Can Litecoin Get Sponsorship Deals Too? - Litecoin News, Price Analysis
LTC/USD Price Chart, Litecoin News: A recent post came up on the Litecoin subreddit of a sponsorship deal in which Dash was named the official sponsor of a FanDuel Fantasy Football. The question was why Litecoin hasn’t gotten its name linked to such sponsorship deals. Tuesday, September 4
Can Litecoin Get Sponsorship Deals Too?
A recent post came up on the Litecoin subreddit of a sponsorship deal in which Dash was named the official sponsor of a FanDuel Fantasy Football. The question was why Litecoin hasn’t gotten its name linked to such sponsorship deals.
Joel Valenzula who made a post in Dashforce in which he highlighted some of the steps that crypto teams take that enhance popularity and adoption of coins. According to him, “organic partnerships” rarely happens in the decentralized setting because businesses need convincing that any deals that they are getting into will be mutually beneficial. He said that despite its decentralized setting, result seen in terms of adoption and partnerships are effort and behind-the-scene work done by members of a coin’s community.
He also said that businesses will naturally be skeptical towards cryptocurrencies wondering if they work as well as they are being promoted. He emphasized that coin communities in which many see digital currencies as hobbies should not expect quick adoption and collaborative effort without due diligence from businesses whose existence depends on business success.
Analyst thinks Litecoin is Undervalued
Mati Greenspan, the eToro senior analyst has said that Litecoin is trading at a massively discounted price citing some technical and fundamental factors as why he believes that the coin should be valued far more than it is credited.
According to Greenspan, a scrypt algorithm mined coin that is based on proof-of-work (PoW) makes Litecoin resistant to 51 percent attack implying that the hashpower needed to accomplish that is impracticable for any entity to accomplish.
He also lauded the structuring of Litecoin stating that the network is complementary rather than competitive towards Bitcoin which makes it easy to adopt innovations such as the Segregated Witness (SegWit) and the Lightning Network (LN).
He further highlighted the widespread adoption of the coin in comparison to its peers and concluded that the valuation of Litecoin is lower than it is worth. For instance, the daily active addresses of LTC (DAU) is more than double that of BCH. The ratio of Litcoin’s market cap to DAU is among the lowest among the large market cap cryptocurrencies .
Greenspan concluded that present price of LTC is highly discounted at its present adoption level.
Litecoin Dips Slightly to $65 Analysts Suggest Buy-in At $63
Litecoin has gained 0.21 percent in the past 24 hours currently trading at $65.48 in a correction that has the coin above the $63 support.
Data feed from Kraken shows that LTC has been bullish against the USD forming a major bullish trend-line located above the support at $63.31 on the hourly chart.
The outlook is still promising as buy-in positions have been identified near the $64 and $63 levels. Before the recent correction, the LTC/USD pair broke the $65 and $66 resistance points.
The analysis from Cryptonics stated that, “There was also a break below the 23.6% Fib retracement level of the last wave from the $58.66 low to $67.71 high.”
The 100-hourly SMA is still located near the $63. This implied that if the price dips, it would retract to this level or the next available support at $60.
LTC/USD Price Chart, Tuesday September 4th:
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Litecoin Commanding The Market With A 12% Surge
Litecoin Is Up By 8%, Gets Back Above $25
Litecoin LTC Headed For A $20 Position, Can The Bulls Salvage The Coin From Its Wreckage?
Litecoin Back Below $30, More Trouble For The Coin?
Litecoin On Track To Hit $35, Will This Recent Rally Stick?
Litecoin Price: Bulls Begin Consolidating - What Next For LTC?
You need to login to create comments.