Litecoin Price Analysis: Can LTC/USD recovery swing past $75?
|- Litecoin must use the aligned technical levels to push past the $75 hurdle and pave the way for gains towards $100.
- Charlie Lee says that 100% decentralized finance is not possible as complexity leads to bugs and exploits.
Litecoin bounced off the support established at $68 on Monday. Most cryptocurrencies had a drab start to the week led by Bitcoin’s dive under $9,500. Litecoin sort support above $72 but the overwhelming selling pressure led to declines under $70.
Following the recovery above $70, Litecoin has stalled under $75. The bears appear to have camped in the zone, making recovery towards $100 just but a mirage. For now, the price is teetering at $74 within the Ichimoku cloud. The sellers are likely to take back control if the bulls fail to push past the hurdle at $75 in the near term.
Other technical indicators such as the MACD show that levels are aligning in the favor of the bulls. The bullish divergence and the cross into the positive territory clearly show Litecoin is in the hands of the bulls.
LTC/USD 1-hour chart
Charlie Lee believes DeFi can never work without centralization
Decentralized finance systems present the possibility of operating and accessing financial services via the blockchain without the intervention of centralized institutions. However, the founder of Litecoin, Charlie Lee tends to differ saying, DeFi systems can be shut down by a centralized party.
Most DeFi can be shut down by a centralized party, so it’s just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization.
Lee adds:
I don’t think it will work in practice. Truly decentralized finance, that is. Complexity will always lead to bugs and exploits. And it will be semi decentralized.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.