Litecoin Price Analysis for December, 17th – LTC under Bearish Pressure Again

On Tuesday, December 17th, the LTC cryptocurrency is declining, trading at $39.76.

On D1, there is a downtrend developing. Upon reaching 76.0% and an attempt of a pullback to 61.8% Fibo, the quotations formed another declining wave. They have renewed the previous daily minimums and headed for the yearly fractal support line at $22.25. The resistance is at $56.63. There is also a converging forming in the MACD, which indicates a slow-down of the trend.

LTC/USD price chart

On H4, the declining wave is visible in more detail. The quotations are testing the local support line, which may soon end in a breakaway and a decline to the support line and $32.90.

On the Stochastic, the lines are in the oversold area, which means the stability of this short-term trend.

LTC/USD price chart

The users of the Litecoin network paid attention to some worrying activity. This could be hackers trying to identify the users. This attack may be a “dust attack” 7 days long.

A similar thing happened in the summer. Averagely, there happen some 40 thousand of transaction in the LTC network daily, but sometimes there happen 70 thousand. Such an increase attracted the attention of the users.

The scheme is simple. The fraud chooses some addresses and sends a certain amount of the cryptocurrency to the users. The sums are small but you need to identify yourself to get them. You cannot use the sum just like that, you need to unite it with some other crypto inside a transaction and your wallet. The frauds track the operation and get access to the user’s data.

By Dmitriy Gurkovskiy, author at RoboForex Blog

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.