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NEM hack returns security spotlight to crypto infrastructure

After the Coincheck exchange hack and admissions by its management of remarkably lax security, questions are again being asked about whether the security infrastructure around cryptocurrencies is as secure as it ought to be — and what can be done to pr…

After the Coincheck exchange hack and admissions by its management of remarkably lax security, questions are again being asked about whether the security infrastructure around cryptocurrencies is as secure as it ought to be — and what can be done to prevent further large-scale thefts.

Litecoin Cash Lifts Off on First Day of Trading

When forks occur, which is quite often in crypto land, the original one tends to have a good run up. This is largely due to the promise of free equivalent tokens from the new fork to holders of the original. Traders want to get in both for the price boost of the first coin, and … Continue reading Litecoin Cash Lifts Off on First Day of Trading

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When forks occur, which is quite often in crypto land, the original one tends to have a good run up. This is largely due to the promise of free equivalent tokens from the new fork to holders of the original. Traders want to get in both for the price boost of the first coin, and the added bonus of free crypto, whatever it is worth at the time.

When Litecoin hard forked on Sunday at block 1371111 Litecoin Cash was born. There was a fair bit of controversy leading up to the blockchain split as LTC founder Charlie Lee called it a scam. His own coin however finally awoke from weeks of down trending jumping from $154 on February 13 by over 60% to $250 where it currently trades a week later today. Renewed interest in LTC is likely come from the upcoming launch of LitePay which enables businesses and merchants to accept payments in Litecoin which is faster and cheaper to send than Bitcoin.

Litecoin Cash Lifts Off

Litecoin Cash landed on the Russian crypto exchange Yobit in the early hours of Monday 19 where it was valued at around $1.20 per token. Since then the price has gone skywards to a high of $9.28 representing an increase of over 675% in its first 24 hours trading. In the past 12 hours it has corrected a little back to around $7.6 where it currently trades. According to Yobit the 24 hour volume at the time of writing is over $4.2 million which is higher than Bytecoin, Rchain, Electroneum, Maker, and Decred, all of which are in the top 50 chart with a market capacity over $500k.

Since most major crypto exchanges did not support LCC it is unlikely that many LTC holders actually claimed their free tokens as the process was convoluted and involved opening multiple wallets and exporting private keys. LCC has also yet to be listed on the analytics websites such as Coinmarketcap and Livecoinwatch.

It is currently too early to tell whether this is an initial pump and dump or Litecoin Cash has any legs. Without more exposure on more exchanges it is not going to get the influx of traders that it’s big and disgruntled brother has. There have also been a number of posts on social media throughout the day from users experiencing technical issues with LCC wallets. Good news for Charlie Lee and co but maybe not so for the creators of Litecoin Cash who are still pushing out their next best thing in crypto land.

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Ethereum Classic Price Technical Analysis – ETC/USD Surges above $40

Key Highlights Ethereum classic price surged higher this week and moved above the $40.00 resistance against the US dollar. There is a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX). The pair may decline a few points in the short term, but … Continue reading Ethereum Classic Price Technical Analysis – ETC/USD Surges above $40

The post Ethereum Classic Price Technical Analysis – ETC/USD Surges above $40 appeared first on NewsBTC.

Key Highlights

  • Ethereum classic price surged higher this week and moved above the $40.00 resistance against the US dollar.
  • There is a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
  • The pair may decline a few points in the short term, but it remains supported above $38.00.

Ethereum classic price is super bullish against the US Dollar and Bitcoin. ETC/USD climbed higher recently and broke the $38.00 and $40.00 resistance levels.

Ethereum Classic Price Upside Move

There were solid gains in ETC price during the past few days from the $30.00 swing low against the US dollar. The price traded higher and moved above the $35.00 and $40.00 resistance levels. It even moved above the $41.00 resistance and traded as high as $42.36. At the moment, the price is correcting lower and is trading below the 23.6% Fib retracement level of the last wave from the $37.76 low to $42.36 high.

On the downside, there are many supports around the $40.00 level. There is also a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair. The trend line support near $40.00 is a significant support. Moreover, the 50% Fib retracement level of the last wave from the $37.76 low to $42.36 high is also near $40.05. Therefore, if the price continues to move down, it could find support near $40.00. Any further declines below the $40.00 level could push the price towards the $38.00 support.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, an initial resistance is around the $42.00 level. Above the mentioned $42.00 level, the price may break the last high at $42.36. The next major resistance above $42.36 is near the $44.00 level.

Hourly MACD – The MACD for ETC/USD is placed heavily in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently near the overbought levels.

Major Support Level – $40.00

Major Resistance Level – $42.00

 

Charts courtesy – SimpleFX

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