Report says: "Litecoin can not peak at $ 400 yet …"

LTC / USD price chart, news on Litecoin: Despite the known unpredictability of the currency market, there have been forecasts and reports of studies that have dared to indicate the future prospects of the market. However, the report is not so optimistic about the prospects of Litecoin that it stated it would not have been able to reach the peak at $ 400, the price at which the altcoin reached its peak months ago. Sunday, 2 September.

Litecoin Cryptocurrency News

Charlie Lee believes that Bitcoin is similar to gold

The founder of Litecoin Charlie Lee said that Bitcoin is similar to gold but believes that the cryptocurrency is actually better of gold due to its ease of storage and cheaper transactions.

Lee who first heard of Bitcoin when he worked with Google said he understood the technical and socio-economic implications of the digital currency saying that he knew the power of decentralization would exert on finance and the prospect that it must replace money as we know it.

Lee also said that the reason for cryptocurrencies has not yet produced the kind of impact that is expected especially in places like Argentina, Turkey and Venezuela where there have been economic crises is that Bitcoin and the most of the altcoins are still used as speculative instruments.

LTC Price

Litecoin can not peak at $ 400 yet – Report

Despite the known unpredictability of the currency market, there have been forecasts and reports from studies that have dared to indicate the future prospects of the market. The last of which is the price forecast by Satis Group which among other statements claimed that Bitcoin will be valued at $ 144,000 in 10 years.

However the relationship is not so optimistic about the prospects of Litecoin that he stated he would not be able to reach $ 400, the price at which the altcoin culminated months ago.

The prediction on Litecoin deviated from that of Bitcoin, despite the similarities in the codes of the two digital currencies and the fact that Litecoin has made progress in the implementation of solutions that improve the speed and scalability of the network.

The predictions of Sherwin Dowlat and Michael Hodapp were based on some traditional methods and the peer-to-peer metrics clearly stated that Litecoin can only average $ 255 apparently classifying the currency among those who lack originality due to of its resemblance to Bitcoin.

Litecoin Up 6 percent but still on the market in the radius

Although Litecoin is not the type of currency that should fall on the owner of altcoins because of its strong similarities with Bitcoin, we see that this happens again and again.

However, Litecoin is seeing gains despite the predictions of a recession for the currency market as in the last 24 hours, the daily trading volume of the currency increased from $ 209 million to $ 289 million according to Bitfinex data feeds .

Litecoin has also shown consistency in the last 5 days in a notable ascension that rises by 13% against the dollar. It also achieved a 7.5% gain over BTC.

The start of the formation of a bearish engulfing model shows that LTC may not support long momentum. With a short-term support set at $ 61 on the 100-day MA, it will likely be immersed in the coming days of strong fundamental debars.

Analysts suggest a short LTC entry at $ 64.1 to $ 63.83 with a target of $ 61.45. In this situation, however, Cryptorecorder said, "If the price goes back above $ 65.44, it could invalidate the bearish sentiment and create a long-entry setup for $ 65.45 with a target of $ 74.89, which is a level of key resistance in the charts of the day.

What is evident is that the bulls are slowing down

LTC / USD price chart, Sunday 2 September:

  Litecoin LTC price chart

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