Litecoin Founder believes Bear Market is the Right Time to Get Things Done - Litecoin News, LTC Price Analysis. Thursday, August 30
Litecoin Founder believes Bear Market is the Right Time to Get Things Done
Charlie Lee, the founder of Litecoin has dismissed the notion that the success of coins is determined by their prices in the short-term saying that speculation is the fundamental determinant of the short-term price of cryptocurrencies.
In an interview with CNBC, Lee said that long term valuation is a true measure of a coin’s performance saying, ““In the long-term, [price] tells us the success of cryptocurrencies, but short-term it doesn’t really tell us much. For example this year, there’s been so much adoption in Bitcoin and Litecoin, but their price has dropped 60-70 percent. It’s because it’s so volatile, it’s all about speculation these days, but in the future the price will reflect the success of the currencies.”
This is contrary to the widely held belief that the prices of coin even in the interim is a function of it adoption, viability and state of its network.
Lee said that despite all the speculations, there is no way of knowing when the bear market will turn around, saying that having been in the system for 7 years, this could happen in 6 months or 4 years.
He said that bear market is a good time for developers to get work done. Issues such as development of the technology, working on adoption and scalability are better tackled in bear market.
Ripple, Litecoin, Tron and NANO Added to Swaplab
Swaplap, the non custodial accountless crypto-to-crypto exchange that allows one cryptocurrency to be exchanged with another has announced that it would now support XRP, LTC, TRX and NANO effectively allowing users to swap these coins with other 50 supported by the platform.
The platform has also said that it would integrate with Mastercard and VISA by October making a crypto fiat swap a possibility.
Litecoin Makes A Downward Correction After Mini Rally
Litecoin is experiencing a minor correction after the mini rally of the past couple of days. The downward slide commenced after the $64 high against the dollar with the coin holding nicely above the $60 support although there is a second trendline support located at $59.50 on the hourly chart of the LTC/USD pair.
Data feed from Kraken show that LTC has formed a new weekly high of $63.69. According from data analysis from Ethereum World News:
“The price started trading in a range above the $60.30 level and is currently preparing for the next move. On the downside, there are two key trend lines formed with support at $60.50 and $59.50 on the hourly chart of the LTC/USD pair.
The second trend line is very important since is coincides with the $59.20 pivot level and the 100 hourly simple moving average. Therefore, as long as the price is above the trend line, $59.20, and the 100 hourly SMA, it remains supported for more gains.”
The bearish resistance is currently located at $62.50 with a possible break creating the prospect of a $63.68 high. In essence values less than $59 would be a good buying opportunity according to the report.
LTC/USD Price Chart, Thursday August 30th:
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