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NFTs are like ICOs in 2017 and Altcoins in 2013 – Litecoin Creator

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  • Charlie Lee has compared the current NFT boom to ICOs in 2017 and altcoins in 2013
  • He cites that NFTs are easy to create, simple and are bringing in new people into crypto
  • Charlie Lee went on to point out that an NFT is a digital certificate to a collectible
  • Billionaire investor, Mark Cuban, is particularly interested in the NFT market
  • Global Google search volume for NFTs has also skyrocketed

The Creator of Litecoin, Charlie Lee, has likened the current NFT interest in the crypto-verse, to the ICO boom of 2017 and the introduction of altcoins in 2013. According to Mr. Lee, NFTs are easy to create with minimal barriers. They are also simple to explain and are thus bringing in new people into crypto. Mr. Lee shared his analogy of the NFT market to ICOs and altcoins via the following statement.

I see a lot of parallels between 2021’s NFTs with 2017’s ICOs and 2013’s altcoins:

– easy to create new ones with no barriers – simple to understand & explain

– brings tons of new people into crypto

– high prices & pumps create hype/FOMO

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– few will hold & have value, most won’t

An NFT is a Digital Certificate to a Collectable Proving its Authenticity

In another Twitter commentaryCharlie Lee described an NFT as ‘a digital certificate to a collectible that can be easily, cheaply and perfectly duplicated’. He went on to explain that digital certificates cannot be duplicated and having them on NFTs proves their authenticity as explained below.

Part of the value of owning a collectible is the prestige to be able to say only I own it and can display the collectible. And no one else in the world can do that. NFT reduces that value to only I own and can display the certificate of authenticity.

Mark Cuban Invests in NFT Platform, Mintable

The rise of NFTs has also caught the eye of billionaire investor, Mark Cuban, who recently invested in the NFT marketplace known as Mintable. The team at Mintable made the announcement via the following tweet. The team at Mintable went on to express their gratitude to Mr. Cuban for his support and announced that the project will be carrying out a seed round in the coming weeks.

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Google Search Volume on NFTs Explode to New Highs

The global interest surrounding NFTs is best exemplified by an increase in the number of google searches surrounding Non-Fungible Tokens. According to Google Trends, search volume surrounding NFTs has seen an exponential increment since 2021 began. The chart below, courtesy of Google, further demonstrates this fact.

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Litecoin

LTC Price Analysis: LTCUSDT Shows Bullish Recovery As it Marks its Tenth-Year Milestone

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Litecoin is currently ranked the fifteenth cryptocurrency by market cap as it marks its tenth-year milestone in the crypto space. LTC holders generally do not see the tenth anniversary to be worth celebrating as their beloved crypto-asset gets dominated by Bitcoin BTC and underperform compared to other altcoins.

Litecoin LTCBTC Monthly Chart


The LTCBTC chart above highlights a bearish trend with the Bitcoin holders seeing more gains compared to LTC holders.

All attempts by LTC bulls against the BTC are to no avail as the price fails to close above a significant resistance, even with a consecutive bullish divergence in June and October ’21. We’ll need to see a price break above 0.007220 for confidence in a general price recovery for the LTCBTC.

However, the LTCUSDT is still promising with bullish recovery signals from the higher time frame, all the way down to the intraday charts. Read on as we uncover the significant chart patterns and price levels driving the LTCUSDT crypto pair.

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Litecoin LTCUSDT Weekly Chart

The Litecoin price maintains a bullish outlook even after the market-wide price plunge on 10 May ’21, as the relative strength index trade above level-25 since 27 July ’20.

A recent bear-trap candlestick pattern on 27 September ’21 brings hope to LTC holders who have seen stunted returns and recovery compared to BTC and other ALT coins.

Litecoin LTCBTC Daily Chart

The 28 September bullish divergence on the daily chart above supports the bear-trap candlestick pattern on the weekly time frame, forcing the LTC price into an upbeat trajectory as old resistance [$187.00] of 24 September are now switched into support.

Bullish momentum at press time forced the LTC price above the 07 October high [$187.0] with a projected target at $240.00.

Litecoin LTCUSDT 4 Hr Chart

The regular bullish divergence support on 12 October ’21 08:00 fixed the LTC support level at $166.30 and advanced further to break the 14 October ’21 00:00 bearish divergence resistance, and flipping it into a new support level. 

Although the RSI confirms a new uptrend at press time, the RSI values could drop below level-75, forcing a correction of the LTC exchange rate. The upward trend should persist as long as the RSI does not drop below level-25.

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Litecoin LTC Intraday Levels

  • Spot rate: 189.0
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $166.30 and $180.90
  • Resistance: $193.00

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Litecoin price analysis: Bullish momentum takes the price to $183. What’s next?

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  • Litecoin price analysis is bullish today.
  • The nearest resistance is found at $185.4.
  • The nearest support for LTC is present at $181.4.

The Litecoin price analysis reveals the market is again dominated by bulls. The price has increased today again for the third consecutive day. Overall during the last week, the price trend was slightly on a downslope, but the last three days proved worthwhile for the crypto pair as the price of LTC/USD increased from $172 to $184 during this time. Currently, the price is floating in the upper price envelope, which was found after the flash crash of 7th September. The nearest resistance for LTC/USD is present at $185.4, followed by another resistance of $189.6. On the contrary, support for LTC/USD pair is present at $181.4, followed by another support of $177.

LTC/USD 1-day price chart: LTC bulls to face resistance at $185.4

The 1-day price chart for Litecoin price analysis shows bulls are successfully maintaining the price above $180, they achieved the target yesterday and today are continuing further high. Today bulls covered the upwards range from $181.4 to the current price of $184. The LTC/USD pair gained over 2.5 percent value over the last 24 hours and around four percent value over the course of the last seven days. The trading volume has also increased by nearly six percent.

Litecoin price analysis: Bullish momentum takes the price to $183. What's next? 1

The volatility for LTC/USD pair is almost mild, but slightly on the higher side, and the Bollinger bands indicator shows a little upwards breakout with the upper band at the $194.8 mark, representing the resistance for LTC, and the lower band at the $141.6 mark, representing the lowest support for LTC/USD. The average of the indicator is at $168, which also is a support for the price, as the price is trading above the mean average.

The relative strength index (RSI) is in the upper half of the neutral zone on an upwards curve, indicating increasing buying activity in the market at a modest pace. The RSI is present at index 58 in the neutral zone.

The moving average (MA) is present at $178 below the price level complementing the bullish momentum. All the short-term moving averages and exponential moving averages support the bullish trend.

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The Litecoin price analysis: Recent developments and further technical indication

The 4-hour price chart for Litecoin price analysis shows selling pressure forming in the market as price touched $184, which is evident by the last red candlestick, but traders can expect that this candlestick may turn green because the Bollinger bands have started diverging on both sides.

Litecoin price analysis: Bullish momentum takes the price to $183. What's next? 2
LTC/USD 4-hours price chart. Source: Tradingvew

The increase in volatility which is indicated by the divergence of the Bollinger bands is providing more space for the upwards price function. The upper Bollinger band is now at $186, representing the resistance for LTC/USD. As the price trend is upwards, we can expect the price to rise further. The RSI has taken a downturn and is present at index 59, which is not a good indication.

Overall technical indicators support the bullish trend as 14 technical indicators show buy signs for LTC/USD assets, and only two technical indicators show sell signs, whereas 10 technical indicators show no signs and are standing neutral.

Litecoin price analysis: Conclusion

The litecoin price analysis shows bullish momentum is leading the price function. The selling pressure as noted on the 4-hour price chart may get reversed if the support remains strong and buying activity, as suggested by the 1-day RSI, keeps on increasing. Traders can expect the price to go above $184 in the coming hours.

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Litecoin (LTC) Flips Ethereum (ETH) In Terms of Address Activity for Third Time in 2021

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If something good that’s happening to Litecoin (LTC) as of now is that there’s a sudden surge in the Litecoin address activity as of now. On-chain data provider Santiment reported that Litecoin has flipped the world’s second-largest blockchain platform Ethereum (ETH) in terms of address activity. The data provider reports:

Litecoin has just flipped #Ethereum in terms of address activity for just the third time this year. We’ve also discovered that #Litecoin‘s payment count, which quantifies the number of addresses receiving $LTC, has hit an #ATH.

Courtesy: Santiment

As per on-chain data provider Santiment, the daily active addresses have touched 600K which is phenomenal for a UTXO cryptocurrency. Furthermore, unlike Ethereum, Litecoin doesn’t enjoy the strong backing of DeFi or NFT contributing to active addresses.

Litecoin Payment Count Hits All-Time High

Another important metrics highlighted by the on-chain data provider “payment count” has broken the 2017 bull run high. The data [provider noted:

This specific UTXO metric counts the number of addresses which are receiving Litecoins. And it’s very close to count of active addresses. Okay, LTC belongs to UTXO. May be it makes sense to compare it’s onchain activity to Bitcoin.

LTC Price Remains Flat

Despite the recent surge in the address activity, it hasn’t been much reflected in the LTC price. The Litecoin (LTC) price continues to trade flat at $173.78 with a market cap of $11.9 billion.

Last month in September 2021, LTC shot to its 2021 high of $223 on the strong rumors that retail giant Walmart was going to facilitate LTC payments. However, this price sustained for less than 24 hours in what appeared to be a case of classic pump and dump.

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One of the Litecoin executives also rushed to tweet regarding it later pulling it down. The Litecoin creator Charlie Lee later assured that they will figure out how this fake news popped into the market. However, we have yet to hear further details of the investigation.

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