Litecoin Price Falls And Has No Power To Jump

Aug 10, 2016 at 14:00 // Price

The dynamics of Litecoin price movement over the past week were mixed, but by looking at the weekly chart you can see the decline of LTC.  The Litecoin price is steadily declining for a second month now.

Litecoin last week tried to test the level of $4.0, but was immediately driven back to $3.75. The lack of power to grow and the general negative mood in the market doesn’t give Litecoin a chance of overcoming the resistance level. 

LTC/BTC exchange rates for last 7 days:

LTC/BTC exchange rates for last 7 days, August 10

We asked cryptocurrency expert Vishal Gupta, Founder of Bitcoin Alliance India, CEO at SearchTrade, and Director at Moving Trumpet, about the prospects for Litecoin? Is there a possibility of LTC price growth?

Vishal Gupta:

“Litecoin does not bring anything substantial to table in terms of both utility and valuation discovery process compared to bitcoin which already has more miners as well as users. To me it means it will struggle to survive for now. That implies value is not going to substantially increase over time. All other competitors in the space are unique in value proposition like ethereum, steemit, ripple and Bitcoin that it is mirror of. In a situation two systems offer same value people will always choose more successful one.”

LTC/USD exchange rates for last 30 days:

LTC/USD exchange rates for last 30 days

Currently, the Litecoin price is about $3.74. To resume an uptrend, Litecoin must overcome the important resistance level of $4.0. But Litecoin has no strength or support to do that today. On the 60-day chart, we see that Litecoin price is decreasing for the second month in a row.

LTC/USD exchange rates for last 60 days:

LTC/USD exchange rates for last 60 days

Forecasts for the Litecoin price

This week, we expect a sideways trend at a level between $3.6 and $4.0. The level  of resistance is $4.0, while the level of support is $3.6 .

Litecoin is among the top-5 cryptocurrencies, but at the same time, its price is decreasing for two months  now. Does it mean that the confidence and trust of investors in this cryptocurrency begins to decline? What do you think? 

This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.

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