Litecoin Foundation Offers Discount On Summit Ticket - Litecoin News and Price Analysis. LTC Chart. Monday, August 27th
Important Litecoin Cryptocurrency News
Litecoin Foundation Offers Discount On Summit Ticket
The Summit is the first of its kind and the Litecoin Foundation is hopeful that it will be a boost for the cryptocurrency which has been experiencing losses due to the bearish coin market. However, it seems that the community has not been as enthusiastic as expected and the Foundation has slashed ticket price for the summit by 60 percent.
The move has not been well received in the community where many are interpreting it to mean that the numbers are not impressive and some wondered why they should pay to attend the summit anyway.
In a tweet, a community member named Jeff wrote, “This is so lame, LTC conference with so high prices that nobody wants to register. [You] should know your community better next time. Who do you think your supporters are?” He went on to suggest that the team behind the project be fired.
What is clear is that there is disenchantment in the community due to a seeming lack of commitment on the part of the developers which has resulted in the absence of an update in Litecoin GitHub depository in months. The stance of the Litecoin founder, Charlie Lee in having higher preference for Bitcoin is certainly not helping the confidence of investors.
Fundamental Factors Affecting Coin Prices
In the past week, the crypto market surprisingly saw some positive movement contrary to expectations considering that the SEC announced the rejection of 9 proposals for Bitcoin exchange traded funds (ETFs), this is unlike the effect on the coin market during the last announcement indicating that few positions were taken due to the expectation of an approval.
Effect On Litecoin Price
The decline in the price of LTC has shown signs of slowing considerably as the bulls attempt arresting the trend. The coin has been trading within a specific range of $49 through $62 in the past two weeks with threat of a breakdown that could initiate a slide to $36.32 with a temporary support located at $40.
The fact that the news of the rejection of the BTC ETF proposal and the move by Chinese regulators to tighten restrictions of cryptocurrency transaction had little effect on the coin price shows that the bulls may be breaking out of the range. Under this condition, the upward price movement can target $75.31.
Raspash Upadyey, a coin analyst with CoinTelegraph is of the opinion that LTC is presently at no-trade zone saying, “As the 50-day SMA has not been scaled since May 16 of this year, we shall wait for the price to sustain above it and the downtrend line before turning bullish.”
According to data from Bitfinex, the daily trading volume has gone up to $211 million from yesterday’s $196 million even as the coin trades at $57.
Michael LaVered of Oracle Times thinks that Litecoin is the solution to the scaling issues of Bitcoin and will most likely be a replacement in the future. According to him, “Litecoin could potentially overtake in bitcoin in price as the latter is having difficulty scaling to the level needed for general commerce with high fees and longer transaction times.”
LTC/USD Price Chart, Monday August 27th:
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