The Cardano ecosystem has been making waves with developments and upgrades. Days after holding a scheduled AMA, Charles Hoskinson, Co-Founder of Input Output Hong Kong hosted another surprise AMA session where he revealed that the progress of the much-awaited explorers. He said,
“We are almost ready to launch our Shelley Explorer and there will be kind of two version- a basic one and a more advanced with one more features and functionality. And we’ve learned a lot about user experience, we’ve learned a lot about requirements from those who desire to stake”
At this point, the team sought to get the network testnet stable and were also planning to “branch into two testnets”. The first one will essentially be the “stable test line” for the long term release on which airdrops will be conducted. The second one was for experimental testnet where the team planned to rapidly add and change things.
Hoskinson also revealed that the Haskell wallet backend was also maturing to a point where it was ready to be bundled with Jormungandr. Instead of using Jormungandr for wallet functionality, the Haskell wallet backend will be used. And since it is connected to the Daedalus wallet, the team will be able to pull in GUI for the first time with the testnet. This development was touted as a benchmark for the snapshot that legacy address support.
Litecoin’s ailing price prepares for breach of descending channel
Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.
Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.
The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.
The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.
The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.
Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.