Tanya Abrosimova
Independent Analyst
- LTC/USD has retreated from the recent high amid global correction on the cryptocurrency market.
- Litecoin mining pool now allows users to adjust the amount of their donations to Litecoin Foundation.
Litecoin stopped a five-day long rally on Monday. The sixth0largest digital asset with the current market value of $4.8 billion has retreated from Sunday's high of $78.45 to trade at $74.34. The coin has lost 3.4% of its value on a day-to-day basis.
Litecoin miners can choose how much to donate to Litecoin Foundation
The oldest mining pool for Litecoin (Litecoin Pool) introduced an option that allows validators to adjust the percentage of the rewards they want to donate to Litecoin Foundation. Commenting the news, Litecoin's creator Charlie Lee wrote on his Twitter account:
Litecoin Pool now has a setting that lets miners voluntarily donate any percent to Litecoin Foundation. If you are mining at @ltcpool, consider donating 1% to @LTCFoundation.Hope to see more pools giving miners this option!
He also added that voluntary donations of a portion of the block reward was the best way to support the ecosystem development. If every miner donate just 1% of their earnings, the total amount would reach $1.5 million per year. Notably, the Foundation will not be able to see the amount donated by each miner as the pool will sent the donation to the foundation every couple of weeks.
LTC/USD: Technical picture confirms the correction
Litecoin's retreated may be extended towards $73.00. This support served as a resistance for the most part of the previous week, thus now, it may create a barrier for further decline. If it is broken, the sell-off may be extended towards psychological $70.00. A sustainable move below this area will increase the downside pressure with the next aim at $65.8 (the middle line of the daily Bollinger Band).
On the upside, once $78.45 is cleared, a strong barrier of $80.00 will come into focus. It is followed by the upper line of the daily Bollinger Band at $81.70 and $90.00.
LTC/USD daily chart
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