Litecoin price analysis: LTC/USD down 3.2% on a daily basis, eToro's Mati Greenspan says the coin is undervalued
|- LTC/USD continue sliding amid growing bearish pressure.
- According to Mati Greenspan from eToro, Litecoin has good potential.
Litecoin is changing hands at $75.64, off early Asian low reached at $74.80. The coin has lost 3.2% on a daily basis and stayed unchanged since the beginning of Friday. The market value of the seventh largest coin settled at $4.3B, the average daily trading value is registered at $292M. Litecoin shed $8M of its value since July 25 amid global cryptocurrency sell-off.
Meanwhile, eToro Senior Market Analyst Mati Greenspan has prepared an in-depth report on Litecoin, where he concluded that the coin has a potential to become a cryptocurrency of choice for small transactions and thus gain widespread adoption.
"According to the metrics we have analyzed below, the current price that LTC is trading at could be seen as a massive discount to what it should be worth," the expert writes in the report.
Mr. Greenspan explains that Litecoin is already widely used as a store of value and means of exchange, while various partnership deals between Litecoin Foundation and big players in crypto and traditional finances lay the ground for its long-term success.
Litecoin's technical picture
From the technical point of view, LTC/USD is capped by 50-SMA (1-hour chart) at $76.82. Once it is cleared, the upside may be extended towards $78.66 (100-SMA) and psychological $80.00. On the downside, the support comes at Asian low around $74.80, followed by $73.80 (2018 low).
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