittrex and Poloniex.
Initially filed in October 2019, the lawsuit alleges that veteran crypto exchange Bittrex and sister company Tether inflated the supply of Tether’s USDT stablecoin without proper U.S. dollar backing. And they allegedly did this to drive up cryptocurrency price during 2017’s all-time high.
Also, the suit represents investors who bought crypto assets at what they think are artificially inflated prices.
Now, the plaintiffs have asked the Court to award reasonable costs of suit, pre- and post-judgment interest, and reasonable attorney fees.
Disordered
Furthermore, the lawsuit claims that Tether released billions of USDT to itself with no U.S. dollar backing. They just made the USDT out of thin air. They used the USDT to buy crypto assets, leading prices to boost far above their legitimate value in the most massive bubble in human history. As a result, it left billions of dollars of damage to innocent crypto commodity purchasers.
In the edited filing, it alleges the altcoin-focused exchanges Bittrex and Poloniex are also part of the scheme. They allegedly facilitated the coordination of large buy orders across various exchanges to create the illusion of fresh liquidity flooding into the markets.
The complaint explains that two other crypto-exchanges – Bitfinex and Tether – used fraudulently issued USDT to create strategically timed, massive purchases or crypto commodities when the price of the said commodities are falling. And this is with the willing assistance of Bittrex, Inc. – Bittrex – and Poloniex LLC – Poloniex.
The filing also indicated that the exchanges worked intimately with Tether and adopted its guarantee that one dollar-backed every USDT. Then, it stated that their USDT listings let them immediately rank among the industry’s largest exchanges.
