News Litecoin weekly price analysis 17 August: LTC slumps, rebounds...

Litecoin weekly price analysis 17 August: LTC slumps, rebounds and tests resistance

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Litecoin weekly price analysis 17 August: LTC slumps, rebounds and tests resistance

Litecoin has recovered a considerable amount of value, while Zulu Republic support LTC Telegram payments.

Key takeaways

  • LTC lost significant value in the past seven days but the cryptocurrency has steadily begun to recover.
  • Trading volumes jettisoned almost one fifth (18%) of their total at one point but bounced back.
  • Zulu Republic have developed a digital wallet that allows users to transact Litecoin on Telegram.

Litecoin (LTC) began the week August 10 at a peak value of US$62.23. From there the coin lost a lot of ground but clawed its way back to US$61.42 by the end of Saturday August 11.

On “bloodbath” Monday August 13, the cryptocurrency – along with most altcoins – plummeted, shedding a significant amount of value and falling to a weekly low of US$51.16 early on the morning of Tuesday August 14.

Throughout the rest of the week, Litecoin’s price has fluctuated higher and continues to gain momentum.

At the time of writing the digital currency holds a value of US$59.10 and looks to be tracking higher.

Trading volumes were similar through the week, fading slightly from US$259 million down to US$243 million.

CryptoBlockWire analyst Jeffrey McGovern reports that Litecoin’s relative strength index has hit a critical level.

“Make no mistakes about it, the coin has to breakout next week… it either downsizes or upsides,” he said.

CryptoGlobe suggests that Litecoin is currently approaching a resistance level at US$60.00. If the token manages to push through this barrier, “LTC will soar higher” and be out of the range-bound zone. However, if the coin faces any resistance, it will likely continue to fluctuate on the same path.

Last week Litecoin founder Charlie Lee tweeted that the seventh largest digital currency by market cap has been used to develop a new Telegram-based wallet, allowing users to send and receive Litecoin. Telegram is a cloud-based instant messaging service that is popular among cryptocurrency traders and enthusiasts alike.

The new Litecoin wallet, Lite.im, was developed by Switzerland-based blockchain startup Zulu Republic.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock



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