After an incredibly positive week for Litecoin (LTC), it has been able to continue its upwards price surge today and is one of the few major cryptocurrencies that has surged during an overall quiet trading session in the crypto markets.
Today’s upwards move has brought LTC to the top of its resistance region, and a break above this level could lead to a significantly further price surge.
Litecoin Price Surges During Quiet Trading Session
At the time of writing, Litecoin (LTC) is trading up over 7% at its current price of $46.8. LTC is up significantly from its weekly lows of $32, which were set earlier last week before the cryptocurrency began climbing.
Instinct, a popular cryptocurrency trader on Twitter, spoke about LTC’s recent price surge, noting that it is now pushing up against another resistance level.
“$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level… Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now,” he explained.
$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level.
Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now! pic.twitter.com/htqFMBPomH
— Instinct (@instinctxbt) February 10, 2019
Litecoin (LTC) Nears Weekly Resistance Level
Although today’s upwards surge is certainly positive for LTC, it still has a ways to go before it pushes against its major weekly resistance level.
SalsaTekila, another popular cryptocurrency analyst on Twitter, noted that Litecoin’s strong weekly resistance level currently lies around 0.0165 BTC, up slightly from LTC’s current price of 0.0128 BTC.
“$LTC analysis, tapping a fresh daily supply zone. Bottom grey is weekly support, top grey is weekly resistance. Looks to me like a local top.”
— SalsaTekila (JUL) (@SalsaTekila) February 9, 2019
Other Cryptocurrencies Experience Mixed Trading Session
Although LTC is surging today, most cryptocurrencies are trading mixed today.
At the time of writing, Ethereum is trading down marginally at its current price of $118.65. ETH is up significantly from its weekly lows of $103 and has established the low-$100 region as a strong level of support.
XRP has dropped over 1% today and is currently trading at just above $0.30. XRP has historically treated $0.28 as a region of support, which is slightly above its 2018 low of $0.25.
Bitcoin Cash is one of today’s worst performing cryptocurrencies, as it is trading down 2.3% at its current price of $123.86. However, BCH is still up from its weekly lows of $112.
Litecoin Technical Analysis: LTC/USD bears gunning for full April advance reversal
- Litecoin price on Wednesday is on the back foot, nursing losses of 1.8% late in the session.
- LTC/USD bulls failed to capitalize on a bullish pennant pattern technical structure.
- Bears are looking to go in for the kill with a full reversal of April gains.
Spot rate: 72.73
Relative change: -2.01%
|Today last price||72.5556|
|Today Daily Change||-1.7608|
|Today Daily Change %||-2.37|
|Today daily open||74.3164|
|Previous Daily High||79.9394|
|Previous Daily Low||74.0157|
|Previous Weekly High||84.905|
|Previous Weekly Low||75.1323|
|Previous Monthly High||63.0977|
|Previous Monthly Low||45.1089|
|Daily Fibonacci 38.2%||76.2786|
|Daily Fibonacci 61.8%||77.6765|
|Daily Pivot Point S1||72.2416|
|Daily Pivot Point S2||70.1668|
|Daily Pivot Point S3||66.3179|
|Daily Pivot Point R1||78.1653|
|Daily Pivot Point R2||82.0142|
|Daily Pivot Point R3||84.089|
LTC/USD 60-minute chart
- Price action moving within a bearish near-term pennant pattern formation, subject to a breakout south.
LTC/USD daily chart
- A descending channel can be eyed via the daily, which could even be perceived as somewhat of a bullish flag pattern.
Rock Star Litecoin: Charlie Lee Rails Against S**t Coins and Scam Coins
By CCN: It’s not easy being Charlie Lee. It’s no secret the Litecoin creator has had to deal with a crypto community that hasn’t gotten over his LTC portfolio sale. But he’s also fending off other blockchain projects, many of which have no place in the ecosystem to begin with. Lee took out his frustrations on Twitter, bemoaning the struggle to keep Litecoin in the limelight.
“Watch Litecoin surviving the test of time. It’s not easy fighting off all the s**tcoins and scamcoins to stay in the top 10.”
Litecoin is currently ranked as the fifth-biggest cryptocurrency on CoinMarketCap, though it continues to jockey for position among its peers.
Watch Litecoin surviving the test of time. It's not easy fighting off all the shitcoins and scamcoins to stay in the top 10. 😀 https://t.co/7wWhBbxkKE
— Charlie Lee [LTC⚡] (@SatoshiLite) April 24, 2019
In the DataLight visualization, Litecoin holds its own against other cryptocurrencies over the past six years. Lee’s project was the second-biggest cryptocurrency in 2013, followed by Peercoin and Namecoin. If you haven’t heard of the latter two coins, it’s probably because they’re both ranked somewhere between the top 200-300 coins today. Eventually, XRP muscled its way in until Ethereum showed up and told them who was boss. Meanwhile, Litecoin, which Lee created as digital silver to bitcoin’s gold, has managed to maintain a spot in the top 10 cryptocurrencies since 2013.
‘NO SUCH THING AS CRYPTO’
Incidentally, some people have a similarly scathing opinion about Litecoin, which was created using a variation of Bitcoin’s code. Derivatives trader Tone Vays doesn’t have time for any other coins, based on a recent tweet in which he eviscerates any project that is not bitcoin. He calls out Litecoin in addition to privacy coin Monero as “waste of time useless projects.”
There is no such thing as #crypto (even though I sometimes use that term). There is #Bitcoin, there are waste of time useless projects like $XMR, $LTC, & other PoW honest #Blockchains and there r SCAMS like $ETH, $DASH, $XRP and all #ICO's like $BNB, $EOS, $ADA & of course $TPAY https://t.co/d2RzPat8PX
— Tone Vays [#UnderstandBit] (@ToneVays) April 20, 2019
Upon further reflection, he clarified his position, saying:
“I agree, they are not ‘all scammers’ most of them are just Stupid and are not very good developers, or they would have actual jobs and/or be useful to society. I report my uncle who has been a truck driver for 40 years more than any
Ethereum developer. He helps society.”
The bone Tone Vays has to pick with Lee surrounds a Swiss-based project called TokenPay, which partnered with Litecoin for a stake in Munich-based WEG bank. Vays suggests that Lee’s influence has influenced others in the crypto community for TokenPay like sheep being led to the slaughter.
Charlie Lee may be a leader, but crypto investors have minds of their own. If you have any doubt, consider how they responded to Coinbase’s controversial Hacking Team acquisition. There’s a reason why Litecoin has not wavered from its status as one of the top 10 cryptocurrencies.
Charlie Lee may have to swat a few flies, but at the end of the day, he’s leading one of the top-performing cryptocurrencies whose price has more than doubled year-to-date. The scam coins and s**t coins should be abated as the industry matures. For now, Charlie might want to keep that fly swatter handy
Charlie Lee: Litecoin is already a success
Speaking on a recent episode of the Unchained podcast, Creator of Litecoin, Charlie Lee, outlined why Litecoin is already successful, as well as why he stands by his decision to sell his entire stake in Litecoin.
While some may believe that most cryptocurrencies including Litecoin (LTC) have a fair way to go before they can be classified as an outright “success” Charlie Lee feels differently, believing that LTC has in fact ‘made it.’
Speaking to Laura Shin on the Unchained Podcast, Lee relays his belief that LTC has, in his mind, already surpassed its on of its ultimate goals: becoming a medium of exchange, stating, in a rather self-deprecating way that he didn’t really expect it to go anywhere, even going as far as to say that he neglected it for a few years.
However, Lee says that while in many respects this means LTC is successful, he continues to suggest what true success would mean:
“The general idea is just to have more and more places that you can spend Bitcoin and Litecoin. For it to be truly successful you have to be able to spend it anywhere.”
Listen to #Litecoin creator, Charlie Lee talk about his vision for the coin and how he responds to criticism: "If you’re not holding onto Litecoin because I don’t have any, then your reason for holding and using Litecoin is just silly to begin with." https://t.co/T6Y5IFq4JQ
— Laura Shin (@laurashin) April 23, 2019
Lee was an early investor of Bitcoin, buying at $30, and having to go through the relative pain of watching it fall all the way to $2. However, with a great deal of resolve, Lee held on, simply stating that “the fundamentals didn’t change,” and therefore a turnaround was inevitable.
Lee also spoke about his early attraction to mining, starting out with just four GPU cards mining. Lee also attempted to launch a rival to Bitcoin, which ultimately failed, subsequently leading to the creation Litecoin, as a supplement to Bitcoin, rather than a competitor:
“One of the things I saw It being was silver to Bitcoin’s gold. I’d seen throughout history people using more than one currency, in the case of gold and silver. I saw Litecoin being a cheaper version of Bitcoin where fees would be less and people could potentially use it for more things.”
Lee also addressed the divisive act of selling his stake in LTC, first by discussing how he sold it, relaying that he dumped it all on Coinbase Pro, adding that it wasn’t enough to crash the market, let alone the exchange.
Chart provided by Tradingview
He also addressed his detractors, who believe Litecoin is worthless due to Lee’s lack of stake, which, in their minds, leave him incentivized to make LTC a success.
His response, was as simple as it was biting:
“If you’re not holding onto Litecoin because I don’t have any, then your reason for holding and using Litecoin is just silly to begin with.”