Articles by "LiteCoin"
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Following the recent 3-day downtrend period for most digital currencies, Litecoin is showing signs of potential recovery between $150-151 against the US dollar. Currently, the coin is trading above the $156 resistance level.

The dip can be blamed on the recent criticism from legendary investors such as Charlie Munger and Warren Buffet. Moreover, Bill Gates stated that since the cryptocurrency asset class is not producing anything, people should expect it to go down. He termed it a greater fool theory type of investment and added that he could short it. As such, some potential investors got scared away, but this is just for a short period as most coins have shown signs of potential recovery.

In the past 72 hours, we witnessed a downside move from the $170 pivot level in litecoin price. The coin traded close to the $150 level before buyers appeared to boost it. From the chart below, the coin’s price went as low as $151 before the upside correction started. However, it climbed recently above the 23.6% Fib retracement level of the previous bearish trend from $168 high to $151 low.

The coin was able to break below the support line of the ascending channel and 20-day EMA. However, bulls purchased the dip close to $150 levels and forced the prices back into the channel. Now, a rally above the $168 levels will show strength and it will be possible to move to the $184 level which took place on 6th May.

Additionally, the coin’s price is likely to receive a great boost from the recent Twitter campaigns, #PayWithLitecoin and #LitecoinAcceptedHere. These will build the coin’s awareness and the payment systems will spike Litecoin’s value in the near future. Moreover, according to analysts, the coin may jump as high as $180.
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The Litecoin Foundation published a bulletin Monday, March 26, notifying the public about the closure of “LitePay,” a potential Litecoin merchant solution similar to BitPay, and apologizing for “not doing enough due diligence” before promoting the company.

The notice, written by Director of Operations Keith Yong and addressed to the “entire LTC [Litecoin] community,” notes that the foundation is “greatly disheartened that this saga has ended in this way”:

“We are currently working hard to tighten our due diligence practices and ensure that this does not happen again. Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market-ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.”

Litecoin founder Charlie Lee echoed the foundation’s sentiments in a Twitter post-March 26:

According to the bulletin, the Litecoin Foundation had recently refused LitePay CEO Kenneth Asare’s request for more funding for LitePay, citing a lack of transparency and explanation for how the previous money had been used.

The problems with LitePay had become apparent during an “Ask Me Anything [AMA]” Reddit post by Asare from March 16, where he was unable to provide answers for many of the questions concerning the company’s documentation, which Reddit users requested, the bulletin notes.

Other Reddit users pointed out the “scam” aspects of LitePay’s website: user BrockFukcingSamson had commented that the privacy policy for LitePay was just copied and pasted from Coinbase but added an update that “they replaced ‘Coinbase’ with ‘LitePay’” without changing the text of the policy. As of press time, the two privacy policies have different wording.

In mid-February, Litecoin’s price had jumped 30 percent following LitePay’s Feb. 12 announcement that they would release their merchant service on Feb. 26, a promise that they were clearly unable to keep.

Litecoin has seen a drop in price since the Monday news of LitePay’s closure – although many of the top 100 coins on CoinMarketCap are also in the red. On Sunday, March 25 LTC was trading at a high around $162, and is currently at $144, down around 1.6 percent over a 24-hour period.

Litecoin Charts

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Litecoin (LTC) is becoming a high-publicity digital asset with a rather active development calendar. This time, the coin has a new release of the core version, coming a few days after the new version of Bitcoin.

The changes are mostly minor, but there are important updates to optimize block discovery and node resources. Updating to the new version is optional. One of the effects is the prevention of accidental forking by discovering competing blocks.

Other changes include a disabling of competing wallets, as users would not be able to open copies of the same wallet at the same time. Miners would be able to set block size manually as preferred. But one of the most important features was another lowering of minimum transaction fees, with a view to lowering them even further to a minimum of 0.0001 LTC per kilobyte in the next release.

The recent publicity around Litecoin did not manage to boost the prices to record levels. However, in a dramatic month of shakedowns and corrections, Litecoin turned out to be an extremely stable asset, coming out ahead of the pack in terms of performance. At one point, LTC doubled its price against BTC, although now it is sliding again. But the asset has shown it can easily reach 0.02 BTC.

LTC moved up in February, from a low point around $120 to around $208.

The Litecoin Spillover Effect

The effect of Litecoin may spill over to other assets, as the community and the coin’s creator, Charlie Lee, are generally involved in promoting the usage and technology of crypto coins.
The recent mention of the NANO (XRB) asset by Charlie Lee had a positive effect on the price. XRB continued to grow, adding another 6% in the past 24 hours to $16.58. Yet some believe the influence of Lee is getting out of proportion and may be adding to the volatility of coins by what could be considered “shilling”.
However, Litecoin Cash (LCC) has seen nothing of the love directed toward the “Chicken”, as LTC is sometimes called. The LCC market price has been sliding after the initial pump, to around $0.90, after losing more than 85% of its value within a week.