Litecoin Price Analysis: LTC/USD stays bearish, ignores positive fundamentals

Litecoin's creator Charlie Lee shared his views on how the network would operate once MimbleWimble solution is rolled out. Speaking in the interview with Rice Crypto YouTube channel, he explained that the implementation process may be slow at the start as users won't be forced to move to the update. 

Initially the use of Litecoin post the MimbleWimble implementation will be difficult; it’s going to be a learning curve. Not all wallets will support it from the start[…] Since it is a soft fork, the whole ecosystem won’t need to care about it until they want to.

He also added that the majority of cryptocurrency exchanges were ready to support the upgrade as it was not expected to create any regulatory difficulties.

LTC/USD: technical picture

At the time of writing, LTC/USD is changing hands at $43.40, down 1.5% on a day-to-day basis. The coin has recovered from the intraday low of$42.33, but the upside momentum is slow. LTC/USD continues moving within a short-term bearish trend amid low volatility.  

On the intraday level, LTC/USD is supported by the above-said intraday low with the middle line of the 1-hour Bollinger Band located on approach to that level. If it is broken, the sell-off may be extended towards $42.00-$41.90 ( the lower line of the 1-hour Bollinger Band) and to $41.00.

The recovery is limited by the intraday high and1-hour SMA50 at $43.75 and 1-hour SMA100 at $44.50.  a sustainable move above this area is needed for the upside to gain traction with the next focus on $45.00.

LTC/USD 1-hour chart