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Charlie Lee hits back against detractors, insists LTC development hasn’t been abandoned

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  • Lee commented on the lack of code commits in Litecoin’s GitHub page, dismissing it as FUD.
  • LTC/USD is currently priced at $84.45, following two straight bearish days.

Litecoin creator Charlie Lee hit back against detractors in a tweetstorm. There has been a lot of talk about development stalling in Litecoin, which Lee dismissed as FUD. He insisted that Litecoin code is being worked on behind the scenes:

“Just want to set the record straight. In the eight-year history of Litecoin, we’ve only had a handful of core developers working on Litecoin Core. At various points in time, it’s been me, @wtogami, @thrasher_au, @shaolinfry, @TheRealXinxi, and @loshan1212…

Adrian Gallagher (AKA thrasher) is leading Litecoin Core development right now and has been for a few years now. You may not know Adrian well as he is not on Twitter much, but he is awesome. He quietly has been working hard behind the scenes on Litecoin Core development.”

People have pointed out the project’s GitHub page, which has had zero code commits so far this year. Lee addressed this by saying:

“Recently there’s been a lot of FUD about Litecoin having no code commits in 2019. When you look at Litecoin GitHub, it would seem like we did no work in 2019….

Litecoin releases lag Bitcoin releases by a few months. So when we do a release, we are releasing code that’s been released in Bitcoin months ago. We actually did release Litecoin Core 0.17.1 May of this year.”

LTC/USD daily chart

fxsoriginal

LTC/USD has had a bearish start to Wednesday and is currently priced at $84.45. Before this, LTC/USD has had two bearish days in a row, wherein the price fell from $90 to $85. The price is currently trending in a downward channel pattern. The moving average convergence/divergence (MACD) shows that the market is facing bearish momentum. The relative strength index (RSI) indicator is trending around 40.

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Litecoin Price Analysis: LTC Maintains at $76; the Next Target is Likely to be $81

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  • Litecoin hovers at 76 USD for the second day.
  • The next resistance point for the coin may come at 81 USD.

Litecoin, as a Top-5 coin in the market, has a huge user base and it gets decent attention for this. For the past few days, the coin was negatively focussed as it was under pressure. But the day before yesterday Litecoin managed to get over the 75 USD mark. In the last 24 hours, the coin could not advance further, but it maintained well its value near 76 USD. We will be analyzing the four major price swing of Litecoin in the last 1 day. Let us see the current statistics first.

Litecoin Price Statistics-

  • Litecoin is on 5th position in the market and the ROI (Return on Investment) of the coin currently is 1,687.11%.
  • A total of 63,072,181 LTC coins are in current circulation.
  • The market cap of Litecoin as on 20th August at 03:15 UTC stands at 4,842,401,376 USD.
  • The value of Litecoin stands at 76.69 USD and 0.00706377 BTC.
  • The 24h volume of the coin stands at 2,322,489,366 USD.

LTC to USD Price Comparison-

Litecoin price chart August 20
Litecoin Price Chart by TradingView

Litecoin started yesterday near 76 USD and with a small hike of 1.59%, which took the coin to 77.02 USD by 02:11 UTC. The second swing came as a huge price gain for Litecoin as it was pushed from 76 USD to 78.72 USD over 2 hours from 06:01 UTC. In the next 4 hours, the coin managed to maintain its value near 78 USD. But between 11:51 UTC and 20:51 UTC, the coin fell by 3.96% and reached 75.56 USD. However, towards the closing of the day, the coin grew by 2.22% and reached 77.22 USD by 23:11 UTC. Over the last few hours, the coin has been maintaining its value near 76 USD.

Litecoin Price Prediction-

Litecoin is likely to grow exponentially soon. The next target for the coin should be 81.18 USD and after that may find it smoother to get hikes. The medium-term of the coin seems bullish. The next probable resistance and support levels are listed below.

Litecoin (LTC) 
1st Resistance78.55333333 USD
2nd Resistance79.84666667 USD
3rd Resistance81.18333333 USD
1st Support Level75.92333333 USD
2nd Support Level74.58666667 USD
3rd Support Level73.29333333 USD
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Litecoin (LTC/USD) forecast and analysis on August 20, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 76.23. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.

Litecoin (LTC/USD) forecast and analysis on August 20, 2019

As part of the Litecoin exchange rate forecast, a test of the level of 78.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 66.20. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 80.00.

Litecoin (LTC/USD) forecast and analysis on August 20, 2019

Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of ​​82.40. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on August 20, 2019 implies a test level of 78.20. Further, it is expected to continue falling to the area below the level of 66.20. The conservative area for selling Litecoin is located area of 80.00. Canceling the option of falling cryptocurrency will be a breakdown of the level of 82.40. In this case, we can expect continuation growth

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Litecoin: The pair might be setting up for a move higher

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  • Nice trendline break yesterday could indicate a further move higher
  • Intraday 76.00 could provide support – before LTC/USD breaks higher
  • Both the MACD and Stochastics have moved into positive territory
LTC USD 4 hour

Litcoin is not one of the best performing cryptocurrencies today but there has been a bullish trendline break that we need to take notice of. The trendline on the chart broke yesterday taking out the 77.00 wave high in the process. Today the price is still in the consolidation area but at slightly higher levels. 

The area we need to watch is 78.13, which LTC/USD did breach for a short period of time. Recent price action has taken LTC/USD back down below that level but we need to watch for a break and close above as this would mean a continuation of the lower high lower low trend pattern on the 4- hour chart. If we are to see a push to higher levels, something we may see is a retest of a trendline or a previous consolidation high for support. 

On the 4-hour chart, the stochastic indicator is in an overbought zone and could dip lower to give the price some room to breathe before another move up. The MACD histogram is also positive as the two moving averages diverge but interestingly both the moving averages have not crossed the mid-line to the upside so we cannot confirm a full change of trend yet. 

On the zoomed in 1-hour chart below, you can see the resistance level hold. On the one hour chart, the 76.00 level could be seen as a good support point for support before we get a move higher. On the other hand, if it does break and hold below, this could be bearish and prices might retest the lows again. For now, the base case scenario is a break of 78.50 back to the upside so we can get another test of 80.00. 

LTC USD 1 hour chart

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