Binance pool launches Bellscoin (BEL) merged mining with LTC and DOGE

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Sep 30 2024

LTC-2.175%

DOGE-1.715%

BEL-4.058%

Should l Buy LTC?

Bellscoin (BEL) Mining and Rewards: Bellscoin will be part of the Binance Pool, rewarding miners with BEL for merged mining on the Litecoin network starting September 30. The asset has a limited supply and aims to attract miners with significant Scrypt hashing power.
Market Performance and Future Plans: BEL recently reached an all-time high of $1.03 before dropping slightly, relying on smaller exchanges for trading. Its addition to Binance Pool is expected to enhance its visibility and mining activity, while the project plans to transition to a fixed block reward after six months.

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Technical Analysis for LTC

Technical Sentiment Analysis for Litecoin (LTC) As of , Litecoin (LTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for LTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, LTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Litecoin (LTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	24.998	35.034	46.398	56.434	67.798	77.834	89.198
Fibonacci	35.034	43.209	48.259	56.434	64.609	69.659	77.834

About LTC

Litecoin (LTC) is a cryptocurrency that was designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology.To learn more about this project, check out our deep dive of Litecoin.The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence.The cryptocurrency was created by Charlie Lee, a former Google employee, who intended Litecoin to be a 'lite version of Bitcoin,' in that it features many of the same properties as Bitcoin—albeit lighter in weight.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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