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Litecoin price analysis: LTC/USD captured in a range above $150 support as Charlie Lee promises to step away from cryptocurrency someday

  • Charlie Lee may move away from Litecoin to make in more decentralized.
  • The intraday movements of Litecoin depend on $150.00 and $160.00 handles.

Litecoin is sidelined marginally above $152.00 with no clear bias. The 7th largest digital currency with a market value over $8.5B gained 30% in April but failed to get above $165.00 amid waning bullish momentum on the crypto market.

Charlie Lee, the founder of Litecoin, confessed that he might eventually step away from the currency he created to make it truly decentralized.

“As for the future, I think eventually I would have to step away. For a currency to really be a worldwide, decentralized currency, you can’t have a leader trying to control things. To make it more decentralized eventually I’ll step away,” He spoke with Julian Hosp from TenX, the crypto walletthat plans to issue debit cards with Litecoin support.

He explained that Litecoin is more centralized than Bitcoin because he can drive its development in line with his personal vision. While there are just vague intentions as opposed to a hard and fast decision, market players chose not to take it too close to heart. Litecoin reaction was muted and more focused on Lee’s words how he made a mistake selling all his Litecoins.

Litecoin technical picture

LTC/USD is trading in a range limited by $150.00 support and $160.00 resistance. These are psychologically important levels that limit the coins movements for the time being. A clear break below $150.00 will trigger further sell-off towards $148.00 and $145.00 while a sustainable move above $160 will help the coin to reach $165 handle. on the hourly chart, MAs are located at $151.00 (50 and 200-SMA, hourly interval) and $150.00 (100-SMA) with focus on the later as this is the critical threshold for the intraday timeframe.

Charlie Lee: ‘To make Litecoin More Decentralized, Eventually I Would Step Away’

LTC/USD, the hourly chart

LTC/USD, the hourly chart


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