- LTC Price Analysis – LTC/USD Price decline below $60
- Litecoin CEO explains how ETH sell-off was different from LTC’s
LTC Price seems to be trading in a bearish zone within the rising channel. The major resistance levels are $68, $70, $72, while the major support levels are $54, $52, $50. Previously, the LTC/USD pair recorded a 2-days straight loss, surprisingly, there seems to be improvement has the coin sustained its price momentum around $60.88 where it ended the day. Yesterday, LTC price increased at $63.07 and a low at $56.97. currently, it appears that the coin is steering back to the instant support level of $58.
Although, regardless of the failed LTC price rally from its current trading levels, the higher the prospect that LTC Price will decline to a new trading low. A break below the $58 support level may trigger a bigger price decline towards the $54, $52, and $50 levels. The short-term technical analysis indicates that the $55 and $54 levels are currently the firmest forms of technical support to LTC.
Litecoin (LTC) Price Today – LTC / USD
Name Price $55.48
Contrarily, a break above the $62 level will drive LTC to the closes price resistance level of $65. An additional push could take it to a high of $68, $70 and $72 resistance levels. Also, the Rsi (14) is still within the hyped zone but getting set to switch level. If this happens, it might push LTC into a downtrend price trend.
The LTC/BTC pair is facing some hard time, as the coin is recently shattered beneath the firm support of 6800 SAT and continued to decline towards the 6700 SAT. the major support level is sited below the 9- moving average (MA) at 6300 SAT level and below.
However, any trials by the LTC/BTC bulls to re-install the market, the coin might cross the mounting channel and seek the resistance level at 7300 SAT and above. Also, LTC price is currently trading to 6739 SAT and a repress in volatility could happen as the stochastic RSI is still moving within the hyped area.
Litecoin CEO explains how ETH sell-off was different from LTC’s
Litecoin CEO, Charlie Lee in a recent interview explains how ETH sell-off has no similarity to LTC’S. He explains that one of the differences was that it was not revealed for almost 2 years, adding that the other difference was that Ether funds held by Buterin and the Foundation were pre-mined.
Lee backed his statement by talking about the Foundation’s lack of transparency. He went thus:
“[…] the Ethereum Foundation, it’s not very transparent at all, right. As a foundation kind of centralized, where they pre-mined coins, they should be very transparent about how many coins they’re selling. At least, Ripple is pretty transparent about how many XRP they are dumping every month or every year.