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Litecoin (LTC) is currently the seventh largest currency by market capitalization thanks to massive adoption after Coinbase has listed the currency in 2017. The price has risen by close to $ 50 and reached a maximum of $ 366 in December before to crash at $ 108 with the rest of the market. The currency continues to be a favorite of many investors and is often seen as digital silver, while Bitcoin (BTC) is digital gold. Although this may have been true for six months now, Litecoin (LTC) is rapidly starting to lose its appeal.
This has nothing to do with Charlie Lee distancing himself from Litecoin (LTC) alone. The project has lost much of its potential and value as alternative technologies have already achieved what Litecoin (LTC) has decided to do. The key difference is that Litecoin (LTC) has focused only on decreasing transaction costs and speed increase while other currencies such as Ethereum Classic (ETC), EOS (EOS) and Lisk (LSK) realize much more than this with the same promise. In addition to this, Litecoin (LTC) has always projected itself as a much needed alternative to Bitcoin (BTC). This stems from the analogy coined by its founder, Charlie Lee, that Bitcoin (BTC) is like a busy road while Litecoin (LTC) is like a less crowded one. Even then, it was easier to predict that this kind of logic would not last long and sooner or later Bitcoin (BTC) or any other cryptocurrency will succeed in doing so.
The real question is when this is really done, "What will Litecoin need?" Some analysts believe that this is one of the reasons why the founder of Litecoin, Charlie Lee, is actually taking his distance from Litecoin (LTC). Another very plausible explanation is the fact that Litecoin has risen too much in 2017 and the price has not corrected much as it should have.
Currently, the weekly LTC / USD logarithmic chart looks like a nightmare from an investment point of view. Looking at the chart above for LTC / USD, we can clearly see that the correction for Litecoin (LTC) is quite far from being over. The price should ideally form a minimum of about $ 30 from a correction point of view and take into account its current value. Litecoin (LTC) will probably be the first coin to fall directly from the top ten to the outside of the first twenty. Keeping all this in perspective, you can connect the points to understand why exactly Charlie Lee could distance himself from Litecoin (LTC). The fallback will be fatal and Charlie Lee may not want to be there for everyone to point fingers because the price takes a hit and settles on the bottom of the channel. Even more dangerous than Litecoin's LTC / USD chart is its LTC / BTC chart showing a large bearish bullish wedge that could result in a sharp and rapid decline in Litecoin's price to $ 30 or less. While this price movement will continue to take some time, the future of Litecoin (LTC) depends on the moves it makes before 2020.
