Litecoin price is slowly and steadily rising from the $56.00 support against the US Dollar. LTC/USD may soon accelerate gains above the $60.00 resistance.
Key Talking Points
Looking at the chart, LTC price gained traction and it was able to clear the 50% Fib retracement level of the last decline from the $61.50 high to $56.60 swing low. Moreover, there was a close above the $58.00 level and the 100 hourly simple moving average.
The price even spiked above the $59.00 level and traded close to the $60.00 resistance. More importantly, yesterday’s highlighted bearish trend line was breached with resistance at $57.80 on the hourly chart of the LTC/USD pair.
The pair traded as high as $59.67 and it is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $56.58 low to $59.67 high.
However, the main support on the downside is near the $58.00 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last wave from the $56.58 low to $59.67 high is also near the $58.00 level.
Therefore, if the price continues to move down, it is likely to find a strong support near the $58.00 level. On the upside, an initial resistance is at $59.50, above which the price needs to clear the $60.00 resistance.
At the outset, the current price action is positive and it indicates that litecoin could accelerate higher above $60.00 in the near term.
The science behind the coinLitecoin (LTC)was launched on Githubback on October 7th of 2011, a currency that was designed to be practically identical in its technical aspects to the leader of the sector Bitcoin (BTC). In fact, it was created as an open-source fork of the first ever launched cryptocurrency of the market, and ever since then, it has performed as the silver to the pseudo-gold that represents Bitcoin (BTC).
Even when the similarities are that many, Litecoinhas come a long way from where it began in 2011, having one of the strongest features of the sector in terms of costs and speed as of now. However, its performance is still way below one of the leaders of the market as the altcoin trades at a price that is thousands of times lower than the price of bitcoin, and as we believe this is actually not an accurate thing considering what the crypto has to offer to both enthusiasts and investors.
Truth be told, the conditions of the market right now are not the best to consider, and this is something that has affected every single one of the coins that exist in the market, including, of course, Bitcoin. But if we take into account the normal conditions of the sector, Litecoin (LTC)has one of the strongest and more stable performances of them all.
In these regular conditions, Bitcoin used to be one of the greatest investments, representing a great store of value to a bunch of investors and enthusiasts. But the truth is the leader of the sector still has a lot to improve in terms of speed and transactions fees, a field in which Litecoin has managed to offer operations that barely take 2.5 seconds and with incredibly low cost.
Like this, it is worth to mention that one of the main usabilities for cryptocurrencies is serving as a payment method, and this is something in which Bitcoinclearly has the lead as well being adopted on several mega websites. Nonetheless, Litecoin may see a higher adoption considering the fact that what it has to offer is better, transactions are actually cheaper, and they even take less time.
Once the market starts to rise again, a massive adoption of Litecoincould skyrocket the price of the coin, even being possible that LTC gets to the forecasted number of 1000 US dollars, but in order for this to happen one of the things the coin needs to get rid of is the relation with Bitcoin (BTC), a fact that seems to be more detrimental than helpful.
Litecoin is actually the only competitor that Bitcoin has, because even when Ethereum (ETH)is closer in numbers, the crypto is very distant on its target and this positions LTC as the most likely contender, so instead of considering the silver to the Bitcoin gold, Litecoin should be labeled in the same measure of importance than BTC.
The current price of Litecoin (LTC)is $83.07 per coin, the token has increased in value by more than 10% in the last 24 hours, and the weekly uptrend of it is expected to keep getting stronger now. So things may change sooner than
The main net tutorial on how to install Litecoin main net Lightning Network node on Mac has been developed. The guide is available for all the users on the internet now. It consists of all the commands and codes required to set up the lighting node. Users can copy and paste almost all the commands directly from the guide. The team has advised the users to back up the machine before beginning the process just to be on the safer side.
Charlie Lee, Founder of Litecoin recently tweeted:
“Thanks to @ecurrencyhodler for creating a guide on how to get Litecoin mainnet Lightning Network up and running on a Mac. If you have a Mac, be adventurous and do some mainnet Litecoin LN transactions!”
A Litecoin enthusiast says:
“LTC by far is the fastest currency. Why in the world is it the cheapest compared to the big 4. Something doesn’t make sense. As the ecosystem closes into a cashless society and paper money becomes less used for transactions LTC could see $3,000 per LTC. :)”
Maharishi, a cryptocurrency proponent from India says:
“this is awesome! great work @ecurrencyhodler “
Adam Mehaffey, a Twitterati commented:
“@ecurrencyholder thanks for the contribution, I’m hopping on board right now….”
We can see that Charlie Lee’s vision for Litecoin and Lightning Network is being executed gradually.
Litecoin [LTC] is trending at the 5th position and currently trading at $126.46 with a market cap of $7.09 as per 1:10 PM UTC. Considering the market analysis from Price.AMBCrypto, the token has been showing fluctuating prices for one week. LTC was previously trading at $112.76 and showed a sudden increase in just 4 days climbing up to $134. The coin had a gain of 7.55% in the last 7 days. The coin is trading on the several exchange platforms such as OKEx, GDAX, Huobi, Bitfinex with a high trading volume of $50,784,400.
Speed-focused cryptocurrency Litecoin has experienced a volatile Q1 2018 run and was significantly impacted by the recent general market downtrend catalyzed by an uncertain regulatory horizon. Recent announcements from Litecoin founder Charlie Lee, however, have caused the value of the token to stabilize after a swift late March descent attributed to the cancellation of Litepay.
Litecoin rallied significantly in mid-February this year due to an announcement that the platform’s merchant payment processing system would go live on the 26th of the same month.
An email sent to customers on March 5th, however, stated that card registration for the Litepay system would be placed on hiatus “due to the negative perception and drastic actions card issuers have towards cryptocurrency companies.”
Charlie Lee [LTC]✔@SatoshiLite
Replying to @niocetil and 2 othersFrom what I know LitePay was working on a Visa card but ran some problems, which is not surprising given how hostile Visa is towards crypto. I'm guessing they worked until the last minute to try to overcome this issues but weren't able to. It's unfortunate.
5:32 PM - Feb 27, 2018
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Related Story: Litecoin Price Dips After Litepay AnnouncementThe Litepay delay saw LTC drop in value from over $180 down to almost $110 over the course of March, but recent news has seen the token halt its rapid descent, recovering to the $129 level based on positive market sentiment caused by the announcement of a partnership between Aliant Payment Systems and Litecoin.
Aliant will be using the Litecoin platform to provide merchants with a cryptocurrency payment acceptance method, which could potentially function as a de facto replacement for the Litepay solution.
Litecoin founder Charlie Lee commented on the partnership, stating that merchants will be able to accept LTC through a range of different methods:
“The Litecoin Foundation is pleased to partner with Aliant Payment Systems for Litecoin payment processing. Aliant offers a well-rounded solution for merchants to accept Litecoin easily with physical point of sales terminal (via Poynt), virtual sales terminal, and custom API integration. Merchants also have the flexibility to keep the payments they receive in LTC or convert them immediately into fiat currency.”
Litecoin Smart Contracts?While the partnership has provided Litecoin with a much-needed credibility boost, it’s not the biggest news to be announced by Lee over the last month. Abra, a digital wallet app, announced in mid-March that it would be using the Litepay platform as the core of their application protocol.
Abra is the only global app that allows you to buy, store, and invest in 20 cryptocurrencies in one place.The most interesting element of this partnership, however, is that Charlie Lee has referenced smart contracts on the Litecoin network as part of the announcement.
The Litecoin development team hasn’t made any significant statements regarding smart contract implementation on the Litecoin network since a mid-2017 tweet from Lee referencing the possibility of smart contracts facilitated by RSK’s two-way peg solution, so the announcement of Litecoin smart contracts has many crypto community members scratching their heads.
In a Reddit AMA conducted on the 2nd of April, Abra CEO Bill Barhydt highlighted the reasons why the platform chose Litecoin:
“We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees.”
The smart contracts referenced by both Charlie Lee and Bill Barhydt, however, are dissimilar to smart contracts in the Ethereum sense. Instead, they are unique to the Abra platform and are used by Abra to create synthetic digital assets.
Wait — What is Abra?Abra is a smartphone app that aims to streamline the cryptocurrency investment process, allowing users to invest in 20 different cryptocurrencies. Abra makes it possible to fund accounts with either bank transfers or American Express and allows users to trade in over 50 fiat currencies.
A unique element of Abra, however, is its smart contract based investment platform. Abra uses a multi-sig smart contract-based investment system that allows the platform to create synthetic digital assets based on either Bitcoin or Litecoin.
This mechanism essentially allows users to access instant exposure to both cryptos and fiat currencies without holding physical currency.
Abra smart contracts are based on P2SH scripts, and simulate investment contracts in the same way a gold ETF is a contract based on USD. In the case of a gold ETF, if the value of gold goes up, the user gains more USD — or if it goes down, loses USD. Abra smart contracts work the same way, but use Bitcoin or Litecoin instead of USD, with Abra itself acting as the counterparty.
The Future of LitecoinAlthough the indefinite hiatus placed on the Litepay project may have negatively impacted the value of LTC, Litecoin’s recent partnership with Aliant alongside its integration with Abra has allowed it to recover its position in the top coin rankings.
With smart contracts set to launch on the Litecoin blockchain on the 13th of this month, Litecoin is set to experience a strong resurgence as one of the most valuable tokens by market cap.
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News that payments network Abra had committed to Litecoin (LTC) for its smart contracts failed to prop up markets April 4 as the asset reversed previous gains.
After Abra, which raised $40 mln in its latest funding round, announced it would use Litecoin’s smart contracts to power its wallet and exchange late March, LTC swiftly gained 20% to hit a weekly high of $136 Tuesday, April 3, according to cross-exchange data from CoinMarketCap.
Explaining the move, Abra’s CEO Bill Barhydt saw compatibility with Bitcoin as a major factor in the company’s choice of Litecoin over Ethereum-powered smart contracts:
“We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we're successful anyway!”
He added that Litecoin would become the “primary asset class” for Abra in the next few weeks.
Abra’s announcement buoyed Litecoin investors after prices nosedived last week in light of merchant gateway LitePay suddenly closing its doors just weeks after it opened for business.
Nonetheless, overall sentiment appears bearish, LTC shedding most of its Abra-influenced gains April 4 to retreat back to $121 by press time.
“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs,” Litecoin creator Charlie Lee had said last week in comments over the LitePay closure.