- LTC/USD’s recovery stalled, but it is still above $120.00 handle.
- Litecoin is not vulnerable to 51% attack.
Litecoin is changing hands at $120.22 at the time of writing. The coin retraced from Asian high of $122.68, losing 1% since the start of the day, though it is still 2.5% higher on daily basis. Litecoin is currently the 6th largest digital asset with the market cap $6.8B and average trading volumes $290M. The coin is most actively traded at OKEx against USDT and BTC (over 28% of the total trading volume).
It has become known that Litecoin Fork, LCC was 51% attacked, becoming another victim of this vulnerability. Meanwhile, Litecoin is supposed to be immune to this type of threat from both economic and technological points of view.
“So apparently @LitecoinFork was 51% attacked a few days ago. Add another victim to the list. I wonder who’ll be next?” Twitter users ask
Litecoin technical picture
The short-term technical picture is positive as long as the coin trades above $120.00 handle. This area is strengthened by 50 and 200-SMA (hourly chart) at $120.25 and $119.70 respectively. Once it is cleared, the downside may be extended towards $116.70 (upside trendline visible on the hourly chart). The local resistance comes at Asian high ($122.68), followed by $123.00 and June 3 high at $127.80.
LTC/USD, the hourly chart
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