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Litecoin Price Prediction: LTC/USD has excellent upside potential despite Novogratz criticism - Confluence Detector

  • LTC/USD is currently trading for $88.25 and has no significant resistance lines till $95.
  • Mike Novogratz, Fortress Hedge Fund manager, criticized Litecoin saying “Litecoin is a glorified test net for bitcoin.”

LTC/USD is currently trading for $88.25 as markets opened this Saturday. The confluence detector shows that there are no significant resistance lines till $95 so expect the bulls to make some significant moves over the weekend. Despite Litecoin’s upside potential, Fortress Hedge Fund manager Mike Novogratz doesn’t seem to be a fan. He said:

“Gold has an $8.5 trillion-dollar market cap. Silver is $15 billion. That is .17 percent. Bitcoin has a $90 billion dollar market cap. Litecoin is $5.7 billion, which is only 6.4 percent of bitcoin. Silver is at least useful for industrial production. Litecoin is a glorified test net for bitcoin. I don’t get this rally. Sell Litecoin and buy bitcoin.”

Litecoin founder Charlie Lee didn’t take too kindly to his comments. He fired back:

“Litecoin is a glorified test net? Bitcoin Lightning Network makes Litecoin useless? Can’t be more wrong! High bitcoin fees? With http://boltz.exchange, just do a cross chain submarine swap from Litecoin on-chain to bitcoin. Send Litecoin to fill up your bitcoin wallet! Fast: ~2.5 minutes. Cheap: pennies in fees.”

LTC/USD Daily Confluence Detector

Strong resistance levels lie at $90.50, and $94.75. The confluences at those levels are:

  • $90.50: Weekly 23.6% Fibonacci retracement level.
  • $94.75: 4-hour Bollinger band upper curve and daily pivot point resistance 2.

The price is supported at $88, $86, and $84.50. The confluences at those levels are:

  • $88: 15-min Bollinger band lower curve, 15-min previous low, SMA 5, hourly Bollinger band middle curve, and 4-hour previous low.
  • $86: Monthly pivot point resistance 3.
  • $84.50: Daily previous low and weekly 38.2% Fibonacci retracement level.

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
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