- “Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin,” Charlie Lee.
- Litecoin defends primary support at $30.00 as bullish moment builds up.
The founder of Litecoin (LTC), Charlie Lee recently told the community on Twitter that he will be concentrating on making LTC fungible. Fungibility is a feature that is needed in order to make a means of payment be extensively adoptable for sending and receiving funds.
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions,” Lee wrote in a tweet.
According to the founder to make Litecoin a currency token and introduce confidentiality, a softfork will be required. Moreover, the new functions are expected to be implemented sometime in 2019.
Litecoin price technical analysis
The market is mostly in the green. This wave of green is a welcomed relief in the wake of the declines at the beginning of the week. Before the drop, LTC/USD had made an attempt to break above $34.00. However, the bearish pressure swept in sending the crypto tumbling. It did not find support at $32.00, neither did the support at $30.50 help. The primary support at $30.00 came in the rescue of the bulls as LTC formed weekly lows around $30.13. Presently Litecoin has recovered above the 50-day Simple Moving Average (SMA) which is offering immediate support. While exchanging hands at $31.09, its upside is immediately limited at $31.50.
LTC/USD 1-hour chart
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