Litecoin Price Might Reach New Highs, Analysts Believe

Similar to most of the market today, Litecoin (LTC) is showing mostly sideways movement. At the same time, Bitcoin (BTC) is hovering around $9,127. With this, LTC prices remained relatively stagnant today too.

Recently, LTC has been trading at $62.87. This is a rise of less than one percent – 0.79% – during the past day.

However, while the market might be stagnant, analysts believe that Litecoin has just broken through a key resistance level. Then, the history displayed that LTC can lead the cryptocurrency market, even though it is currently the seventh-ranked crypto by market capitalization. In addition to that, rumors reveal that the coin might be preparing for reaching new highs.

Aside from that, Litecoin, as a crypto trader suggests, has finished an ABC correction after a five-wave impulse upward. With the use of Elliot Wave Theory to predict future movements, the coin must be ready for another five-wave impulse upward. And this could potentially set a new higher high since the crypto market dived in December 2018.

As per the trader’s note, Litecoin, in the past, has been a leader in establishing trend reversals. And other major altcoins and often Bitcoin follows. In a chance that this will occur, traders will see the whole market perform well.

Also, trader Alex Clay shared a similar prediction. He argued that the LTC price has broken through strong resistance and has found support over these levels. With this, he recommends people to take long positions. Then, if the Litecoin price can break the channel, he believes it will further climb from there.

Such movement might catch some off guard, given the uneasiness about the possible effects of the coronavirus as well as the imminent recession. Nevertheless, this move would tie in with what analysts have been saying.

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Deer.io Black Market Kingpin Arrested

Meanwhile, on March 7, the alleged owner of Russian-based anonymous marketplace Deer.io, Kirill Victorovich Firsov, has been captured by the Federal Bureau of Investigation (FBI) officials. And this happened at John F. Kennedy Airport in New York.

In court documents, they allege Firsov of being the mastermind behind Deer.io, a site offering darknet-style services, with Bitcoin as a form of payment, on the normal web. Then, the FBI estimates it has facilitated over $17 million worth of sales.

Later this week, they will summon Firsov in the New York court. And they expect him to face charges for trafficking stolen information and aiding and abetting trafficking.

Deer.io, since 2013, has hosted 24,000 active stores specializing in stolen information. It offers a simple turn-key solution for black market entrepreneurs.

Many vendors would pay approximately 800 Russian rubles or $12.50 to operate on Deer.io every month. This is with hosting offered on private Russian servers out of the reach of U.S. authorities. Firsov receives the payment in Bitcoin (BTC) or via the Russian payments platform WebMoney.

So far, out of the 250 Deer.io shops reviewed by the FBI, not a single business dealt in legitimate wares. Also, items for sale on the platform included user passwords, fake social media accounts, and sensitive identity data like birth certificates and tax returns.