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In a difficult year for almost all cryptocurrencies, Litecoin suffered more than the rest. Losing more than 75% of its value from its peak price of $ 375, LTC may have crossed the territory & # 39; bought. at current prices.
The fall in the LTC price came from some points. The first came in late February, when Litecoin promised to launch Litepay, a project that facilitates the use of LTC for payments by merchants and sellers.
At the time the market had begun to experience a correction and the news saw LTC experiencing significant gains in anticipation of the launch. However, Litecoin has failed their due diligence. They claimed to have believed the wrong people and were unable to deliver.
The Litecoin Foundation, led by Charlie Lee, went out to apologize on its part for creating hype about something that was not happening and consequently pumping the price of the altcoin, but the damage was done. Since then, the currency has been in relative free fall
So, is there any hope for LTC? Maybe. And there are three reasons to be optimistic if you're still holding LTC; or thinking about investing now.
1. The currency is probable in the "oversold" territory
With the fall in price, LTC holders have significantly reduced their holdings. There are so many panic sales going on in space to a point that LTC is probably deep in oversold territory. Here we see some analysis that prices under $ 100 probably indicate this.
eToro published a research this month which also shows this; with a conclusion that LTC is currently & # 39; heavily discounted & # 39; at current prices.
2. Lee is still pushing to raise coin prices
Tired of being charged with falling coin prices, Charlie Lee responded by insisting that he still intends to push Litecoin over $ 400. He will have to do it to silence the skeptics around him.
The tweet read:
"I'm doing my best to bring LTC to $ 400 so people like you will stop shitting me on time." Who left LTC ?! "
He does not say how he thinks about doing this, he mentions that the mission of the Litecoin Foundation is to advance the platform for the benefit of society and not to pump up the price of LTC.
Indeed, examples such as a recent partnership of the Litecoin Foundation hit TokenPay, a bank based in Germany, show that Lee may be able to rectify the price of the LTC through the 39; adoption. [19659002] This move will help the platform create and deliver cryptocurrency solutions such as merchant processing, debit cards and many other innovative solutions.
Considering the less favorable passive experiences of Litcoin with Litepay and Mastercard, this partnership makes perfect sense and should help Litecoin gain further credibility
3. LTC futures are coming
Crypto Facilities, a UK-based cryptanalut futures trading platform, announced that it was launching Litecoin futures, a move that will see institutional investors in able to enter this space. We have not yet seen that kind of money that can go to LTC.
According to Crypto Facilities, the addition of LTC futures was not done blindly as there is a clear demand from its customers. Lee commented on the same thing; which showed that there was serious money interested in the long-term price of LTC and invested in it as a marketable commodity.
This should inject new liquidity into the encrypted LTC market and, in turn, increase liquidity levels. [19659002] Here is a long LONG t by Irasor, a tradingview user
BULLRUN coming soon !? Technical details! It looks fantastic?! by Irasor on TradingView.com
As you can see, the technical data show the downward spiral of LTC, but they show different retracements in the lower points; something that could help LTC recover from its current price. If the price rebounds from the $ 120 support it can repeat itself as the currency falls to around $ 50, we could see how a strong support from which the currency can rise.
As always, it is important to do due diligence before investing in any currency.
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