- 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 News Today – Onramp Unlocks Direct Litecoin Purchases for Mobile Apps
- Onramps unlock direct Litecoin purchases for mobile
- Litecoin LTC price poised to rise despite a brief drop
- Litecoin LTC price heading to $85 after it breaks the $78 barrier
Litecoin news today – According to the latest Litecoin reports, Celsius Network members now have a new solution to purchase with crypto directly on their mobile devices. They can now purchase LTC, BTC, and Ether, among a host of cryptocurrencies with their credit cards on the Celsius’s mobile app. The interest income platform entered a partnership with leading crypto payment processing company Simplex to offer consumers a way to make Bitcoin, Litecoin and Ethereum purchases as well as other cryptos using their credit or debit cards directly on the Celsius app. Users are to pay a fee of 3.5% for the service.
Celsius Network Now Supports BTC, Dash, LTC, Zcash, BCH, ETH, and XRP
Litecoin News Today – The cryptos that are currently supported by the Celsius Network include BTC, ETH, LTC, XRP, BCH, Dash and ZCash. The integration lets users save 50% on credit card transaction rates. It also offers another Onramp for cryptocurrency buyers. The Celsius Network joins major exchanges like Binance by using Simplex to connect investors’ credit cards to their BTC and crypto portals. The Simplex protocol which was founded in 2014, has become a key player in allowing crypto merchants to introduce credit card buying to mainstream consumers around the world.
Litecoin LTC Price Prediction in the last 24-hours
After managing to surge past its 6 month high of $83, the price of Litecoin felt bearish pressure which saw it succumbed to an unexpected 19.65% drop to the downside. However, the number 6 largest digital currency by market cap bounced back before its daily candle close. By doing this it avoided a confirmed break downwards in its price.
Litecoin (LTC) Price Today – LTC / USD
The LTC price has managed to close two daily candles consecutively above the $72 support. This support position will be important if the ongoing rally will see any form of continuation in the coming weeks. If the price of Litecoin can continue to make the $72 mark as a platform, then it will likely swing back to the $78 resistance area. The breakout above the $78 mark will see the LTC price target the $85 before it moves to future barriers like $90 and $100. Both barriers acted as resistances in the 2019 rally. It is important to note that the Litecoin price experienced a golden cross via the daily chart 6 days ago and a re-test of this cross is common before we can see any major move come to fruition. The upcoming price action for LTC will mainly depend on the direction that Bitcoin will take as we approach May’s halving event.
Litecoin Price Analysis: LTC/USD has broken out of an intraday chart pattern
- Litecoin trades 2.33% higher on Tuesday as cryptocurrency sentiment improves.
- This move could price the pullback over the last few days was just a blip.
LTC/USD 1-Hour Chart
Litecoin is breaking higher today like much of the other cryptos on Tuesday.
The sell-side volume is still much larger so we would need a pick up to ensure the market is behind this move.
At the moment 70.00 seems to be a good area of support for LTC/USD and a break of the 77.30 resistance would be a good sign for the bulls.
On the daily chart, the shadows (wicks) at the bottom of the candles indicate the buyers are stepping back in.
The level that needs to be taken out on the higher timeframe is 84.50.
|Today last price||75.5522|
|Today Daily Change||2.1365|
|Today Daily Change %||2.91|
|Today daily open||73.4157|
|Previous Daily High||75.4404|
|Previous Daily Low||68.69|
|Previous Weekly High||84.4232|
|Previous Weekly Low||72.4372|
|Previous Monthly High||70.0854|
|Previous Monthly Low||38.7677|
|Daily Fibonacci 38.2%||71.2686|
|Daily Fibonacci 61.8%||72.8617|
|Daily Pivot Point S1||69.5903|
|Daily Pivot Point S2||65.765|
|Daily Pivot Point S3||62.84|
|Daily Pivot Point R1||76.3407|
|Daily Pivot Point R2||79.2657|
|Daily Pivot Point R3||83.091|
Litecoin’s bullish divergence could facilitate 9% rise this week
Litecoin has recorded some much-needed upward price-action this year. After a staggering 40% drop over the last two months of 2019, LTC appreciated by nearly 76% year-to-date in 2020. According to CoinMarketCap, Litecoin had a market capitalization of over $4.58 billion, with $5 billion worth of Litecoin traded over the last 24 hours, at press time.
Litecoin 1-hour chart
Source: LTC/USD on TradingView
Litecoin appeared to have dropped into a symmetrical triangle formation over the last few days. These patterns are mostly bullish, indicating that an upward breakout might be on its way. The accompanying decreasing volume trend further confirms the pattern.
However, the EMA ribbons were seen moving above the price candles, something that is usually a sign of downward movement to come. Considering the fact that the latest candle on the chart was at the lower pattern boundary, this could be some cause for concern.
The Ichimoku Clouds also indicated some downward movement over the next couple of days. However, since the price was within the last cloud, consolidation seemed more likely.
While the last two indicators predicted downward or sideways movement, the Relative Strength Index (RSI) presented a case for bullish divergence. This happens when the price touches a new low as the RSI fails to do so. Bullish divergence is usually a sign of greener pastures and it could push Litecoin to the breakout point at $74.60 over the next few days.
Nevertheless, if Litecoin does break under the symmetrical triangle, a move under the $69 level seems highly unlikely as the price will probably find strong support there. This could form a busted symmetrical triangle, leading to a move back into the pattern, followed by a bullish breakout.
A move above the upper pattern boundary could push Litecoin to the $78 level, at the 38.2% Fibonacci retracement line, over the next few days.
Correlation with Bitcoin
CoinMetrics‘ data on Litecoin’s 180-day correlation with Bitcoin shows LTC‘s relatively stable correlation with BTC through the second half of 2019. However, it looks to have been rising since mid-December and it is currently at its highest level since April last year. With Bitcoin projected to move up in the short-term, Litecoin might seem some of that action too.
Despite bearish indications from EMA Ribbons and Ichimoku Clouds, the bullish divergence from RSI and the overall trend of upward breakouts for this pattern likely mean that Litecoin will appreciate in the short-term. LTC will probably move up to the $74.60 level, before breaking out to the $78 level over the next few days. Though there is potential for a downward-facing breakout, it is unlikely that Litecoin will move under the $69 level before returning to its bullish path.