- The Ecosystem of Litecoin Has Been Affected By Many FUD Lately
- Litecoin Foundation Has Strong Believers and Money Will Not be the Problem – Wang
Litecoin News Today – Xinxi Wang – the co-founder of the Litecoin Foundation – recently took to Twitter to resolve the controversy that has been circulating online since the financial audit of the Foundation was released. Litecoin Foundation’s financial audit data posted by u/Toyake – a Reddit user. The user posted a screenshot of the financial audit and the screenshot apparently showed “almost depleted in funds” in the first quarter of this year.
The published document revealed that the Litecoin Foundation got most of its income from merchandise sales, donations, and the forthcoming Litecoin Summit. The Litecoin Summit would take place in the next two weeks. There was a significant drop in donation numbers and Wang has attributed that fall to the stagnation in the market.
Litecoin (LTC) Price Today – LTC / USD
The Ecosystem of Litecoin Has Been Affected By FUD Lately
The ecosystem of Litecoin has been affected by a lot of FUD (fear, uncertainty, and doubt) lately. This is mainly because the price of the digital currency failed to surge higher after the much-anticipated halving. The Litecoin Foundation came into existence back in 2017, six years after Litecoin came on board. Since the emergence of the Foundation, it has received a lot of strong criticisms. Most of the criticisms are directed towards inefficiencies over the balance of the business and how it is managed.
Via a tweet, A Board Director of the Litecoin Foundation – Wang – said:
“We will do more if we have more money and do less with less money. We did not have a business model. And we have been trying to figure out ways to generate revenue to be self-sustaining. Let us know if you can help.”
Litecoin Foundation Has Strong Believers and Money Will Not be the Problem – Wang
In his tweet, the Litecoin co-founder said that irrespective of the fact that he is not being paid, the Litecoin Foundation has very strong believers and that money will not be a problem, as the team has a plan. The community has been trying to stir up conflict. However, the Managing Director of the Litecoin Foundation and Litecoin Founder – Charles Lee – has put the notion that the Foundation is wasting all the money on sponsorships to rest.
In the post, Lee said that the Foundation would release the latest financial records. He also clarified that the Litecoin Foundation has not paid a dime towards any sponsorships. In addition, Wang refuted speculations of a non-public deal worth $2.8 million with WEG bank.
Litecoin Forecast and Analysis October 14 — 18, 2019
Litecoin LTC/USD ends the trading week at 55.52 and continues to move as part of the correction and the downward channel. Moving averages indicate a bearish trend. At the moment, we should expect an attempt to rise and test the resistance area near the level of 68.05. Where again we should expect a rebound and an attempt to start falling in Litecoin with a potential target below the level of 25.55.
Litecoin Forecast and Analysis October 14 — 18, 2019
An additional signal in favor of a drop in LTC/USD quotes in the current trading week October 14 — 18, 2019 will be a test of a downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the Litecoin fall option will be a strong growth and a breakdown of the 76.55 area. This will indicate a breakdown of the upper boundary of the channel and continued growth of the LTC/USD rate. A confirmation of the fall of the cryptocurrency will be a breakdown of the support area and closing of quotations below the level of 45.05.
Litecoin Forecast and Analysis October 14 — 18, 2019 suggests an attempt to test the resistance area near the level of 68.05. Then, the continuation of the fall to the area below the level of 25.55. An additional signal in favor of reducing Litecoin will be a test of a downward trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 76.55 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 95.55.
Litecoin rallies after parallel channel pattern breaks on positive side
While Litecoin had performed remarkably well during the first two quarters, the third quarter indicated high selling pressure. Despite minor surges, the coin has failed to post an impressive rally and the need of the hour was a trend reversal which could potentially be at the horizon. The silver crypto rose to $57.15, at the time of writing, after a surge of 1.31% over the past hour according to CoinMarketCap.
LTC 1-hour chart:
LTC’s hourly chart exhibited a formation of a parallel price channel pattern. With the price previously following a downtrend, what depicted to be bear flag turned in the favor of bulls as the coin underwent a breakout upward.
100 moving average, which had been acting as the resistance for the price since the dip on October 11th, was now breached. In addition to that, 50 moving average exhibited signs of an uptrend following the breakout after resting below 100 moving average.
LTC bulls found major resistance at $58.36. If the upward trend persisted, the coin could potentially climb to its psychological resistance at $60 in the near-term. The support for the short-term price chart stood firm at $54.03.
Bulls arrive for the silver crypto
MACD indicator in the short-term LTC chart aligned with the bulls. MACD line was above the signal line predicting a coin’s bullish momentum in the near term. RSI was well above 50 median in the overbought zone and suggested a bullish buying pressure among LTC investors.
Litecoin and Bitcoin display unusual similarities in SegWit adoption
Bitcoin SegWit or Segregated Witness protocol recorded an all-time high, in terms of adoption, on 6 October when it hit 56.82%. While Litecoin SegWit noted its all-time high on 19 September 2019, when its usage hit 75%. Litecoin SegWit has been noting a higher adoption rate compared to Bitcoin SegWit; however, in a new turn of events, LTC and BTC have tied on 13 October, in terms of their Segwit usage, at press time.
Bitcoin SegWit was activated on 23 August 2017 but witnessed restricted adoption, while Litecoin was out with its SegWit on 10 May 2017. The chart underneath highlighted the trend of SegWit adoption for Bitcoin and noted a growth in the adoption only from February 2018 that peaked on 26 August 2018, with 39.93% adoption. However, 2019 brought a new ATH for Bitcoin SegWit as it reported a 56.82% adoption rate and 327,000 transactions.
On 11 October 2019, the adoption percent dropped by almost 3% but reported all-time high SegWit transactions of 179,000.
Litecoin launched on 10 May 2017 and saw immediate adoption from the community According to the statistics provided by Coinbase in late February 2018, Litecoin SegWit noted a boost in its adoption from 9% to 28% and peaked at 50% in September 2018. Since then LTC Segiwt adoption has been around 50%, while Bitcoin has recently reported an ATH.
However, considering the current data, Litecoin and Bitcoin usage tallied at 56%.
There has been significant progress in SegWit development as it was intended to provide transaction malleability and faster and cheaper transactions. But in contrast to the intentions, SegWit transaction fees have not registered any drop.
Considered to be in its nascent stage, SegWit is yet to receive adoption from major exchanges like Binance and BitMEX.