Litecoin (LTC) keeps plunging – can it survive this downward spiral?

Litecoin’s month of July went as the July’s of many other altcoins on the market. It’s BTC value peaked at 0,01344650 BTC around July 3rd, and has since entered a sideways pattern for around half a month before slightly bleeding out to monthly lows of 0,000995559 BTC. USD peaked somewhat later, on July 18th, when the coin’s price reached the value of $93,51 USD. These levels weren’t maintained for long as the value petered off towards the end of the month and reached the lows of $77,25 USD. The month of August started off with a slight recovery, as the coin reached its peak BTC value on the 6th with the price of 0,01074590 BTC. USD value hovered around the $75 USD mark, for the most part.

Currently, one LTC can be purchased for $61.30 USD, which is a 6.06% drop in the last 24 hours. At the same time you can purchase it for 0.00984076 BTC, a decrease of 2.16% from yesterday’s levels. Daily trade volume of Litecoin is among more impressive ones on the market as 38,083 BTC managed to swap wallets in the last 24 hours. Most of that trading (over 50%) is done on several lesser known exchanges, including CoinBene (20,55%) OKEx, DOBI trade, RightBTC, BCEX and Coinsuper. Looking at the coin’s market cap we will see the value of $3,541339,439 USD, which makes Litecoin the 7th most valuable cryptocurrency in the world.

Read our head to head comparison of crypto exchanges: Binance vs Kucoin

Today’s Litecoin analysis has been provided by jbutler7 from TradingView:

“I was playing with the fib time tool on here, and between 8 and 13 fits perfectly with a long selloff that we have been in. We are starting to extend past the 13, so, can we expect to see something here soon? This is not the only tool needed to make an informed buy/sell decision, so I will add that we can see some bullish divergence on the MACD, and a potential double/triple bottom. Litecoin’s biggest enemy right now are the moving averages, and should be looked out for, especially the shorter period EMAs (20, 50)”

Project’s developers currently seem embroiled in an effort to release an update to current Litecoin Core software. In that spirit, they recently put out Litecoin Core v0.16.2 Release Candidate, a “minor release” that will still include new features, bug fixes and performance improvements, according to the project’s official blog post. For now, the product is in its testing (aka likely full of bugs) phase so it is recommended that only power users upgrade their software to this version. After sufficient testing, Litecoin Core v0.16.2 final will be released for the general public and will be recommended for all users to upgrade.

Wonder what is the best wallet for LTC? Click here to find out.

In other news, Instacoin ATM’s have now added Litecoin support and from now on, holders of LTC will be able to sell their coins on these machines. Litecoin was also added to MCO wallet, the coin storing app of the company (formerly known as Monaco). Charlie Lee praised this move:

“Litecoin Foundation and share a common vision of accelerating the development and adoption of cryptocurrency. As Litecoin moves towards widespread acceptance as currency for a growing number of merchants, I’m excited to see Litecoin support added to the MCO Wallet App and the MCO Visa Card. We look forward to advancing the mission to expand cryptocurrency use together with by helping more users buy and spend Litecoins in their day-to-day lives.”

Speaking of Lee, he has been booked to speak on CoinsBank’s “Blockchain Cruise Mediterranean”, a yearly event that will be held for the third time from September 7th-11th of 2018. This cruise promises to host plenty of interesting individuals from the world of cryptocurrency, including probably the most popular man in crypto (bar Satoshi), John McAfee. Other notable guests of this event will include Brock Pierce (of venture capitalism and EOS fame), Jimmy Song (venture partner at Blockchain Capital LLC) and Roger Ver (the CEO of and creator of Bitcoin Cash).

Interestingly enough, one of the guest speakers is supposed to be Tone Vays, an outspoken blockchain analyst, consultant and researcher who recently publicly called out Litecoin as a straight up scam. While he was probably overreacting to Litecoin partnering up with two other projects that are likely scams, hopefully the organizers of the event thought this through and booked Lee and Vays on separate days.

Lee will later attend the global Litecoin summit in South San Francisco Conference Center from 14th-15th of September. August seemingly won’t be that eventful of a month for Litecoin. LTC users and aficionados will surely look forward to aforementioned September events, which will hopefully see Charlie Lee uncover more details about his project’s future.

LTC might continue to sink as investors shift towards projects that are more realistic in their goals. Successful projects aren’t those planning to replace the dollar: they’re the ones trying to fix problems otherwise unsolvable without blockchain and cryptocurrency. So this downward spiral could be a death spiral for LTC – the founder has no skin in the game anymore and already started pushing some other projects, at least with a declarative support via his Twitter.

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Dobrica Blagojevic
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