What is happening! Litecoin (LTC) Feels the Heat From Cardano (ADA)’s Upsurge
Litecoin's position in the top 10 may be under threat as it continues to struggle in the market. Even though the mid-term and long-term outlook shows there's light ahead, the present is less appealing.
Litecoin’s position in the top 10 may be under threat as it continues to struggle in the market. Even though the mid-term and long-term outlook shows there’s light ahead, the present is less appealing.
There has been pressure from Cardano (ADA) which in the last seven days has gained 14% more than LTC.
In the last 24 hours, Litecoin value gained by less than 4%, allowing ADA to make up ground with a 24% rally and a daily trading volume of $867 million compared to $380 million worth of LTC traded in the same period. And that allowed Cardano to sneak up into 6th.
Litecoin traded in the green during the Asian hours Saturday before briefly turning red over the hour-to-hour and 24-hour charts in the afternoon. The coin recovered from the slide to climb above the -1.59% drop to record 0.55%. This marginal gain cuts into the gains made over the week.
The weekend sentiment may be tough on LTC this weekend as its +3% price gain over 7 days begins to test its support levels. Compared to other projects in the top 10, LTC betters XRP only, which has dropped to trade at +1% over the past week.
While the market sentiment can swing in its favor any time, the crypto bulls must consolidate support at $148 and try to push the $155 resistance line. If it does get that and breaks above the immediate resistance level, we could see it push for the next major resistance at $162 in the next few days. This needs to happen to keep momentum positive.
No gloom at the moment!
It may come out as being bearish on a coin that is clearly placing itself in a strong position to push for mass adoption. The recent partnerships and related developments mean that going bullish on LTC is the best option. It is expected that the extensive effort to have LTC in use around the globe as the top p2p will be invaluable to the cryptocurrency.
In its own admission, the cryptocurrency notes that “with substantial industry support, trade volume and liquidity, Litecoin is (would be) a proven medium of commerce complementary to Bitcoin.”
The support is thus there to see it compete, but this needs to be scaled to a certain level for it to truly take over as the undisputed p2p payment currency. The LTC Foundation and the community wouldn’t be doing themselves justice by continuously measuring “this silver” against BTC as the standard bearer.
We should see a concerted effort by Charlie Lee and the Foundation to ensure that the network can support super-fast and near-zero costs in reality. TenX and TokenPay deals present that platform that should act as a springboard towards global integration.
Meanwhile, in other developments, it has emerged that Litecoin founder Charlie Lee may be harboring some regret over his sale of all of his LTC coins. At the time he sold his entire LTC hold, Lee had stated that he was doing so to avoid conflict of interest. He wanted to concentrate on promoting and developing the cryptocurrency.
The revelation that he may have some sad moments came during a Friday, April 27, 2018 interview. Lee told Julian Hosp, the co-founder of TenX that he (Lee) may have some nagging feeling about December 20, 2017 decision.
In the interview that was streamed on YouTube, Charlie Lee says:
“I still think it was the right move but I question whether…I think in the long run it was the right move, but in the short term, while the price is down, below the all-time high, it just feels like it’s not the right decision. But I think like, moving forward, five years down the road, when the price is back to the all-time high, then I would feel like it will be the right move.”
It’s true that the price of LTC has since gone down. However, as the face of the coin, Lee has his work cut out. He needs to ensure the community never looks back on that day and think “hold on! Shouldn’t we have got off when the captain did?”
That’s how it may feel sometime when the value dips. At the current value of $154.3 against the US dollar, Litecoin (LTC) is a long way off the ATH of $375 reached in December 2017.