Litecoin weekly price analysis 17 August: LTC slumps, rebounds and tests resistance
Litecoin has recovered a considerable amount of value, while Zulu Republic support LTC Telegram payments.
- LTC lost significant value in the past seven days but the cryptocurrency has steadily begun to recover.
- Trading volumes jettisoned almost one fifth (18%) of their total at one point but bounced back.
- Zulu Republic have developed a digital wallet that allows users to transact Litecoin on Telegram.
Litecoin (LTC) began the week August 10 at a peak value of US$62.23. From there the coin lost a lot of ground but clawed its way back to US$61.42 by the end of Saturday August 11.
On “bloodbath” Monday August 13, the cryptocurrency – along with most altcoins – plummeted, shedding a significant amount of value and falling to a weekly low of US$51.16 early on the morning of Tuesday August 14.
Throughout the rest of the week, Litecoin’s price has fluctuated higher and continues to gain momentum.
At the time of writing the digital currency holds a value of US$59.10 and looks to be tracking higher.
Trading volumes were similar through the week, fading slightly from US$259 million down to US$243 million.
CryptoBlockWire analyst Jeffrey McGovern reports that Litecoin’s relative strength index has hit a critical level.
“Make no mistakes about it, the coin has to breakout next week… it either downsizes or upsides,” he said.
CryptoGlobe suggests that Litecoin is currently approaching a resistance level at US$60.00. If the token manages to push through this barrier, “LTC will soar higher” and be out of the range-bound zone. However, if the coin faces any resistance, it will likely continue to fluctuate on the same path.
Last week Litecoin founder Charlie Lee tweeted that the seventh largest digital currency by market cap has been used to develop a new Telegram-based wallet, allowing users to send and receive Litecoin. Telegram is a cloud-based instant messaging service that is popular among cryptocurrency traders and enthusiasts alike.
The new Litecoin wallet, Lite.im, was developed by Switzerland-based blockchain startup Zulu Republic.
A bear market is the best time for people to work on adoption.
We build it and they will come. Adoption is key!
— Charlie Lee [LTC⚡] (@SatoshiLite) August 9, 2018
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