Litecoin price in an upward trend despite rumors of an overhyped fork; possibility of a scam

Litecoin is up 9.8% on Monday and is trading at $160. LTC/USD at 08:00 GMT, traded at $154 and has since been on an upward trend line in spite of news in the market that the impending fork is merely hype.

Charlie Lee, the creator, and founder of Litecoin had warned that fork scams would be coming to Litecoin. Litecoin is one of those cryptocurrencies where disagreements rarely occur. The overhyped “hard fork” comes to shake things up in the somehow “boring” Litecoin network where everything is built on a consensus, and the project goes forth without disagreements.

The creator of Litecoin, Mr. Lee believes a fork on Litecoin is unnecessary to the point of view and that the impending announcement of the “hard fork” could be a scam. The founder shared a message through Twitter saying “The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there!”

The founder said that Litecoin is working perfectly considering it is a digital asset that has high speeds, low fees and wide adoption by merchants online. He warned investors not to fall into the traps of claiming “Litecoin Cash” through third parties. This could be a scam to steal Litecoin from users as the developers of Litecoin are not forking.

Hard forks on cryptocurrencies usually promise an improvement in the technology. The users are then promised a similar amount of coins they have in the digital asset being hard forked. Users are, therefore, are advised to cease exposing private keys to sites seeking to be splitting the service.

The rumored Litecoin Cash cryptocurrency remains a confusing one for many in the market. There is very little connection between the forked Litecoin Cash to the original Litecoin. Litecoin Cash is said to be an Ethereum-based token at the same time it will trade on Ether Delta and be distributed as an airdrop. There has not been a mention of mining the Scrypt algorithm.

LTC/USD price daily price chart shows that there is a general upside trend. The cryptocurrency has immediate support at $140. The short-term resistance level is at $170, and the main resistance level is at $200. The bulls are winning by buying Litecoin despite Litecoin Cash being called a scam by the founder of Litecoin.

LTC/USD price daily chart