Litecoin weekly price analysis 24 August: Value slips slightly, LTC summit announced
The alternative coin’s value retracted marginally over the last week, while trading volumes also dipped.
- Litecoin’s price has fluctuated mildly over the past week, falling slightly week-on-week.
- Trading volumes are also down week-on-week.
- The not-for-profit Litecoin Foundation is having its first Litecoin Summit in San Francisco next month.
Litecoin was valued at US$59.39 on Friday 17 August. The token reached a weekly high of US$61.90 that same day before moving lower over the weekend.
On Monday 20 August, the coin hit a weekly low of US$54.00. There was a notable price recovery that occurred on Tuesday 21 August and Wednesday 22 August that saw Litecoin’s value jump to US$58.69.
However, the hike didn’t last long and the token quickly reversed any gains made. By Thursday 23 August Litecoin’s price was back down at US$54.38. From there it has steadily been gaining momentum, rising in value and, at one point on Friday 25 August, the cryptocurrency was worth as much as US$58.28.
At the time of writing, the Litecoin token was valued at US$57.85.
24-hour trading volumes dropped from US$263 million to US$201 million over the last seven days.
Seeking Alpha analyst Florian Grummes suggests that, from a technical standpoint, a drop towards support between US$42 and US$52 is “likely”, given that the crypto trading space remains in the grips of a bear market.
FXStreet’s Ken Chigbo confirmed that LTC/USD has been in a “firm bearish trend” since the latter half of July. The token has lost more than one third (37%) of its value since then, slipping from US$90 down to its current price of US$57. It’s unlikely that this trend will shift anytime soon, according to the current weekly candle.
The Litecoin Foundation will host the first ever annual Litecoin Summit in San Francisco, California next month.
The event will run from 14 to 15 September at the South San Francisco Conference Center, near the airport.
Special guests include Litecoin creator Charlie Lee, Lightning Labs chief executive Elizabeth Stark, Abra chief Bill Barhydt, Gemini vice president engineering Eric Winer, Blockchain expert Naomi Brockwell and many more. Discussions will focus on scaling solutions via the Lightning Network; sidechains, smart contracts and RootStock; the need for non-custodial wallets; venture capitalist approaches; and practical crypto tax tips.