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More than 250,000 addresses get rattled on Binance, Litecoin {LTC} finds a strong base


Litecoin is ranked at #5, below Bitcoin Cash but above Binance Coin on coinmarketcap. The price of LTC rose by 0.77% in the course of the past 24-hours. The trading volume recorded is $3.332 billion, whereas the supply has 63,046,593 LTC coins in play. The total market cap of Litecoin is $4.729 billion. At present, LTC is priced at $75.01.

The dusting attack is not as serious as it sounds. Primarily, hackers use deceit and blackmail to bring in funds, or else a subsequent exposure of addresses and transactions may occur. This attack was carried out 7 days ago, on the Binance exchange network.

You may remember in May, Binance was subjected to a well-organized attack. The black hats were successful in taking over more than $80 million worth of funds [in the form of cryptocurrencies, namely Bitcoin].

The dusting attack occurred post-halving, from when the block rewards for LTC miners were reduced. This didn’t help Litecoin reach greater heights, but it did lead to a short climb north of $105. Many LTC enthusiasts expected “Silver 2.0” to rise towards $120.

The daily RSI [for 14 periods] is heading down and might reach oversold territory by the end of the day. For now, it is at 31.29. The MACD line has also sunk below the signal line, with the histogram being red south of the zero line. Key resistance will be felt close to the $107 mark, whereas support was found near the $71.25 level.

Taking into account the candlestick chart for the LTC/USD pair on tradingview, there is a big need for fresh buyers. A trend reversal may help LTC soar beyond $80 and reach close to $90, but further losses will bring the price down to the south of $75. The Ichimoku Cloud is currently red.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.