Report says: "Litecoin Cannot Peak At $400 Again..." - Litecoin News, LTC Price Analysis. Sunday, September 2
LTC/USD Price Chart, Litecoin News: Despite the known unpredictability of the coin market, there have been predictions and reports from studies that have dared state the future outlook of the market. However the report is not so optimistic about the prospects of Litecoin which it stated would not be able to peak at $400, the price at which the altcoin climaxed months ago. Sunday, September 2nd.
Litecoin Cryptocurrency News
Charlie Lee Believes Bitcoin is Similar to Gold
The Litecoin founder Charlie Lee said that Bitcoin is similar to gold but believes that the cryptocurrency is in reality better than gold due to its ease of storage and cheaper transaction.
Lee who first heard about Bitcoin when he worked with Google said that he understood the technical and the socio-economic implication of the digital currency saying that he knew the power decentralization was going to wield on finance and the prospect it has to replace money as we know it.
Lee also said that the reason crypocurrencies have not yet made the sort of impact that is expected especially in places like Argentina, Turkey and Venezuela where there have been economic crises is that Bitcoin and most altcoins are still being used as speculative instruments.
Litecoin Cannot Peak At $400 Again – Report
Despite the known unpredictability of the coin market, there have been predictions and reports from studies that have dared state the future outlook of the market. Latest of which is the price prediction from Satis Group which among other assertions stated that Bitcoin will be valued $144,000 in 10 years.
However the report is not so optimistic about the prospects of Litecoin which it stated would not be able to peak at $400, the price at which the altcoin climaxed months ago.
The prediction on Litecoin diverged from that of Bitcoin despite the similarities in the codes of the two digital currencies and the fact that Litecoin has made some progress in implementing solutions that enhance the speed and scalability of the network.
The forecast from Sherwin Dowlat and Michael Hodapp was based on some traditional methods and peer-to-peer metrics clearly stated that Litecoin can only average $255 apparently classing the coin among those lacking originality due to its similarity to Bitcoin.
Litecoin Up 6 percent But Still Trading Within Range
Although Litecoin is not the sort of coin that should fall on the downtrend of altcoins owing to its strong similarities with Bitcoin, we see this happen again and again.
However, Litecoin is seeing gains despite the predictions of a downturn for the coin market as in the past 24 hours, the coin’s daily trade volume has increased from $209 million to $289 million according to data feeds from Bitfinex.
Litecoin has also shown consistency in the past 5 days in a remarkable ascension going up 13 percent against the USD. It also made 7.5 percent gain against BTC.
The commencement of formation of a bearish engulfing pattern shows that LTC may not sustain the momentum for long. With a short-term support located at $61 on the 100-day MA, it will likely dip in the next few days debar strong fundamentals.
Analysts are suggesting a short entry into LTC at $64.10 - $63.83 range with a target of $61.45. On this situation however, Cryptorecorder stated “If the price reverses back above $65.44, it could invalidate the bearish sentiment, and create a setup for a long-entry at $65.45 with a target of $74.89, which is a key resistance level in the day charts.”
What is apparent is that the bulls are slowing down.
LTC/USD Price Chart, Sunday September 2nd:
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