Crypto Analysis Report 8-24-18 Litecoin....Buyers At $47
It’s been six weeks since I last spoke about Litecoin,
It was a level I have been talking about for many months and price action did what I expected it to do,
but I didn’t get the follow through that I was expecting..price never took out the most recent pivot high at $90.
According to eToro,
Litecoin (LTC) is by far one of the most established networks in the cryptospace. It is already being used by many as a store of value and means of exchange and so can be considered as money. Furthermore, the groundbreaking partnerships that are being formed by the Litecoin Foundation position this crypto for long term success. According to the metrics we have analysed below, the current price that LTC is trading at could be seen as a massive discount to what it should be worth.
Maybe that’s why U.S. Representative Tulsi Gabbard of Hawaii bought Litecoin late last year.
Litecoin became the first of the significant cryptocurrencies to adopt the SegWit (Segregated Witness) system, which separates transaction signatures to increase the block size limit of the blockchain. Also, Litecoin served as the host platform that allowed completion of the initial Lightning Network transaction from Zürich to San Francisco in less than one second. Lastly, Litecoin has a strong leader and visionary in Charlie Lee.
Thus, the charts suggest another level to buy at is at the daily demand zone at $46. Price has touch that zone on three occasions and quickly reacted to the zone, which tells me there are buyers at the level.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Published on
by rollandthomas
Charlie Lee has played such a major role in suppressing the price, starting with him selling off all his LTC back in Jan.
lol....yeah he timed that very well.
Litecoin has never recovered from the debacle that was LitePay athoigh an alternative is in the works supported by the Litecoin foundation. I have been adding to my position as this will be the asset I intend to use for daily purchases once adoption grows and the ecosystem is ramped up.
I'm not familiar with the Litepay debacle, I will have to do some research.
LitePay was a project that Litecoin Foundation funded and supported to create a debit cards backed by the Litecoin protocol and cryptocurrency. After they had announced a beta and a portal to start signing up both users and merchants, LitePay asked the Foundation for more money to finish the project which was rejected due to the unable to demonstrate the best use of the original funds. Thus, the project was killed. However, the Foundation has since picked up the project to lead on their own with members.
Thanks very informative.
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