- Litecoin Currently Going Through Bearish Pressure
- “We Have Enough Money to Last 2 Years” – Charlie Lee
Of recent, the trading price of Litecoin has been going through a rough patch as it experiences some bearish price movement. Just after the Litecoin halving event, the LTC price trend has been fluctuating. Currently, LTC price has hit the $52.21 zone, with a market cap of over $3.316B and a trading volume of almost $2.97B. The currency has lost its rank on the 4th place among the top five cryptocurrencies.
In the past week, the highest trading point was at $58 mark, while the lowest was below $51.41 mark, which is also serving as the current support level. The trading price is approaching resistance at $53.31, with a failed trial to pass the 20-day Exponential Moving Average (EMA) which has attracted selling from traders.
The coin can now decline to the crucial support level at $50, while the 20 days EMA has started declining. The Relative Strength Index (RSI) has gone back to its negative zone. Which means that the trading price of LTC might experience some bearish price movement.
Should any decline below the $50 level take place, it will see LTC trading at $40. The LTC/USD trading pair might stay on that trading price for some days more if the bulls get defensive at the $50 support level. Although the moderate fall is likely to be lifted soon, as the coin is gradually moving towards the nearest support level. The bearish price movement is not huge and it seems the trading price might go back to normal in a few days.
“WE HAVE ENOUGH MONEY TO LAST 2 YEARS” – CHARLIE LEE
Litecoin has spent two quarters already in the ongoing year even though the last quarter saw a massive decline in the trading price of the coin, the currency is not doing badly in the crypto market. Its founder Charlie Lee stated that they have taken actions to stop such decline in the future, saying that the currency might experience an increment in its trading price soon.
Litecoin (LTC) Price Today – LTC / USD
Name Price $46.67 -6.43%
On the eighth birthday of the currency, Lee had to reassure users of its durability and security, wading off Twitter’s FUD that is fear, uncertainty, and doubt about the altcoin. In his announcement which goes thus: “Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that period, over $500,000,000,000 worth of LTC has been transacted. Looking forward to the next 8 years and more!”
Several comments on his birthday post were rising speculations of bankruptcy, and Lee refuted the allegation, he stated, “It’s [the Litecoin Foundation] not near bankruptcy. Don’t listen to stupid fud and lies. We have enough money to last 2 years.”