Litecoin price analysis: LTC/USD struggles to stay above $120, while Charlie Lee states that Litecoin is immune to 51% attack
|- LTC/USD climbed above $120.00 handle, but the recovery stalled.
- Litecoin is not vulnerable to 51% attack.
Litecoin is changing hands at $120.22 at the time of writing. The coin has been rangebound Asian hours after a strong rise on Tuesday. LTC, the 6th largest coin by market value, gained over 7% in the recent 24 hours; market cap reached $6.8B, average trading volumes registered at $349M. The coin is most actively traded at OKEx against USDT and BTC (over 28% of the total trading volume).
Following the report on so-called 51% attack, Litecoin founder Charlie Lee explained that LTC is not vulnerable to that type of threat as its mining pools are well distributed, while the hash rate increased 50 times during past year.
51% attack may be launched by a miner or a group of miners controlling over 50% of network's mining hash rate, or computing power as this will enable them to new transactions from being confirmed.
Litecoin technical picture
If a movement above $120.00 handle is confirmed later during the day, market focus will shift onto $124.65 (May 24 high). That's where new sellers might appear and push the price back below $120 and towards 100-SMA (hourly chart) at $117.28. The sloping short-term trend line and 50-SMA create a strong support area around $115.50 handle. On the broader scale, the recovery will gain traction if the price breaks above $14100, this resistance is created by 50-DMA with the ultimate bullish goal rested at $160.00, ahead of 23.6% Fibo at $164.
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