Litecoin Trapped Below Resistance After Founder's Tweets [Video]
|Litecoin has been struggling to break above its key resistance levels after Charlie Lee, Litecoin’s founder, announced that he had sold/donated all of his own LTC to avoid any conflicts of interest. However, it seems like he has no intention of slowing down. In a tweet, on Saturday he laid out his proposal for a soft fork to the Litecoin network. He said he’s “proposing an upgrade to Litecoin with a soft fork that will let miners signal their min accepted fee in the block header. This will let a fee market develop without having us decide what the min fee is. Will also make it easier for users to estimate fees.” The idea is to create competition by allowing miners to set the lowest fee they are willing to accept in the block header. Despite this, after an initial rally following the Tweets, LTC/USD appears to be trapped below the 38% Fibonacci retracement level. At the time of filming, the price has entered the flattening daily Ichimoku cloud. Support levels remain at 50% and 61% Fibonacci levels of 233 and 189 respectively. A pullback towards these levels could create a delicious buy limit order for investors who are looking to buy at lower prices. Coinbase exchange has recently adopted Litecoin to its crypto base, and they may just have opened doors for others to follow suit. Litecoin currently stands at the seventh position in terms of cryptocurrency market cap, trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, and NEM. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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