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Here’s why Litecoin creator Charlie Lee is not sold on NFTs

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The NFT hype has taken over the crypto space in the past few weeks. But not all veterans are convinced.

NFT what?

You’re not alone if you’re skeptical about non-fungible tokens (NFTs), the shiny new crypto hype that is either overvalued or the next market frontier depending on whom you ask.

Litecoin creator Charlie Lee is on the side that is not completely sold on the NFT hype. For the uninitiated, these are a type of cryptographic token that can be used to represent something unique, be it art, in-game assets, or real estate in the real world.

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“The problem with NFTs is that they are Non-Finite Tokens. There is zero cost to create an unlimited number of tokens,” said Lee in a tweet this morning, referring to the cheap cost of issuing such tokens compared to, say, an actual artwork.

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“Sure, Justin Roiland’s NFT is unique and awesome. But what’s stopping Matt Groening or Mike Judge or thousands of other artists from creating millions of new NFTs?” Lee added in his tweets.

The Litecoin creator said that real-world art is not “zero cost” unlike the NFT market. He said the amount of time, money, and efforts that artists put into a single art piece is effective “Proof of Work,” with many artists only creating a few thousand pieces in their entire lifetime. “This limitation creates scarcity, which helps keep the value high,” he explained.

But the NFT market is none of that, he insisted. “Because of the near-zero cost to create another NFT, the market will eventually be flooded with NFTs from artists trying to cash in on this craze,” Lee said, adding:

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“Supply will overwhelm demand and the prices will eventually crash.”

Lee’s own NFT is now on OpenSea

Despite the tweetstorm, Lee clarified that his position on NFTs did not mean that digital artwork—as a whole—did not take time or effort. He noted that such work took both time and effort and held value, but the NFT, as such, was not the artwork. “Creating the NFT is cheap,” he said.

Market speculators have pumped the digital token art sector in the past few weeks. Data shows over $20 million worth of such tokens exchanged hands in the past month—over four times that of the month prior.

Meanwhile, wanting to be “proven wrong,” Lee issued his own Twitter profile picture as an NFT on OpenSea, a popular digital art marketplace. Users have already bid over 1 ETH ($1,797 at current rates) for the rights of holding Lee’s Twitter profile picture. And for all you know, some degen might just pick that up for a few hundred ETH.

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Litecoin Price Analysis: LTC swiftly retests $145 for the third time, reversal to follow next week?

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  • Litecoin price analysis is bullish for today.
  • LTC/USD saw support at $145 for the third time this week.
  • Bulls currently reject further downside.

Litecoin price analysis is bullish today as the market found support at the $145 mark again this morning. Therefore, we expect a reversal to follow for LTC/USD today, with the $165 resistance as the next target.

Litecoin Price Analysis: LTC swiftly retests $145 for the third time, reversal to follow next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, despite the market leader, Bitcoin, gaining 0.17 percent. Ethereum is down by 0.35 percent, with the rest of the top altcoin experiencing an even bigger loss.

Litecoin price movement in the last 24 hours: Litecoin spikes to $145, starts to trade higher

LTC/USD traded in a range of $142.55 – $155.21, indicating strong volatility over the last 24 hours. Trading volume has declined by 11.85 percent and totals $2.94 billion, while the total market cap trades around $9.87 billion, ranking the coin in 16th place overall.

LTC/USD 4-hour chart: LTC looks to move higher?

On the 4-hour chart, we can see the Litecoin price action starting to move higher again this morning, indicating further upside to follow.

Litecoin Price Analysis: LTC retests $145 for the third time, reversal to follow next week?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action saw bearish momentum return this week. After a strong drop to $170 earlier this month, we saw a several-day consolidation for LTC/USD.

Last week, LTC also set a lower high below $195, from which another strong decline began. On Monday, Litecoin price found support around the $145 mark, after a drop of 25 percent.

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What followed was a reaction to the upside, with resistance found at $165. From there, LTC/USD spiked lower again on Friday, retesting the support. Since bears could not push the market below the support earlier today again, we assume that bears are exhausted overall, and the market is ready to reverse.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish today as the $145 support prevented further downside again, and bulls have returned over the past hours. Therefore, we expect LTC/USD to move higher over the next 24 hours and look to return above the $165 resistance.

While waiting for Litecoin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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Litecoin Forecast and Analysis September 27 — October 1, 2021

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Litecoin LTC/USD ends the trading week at 159.89 and continues to move within the downward correction and the bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines down. This indicates pressure from sellers of the digital asset and a potential continuation of the decline in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 125.05. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 305.05.

Litecoin Forecast and Analysis September 27 — October 1, 2021

An additional signal in favor of raising the LTC/USD quotes in the current trading week September 27 — October 1, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakdown of the 95.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 45.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 245.05.

Litecoin Forecast and Analysis September 27 — October 1, 2021

Litecoin Forecast and Analysis September 27 — October 1, 2021 implies an attempt to test the support area near the level of 125.05. Then, continued growth to the area above the level of 305.05. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 95.05 area. This will indicate a continued decline in cryptocurrency with a target below 45.05.

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Litecoin: These signals lend more credence to a bearish trend as opposed to a rally

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September has been full of mini-crashes in the cryptocurrency market. While some alts have overcome several waves of selling pressure, others have struggled to regain lost ground. Litecoin was somewhere in between. The alt trimmed its losses at a support line of $145, recovered by 14% but was still below levels of bullish control.

To assert its dominance, LTC needed to close above certain key levels. However, the market aligned more favorably for sellers, who were ready to ramp up the pressure. At the time of writing, LTC traded at $151.4, up by 4% over the last 24 hours.

LTC Daily Chart

Source: LTC/USD, TradingView

LTC’s support around $145 has been key ever since the 19 May crash. This defensive area prevented multiple breakdown attempts in early-June and transitioned to a daunting resistance during July. The region was once again under the spotlight after LTC declined by 24% over the past week. This was certainly a positive sign as a strong support mark quelled yet another round of selling pressure.

However, LTC needed to claw back some important levels to attract more buyers to the market. The most immediate barrier lay at $165, from where the confluence of the 50 and 20 SMA’s would be targeted. The final resistance lay at the 200-SMA (green) around the $190-mark. A successful close above the aforementioned areas would put buyers back in the driving seat, which would allow for a push above $233.

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However, this structure would be lost in case LTC closes below $145 on strong volumes. The price could drop as low as $103.7 if selling pressure overwhelms the buyers. Moreover, the indicators backed an unfavorable prediction after slipping below crucial areas.

Reasoning 

For the moment, LTC indicators aligned more favorably for sellers than buyers. The MACD and Awesome Oscillator weakened below their half-lines and exposed the market to short-selling. Moreover, the candles were now below their EMA Ribbons- a reading which normally marks the beginning of a bearish trend. If buyers fail to adapt immediately, LTC was greatly exposed to another sell-off.

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Conclusion 

Considering LTC’s indicators, its support of $145 would be under immense pressure once again. A close below this defense would open the doors to July lows of $134.8, $118.5 and even $103.7. For a bullish outcome, LTC would need to topple $165. This would carve a path towards $233.

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