Litecoin price analysis: Balancing at the edge of a cliff; Charlie Lee announces LTC SMS Payments

Litecoin is still languishing in selling pressure, although other assets in the market are showing signs of recovery. Bitcoin (BTC), for example, is sitting comfortably above $6,300 after testing the lows at $6,100. Monero (XLM) is among the biggest gainers on the day with a 4.7% jump but it is still struggling with the $100 resistance. IOTA (IOT) is up over 2% while Bitcoin Cash is trading at $595 with a 1% rise in value.

Litecoin price analysis

Litecoin, on the other hand, staged a recovery during the trading session yesterday from the lows marginally above $61.00. The price retraced above $63.00 reacted lower short of $64.00. However, there was another pullback on Thursday (Asian trading hours) where LTC/USD broke the resistance at $64.00, although the trend turned bearish shortly after. Litecoin has been correcting lower since then in addition to retesting the support at $61.00.

A bounce occurred taking the price above the 23.6% Fib level from the last high at $64.13 to a low of $61.56 at $62.18. The rising selling pressure is limiting gains and LTC/USD is on yet another slide towards the critical support. To prevent further declines, the buyers must hold their ground above $61.00, otherwise, further a break down below $60.00 is likely to follow in the near-term. On the flip side, the 23.6% Fibo (broken support) will limit the gains. The trendline resistance is also present around $62.5 supply zone. The 100 SMA is still maintaining above the short-term 100 SMA indicating that the sellers still have an upper hand.

In other news related to Litecoin, the founder Charlie Lee has today told his followers on Twitter that while the market is in the bear momentum, it is the best time to push for adoption. He said this while announcing Litecoin SMS Payment feature that is coming soon. Lee says:

 “A bear market is the best time for people to work on adoption.”

Litecoin is working on an application it is calling lite.im, that will enable anybody with a mobile phone to receive and funds.

“With lite.im anyone with an SMS-capable mobile phone can send and receive funds, anywhere in the world and without the need for a centralized authority. Litecoin was created as a tool for financial freedom. With lite.im, we’re extending that freedom to everyone.”

This new feature for Litecoin seeks to bring financial inclusivity to all people around the world. It will work in cases where access to a crypto wallet is not possible. In addition to that, lite.im will come in handy in situations where internet connection is poor or if a user “lives in a country where the government censors the internet or bans cryptocurrency use.”

LTC/USD 15-minutes chart