Litecoin Recent Analysis after the Recent Decline it Faced
On Tuesday, Litecoin (LTC) dropped 1.23%. This happened after a 0.36% fall on Monday. Then, it ended the day at $45.93. With that, it was a specifically rough start to the day. During the first hour, LTC gave an early morning intraday high of $46.87 before reaching another reverse.
In addition to that, arriving against the first major resistance level at 446.83, Litecoin declined to a low of $45.50.
Also, the reversal saw Litecoin slip into the first major support level at $46.05 and the second major support level, which is at $45.62. Looking for support in the late morning, LTC successfully rebounded to $46.5 levels before going back into the deep red.
Then, Litecoin slipped back through the first and second major support levels to a late intraday low of $45.39. LTC shortly recovered to $46 levels before easing back, finding late support in the broader market. The first major support level, which is at $46.05, has pinned Litecoin back in the last hour.
During that time, LTC climbed up 0.20% at $46.02. Then, a mixed start to that day displayed that Litecoin fell into an early morning low of $45.84 before increasing to a high of $46.03. With that, LTC left the major support and resistance levels untested early on.
Moreover, Litecoin must break through 446.10 levels to support a run at the first major resistance level at $46.74. With that, they need support from the broader market. And this is for LTC to break out from its morning high of $46.03.
Aside from that, barring another extended crypto rally, the first major resistance level and Tuesday high $46.87 must limit any upside. If it fails to move through the $46.10 levels, it might put Litecoin in the red for four straight days.
A bounce back to the sub-$46 levels would bring out the first major support level at $45.26 into play. But barring an extended crypto sell-off, Litecoin needs to steer clear of the second major support level at $44.58.
ION Moves to Beta Testing
Elsewhere, ION, Microsoft’s decentralized identity network, first revealed in May that it is moving to beta testing on the Bitcoin (BTC) network.
According to a blog post on June 10, Daniel Buchner, Microsoft Identity team’s program manager, stated that the open-sourced, layer 2 Identity Overlay Network (ION) has launched. And the primary goal is to provide users a decentralized identifier (DID) that could change the need for usernames.
They developed ION in conjunction with the Decentralized Identity Foundation as a decentralized network to run independently. It does not depend on special utility tokens, trusted validator nodes, and any more consensus mechanisms.
Buchner explained, “The core promise of DID technology is to empower all individuals and entities with ownership and control over their identities, which aligns well with our mission of empowering every person to work, play, and achieve more.”
Also, he said that they decided to take a different path from some of the more centralized approaches to DID technologies to make that promise to come true. Then, they think that ION exemplifies that choice.
As of now, Microsoft has not yet given a release date for the final version. However, it announced that it would start to work on hardening the protocol and enhancing the ION reference implementation during the coming months.
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