Litecoin [LTC] recovers; Charlie Lee says efforts underway to push prices up
Litecoin [LTC] prices recovered on Monday after spending the weekend exhibiting a downtrend. Litecoin was once touted to be a better choice in comparison to Bitcoin, but has faced recent selling pressure as traders move to other cryptocurrencies.
Last week, Litecoin founder Charlie Lee blasted critics of the digital asset and said that he was doing everything to push its price to $400. The response came after a cryptocurrency trader criticized Lee for abandoning the altcoin, alleging that Lee was trying his best to ensure that Litecoin’s price doesn’t reach the $360 mark again.
I’m trying my best to get LTC to $400 so people like you will stop shitting on me all the time. Who abandoned LTC?!
— Charlie Lee [LTC⚡] (@SatoshiLite) July 19, 2018
The virtual currency had climbed to a record high at $375.29, but has since slumped to below $75. In the last three months, the coin had slid nearly 45 percent, data from CryptoCompare showed.
But many still have faith in the coin. According to Smartereum, experts believe that could end the year at around $600 or so.
The most recent positive development was the Litecoin’s partnership with TokenPay, resulting in Litecoin Foundation owning a 9.9 percent stake in Germany-based WEG Bank. After acquiring the stake, Lee cautioned that the stake in a bank may not be a guaranteed success.
“People have brought up valid concerns that we still need to work with and be approved by players in the current financial systems like Visa and SWIFT, but we definitely have a much higher chance of succeeding now that we own a stake in a bank with bank licenses,” he noted.
Litecoin [LTC] price analysis
The digital asset had breached the first resistance level, which can be found at $82.6. After climbing briefly, the coin was unable to break out from the current resistance level, noted at $85.4.
The cryptocurrency is currently exhibiting a significant trading range of $82.1-$85.9. It has found support at $83.7, and seems to gaining steam. If the bullish momentum continues, the coin could breach the current resistance level.
The 100 EMA line, at present, showed that the digital currency was in an uptrend. The MACD exhibited that Litecoin was trading in the bullish zone, after briefly trading in the bearish zone earlier in the day.
Litecoin is currently ranked as the seventh most valuable cryptocurrency, with a market capitalization of $4.88 billion, data from CoinMarketCap showed.
Image via Shutterstock
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