Important Litecoin Cryptocurrency News
Litecoin Core v0.16.2 Released
The Litecoin team recently announced the release of the Litecoin Core v0.16.2 which is an enhanced version of the software. According to a blog post made on September 7, the team said that the version consists of various bug fixes and improvements as well as translations. The post also encourages users to update to this latest version of the Litecoin software.
On how to upgrade to this version, the post stated that users of the older version should shut them down and wait until it shuts completely before running the installer or just copy over “ /Applications/Litecoin-Qt (on Mac) or litecoind/litecoin-qt (on Linux).”
The statement also said that newly created wallets will not work with older versions. However, existing wallets created with older versions are not affected by this upgrade.
The release later said that the Litecoin Core has been extensively tested although it doesn’t support Window XP. Users have been advised to always backup their wallets before upgrading since unforeseen circumstances and oversight might imply the presence of unforeseen bugs.
Despite Optimism, Litecoin Dips Below $60
Most coin enthusiasts tend to hype their favorite cryptocurrencies even when the trend is showing the contrary to be the reality. Litecoin has dipped below $60 despite the expectations of the community that the coin would surpass the $70 mark. This is not surprising since the market has been in red in the past days.
Although LTC is not the only coin involved, it is definitely in the oversold region even as it currently trades at $52.76. However, Eric Thies is still upbeat about the prospects of LTC stating on a September 7 tweet that the last time LTC was in the oversold for two weeks that it had an inverted hammer formation implying a reversal.
Though that inference was according to data from Bitfinex and when LTC was valued at just $3.50, a lot has changed since then in terms of market volume, awareness of the coin market and the fact that people know how volatile this market is and are far more conscious and cautious.
Furthermore, the coin market these days is far more speculative than in the past and more difficult to predict due to swings resulting to buy-ins and sell-outs.
Nevertheless, one positive that Litecoin has going for it is the slight increase in trade volume $237.83 trading volume according to data feed from Bitfinex is a trader’s delight. However, as tangible as that is, what investors need is value and profit.
Presently, the main challenge that LTC has is retaking the $60 mark lost to bears. Although no one is certain when a reversal is possible, the current trendline is not as positive as enthusiast of LTC would have us believe. Although it sounds crazy, LTC sliding all the way to $20 is a possibility unless of course Bitcoin turns bullish and commences a major upward movement.
Analysis from charts is showing a weakening LTC. This implies that a break through the $50 psychological support is a possibility. Below that value, the scenario is anyone’s guess.
LTC/USD Price Chart, Sunday September 9th:
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