Litecoin price analysis: balancing on the edge of a cliff; Charlie Lee announces LTC SMS Payments

  • Litecoin's price must maintain support at $ 61.00 to avoid further breakages below $ 60.00.
  • "A bear market is the best time for people who work for adoption", Charlie Lee.
  • "With litigation [19659004] anyone with a mobile phone with SMS functionality can send and receive funds."

Litecoin is still languishing in the sale of pressures, although other goods on the market are showing signs of recovery. Bitcoin (BTC), for example, sits comfortably above $ 6,300 after testing the lows at $ 6,100. Monero (XLM) is among the biggest gainers of the day with a jump of 4.7% but is still struggling with the $ 100 resistance. IOTA (IOT) is above 2%, while Bitcoin Cash trades at $ 595 with a increase in the value of 1%.

Price Analysis of Litecoin

Litecoin, on the other hand, put in place a recovery during yesterday's trading session from the lows marginally above $ 61.00. The price tracked over $ 63.00 reacted to the lower $ 64.00 reduction. However, Thursday was another pullback (Asian trading time) in which LTC / USD broke resistance at $ 64.00, although the trend became bearish shortly thereafter. Litecoin has undergone a lower correction since then, as well as retesting support at $ 61.00.

A rebound occurred taking the price above the 23.6% fiber level from the last high to $ 64.13 to a minimum of $ 61.56 to $ 62.18. Growing sales pressure is limiting gains and LTC / USD is yet another slide to critical support. To avoid further declines, buyers must keep their land above $ 61.00, otherwise, a further breakdown below $ 60.00 will likely follow in the short term. The downside, 23.6% of Fibo (broken support) will limit earnings. The trendline resistance is also present in the supply zone of $ 62.5. The 100 SMA continues to maintain 100 SMA in the short term, indicating that sellers still have the upper hand.

In other news related to Litecoin, founder Charlie Lee told his followers on Twitter that while the market is in the bear moment, it's the best time to push for adoption. He said this by announcing the Litecoin SMS payment feature that will arrive soon. Lee states:

"A bear market is the best time for people who work for adoption."

Litecoin is working on an application that is calling lite.im, which will allow anyone with a cell phone to receive and funds.

"With lite.im anyone with a mobile phone with SMS functionality can send and receive funds, anywhere in the world and without the need for a centralized authority." Litecoin was created as a tool for financial freedom. With lite.im, we are extending that freedom to everyone. "

This new function of Litecoin seeks to bring financial inclusiveness to all people around the world. It will work in cases where access to a cryptographic portfolio is not possible. In addition, lite.im will be useful in situations where Internet connection is poor or if a user "lives in a country where the government censors the Internet or prohibits the use of cryptocurrency."

LTC / USD Chart at 15 minutes

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