Litecoin price analysis: LTC/USD psychologically eyes $80.00; Charlie Lee believes Litecoin is instrumental in Bitcoin (BTC) Lightning Network


  • The trend is bullish, while the Bulls are eyeing $80.00.
  • “Litecoin will also be the easiest onramp onto the Lightning Network…” wrote Charlie Lee.

Virtual currencies are currently recording losses by large margins. However, it is not clear what is the cause of the current declines is. Litecoin price is also in the red on Thursday, besides it has been struggling to stay above $70.00 for a few days now. The charts show a 2.82% drop on the day. On the contrary, the trend is bullish, while the Bulls are eyeing $80.00.

In related news, the founder of Litecoin, Charlie Lee is excited about the Lightening Network. Moreover, he believes that Litecoin will be very instrumental in the endeavor. Charlie Lee also wrote on Twitter saying:

“Litecoin will also be the easiest onramp onto the Lightning Network. BTC takes too long and fees to high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step using submarine swaps!”

In the meantime, the Relative Strength Index (RSI) is sending bullish signals for more buying entries in the short-term. The stochastic on the same chart is also moving upwards towards the overbought levels. The 23.6% Fib retracement level with the last swing high of $98.7 and a $72.9 will offer resistance towards that psychological $80.00. The 100 Simple Moving Average will also provide resistance at the 23.6% Fibo. Furthermore, a classic falling wedge pattern is forming pending an upward breakout in the medium-term. LTC/USD has been supported above $74.00, but the recent low at $72 is still within reach.

LTC/USD 2-hour chart

 

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Binance Coin: This level stands between BNB price and $450

Binance Coin: This level stands between BNB price and $450

Binance Coin price faces a decision as it knocks on the doors of significantly stacked resistance barriers. Clearing these blockades is the only way BNB can trigger a swift run-up to important levels.

More Binance Coin News

Why MATIC price is setting the scene for a blowout

Why MATIC price is setting the scene for a blowout

Polygon (MATIC) price has had difficulty finding a supportive floor for bulls to get a foot in the door and price action moving higher. Now, however, a floor looks to have been identified at $0.62, with price action consolidating just above. 

More Polygon News

The last time this happened Shiba Inu price exploded

The last time this happened Shiba Inu price exploded

Shiba Inu price is stuck trading inside a range for nearly two weeks and shows signs of exploding soon. Interested investors can ride this wave, which is likely going to be volatile and quick.

More Shiba Inu News

Why renowned technical analysts believe Bitcoin price has bottomed out

Why renowned technical analysts believe Bitcoin price has bottomed out

Bitcoin price has been dominated by bearish sentiment recently, but the BTC trend might be nearing a turnaround. Several leading analysts in the crypto community are arguing that Bitcoin price action has developed in a more irregular manner over the years and diminishing “cycles” imply Bitcoin has bottomed out. 

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP