Search ForexCrunch
  • Litecoin must use the aligned technical levels to push past the $75 hurdle and pave the way for gains towards $100.
  • Charlie Lee says that 100% decentralized finance is not possible as complexity leads to bugs and exploits.

Litecoin bounced off the support established at $68 on Monday. Most cryptocurrencies had a drab start to the week led by Bitcoin’s dive under $9,500. Litecoin sort support above $72 but the overwhelming selling pressure led to declines under $70.

Following the recovery above $70, Litecoin has stalled under $75. The bears appear to have camped in the zone, making recovery towards $100 just but a mirage. For now, the price is teetering at $74 within the Ichimoku cloud. The sellers are likely to take back control if the bulls fail to push past the hurdle at $75 in the near term.

Other technical indicators such as the MACD show that levels are aligning in the favor of the bulls. The bullish divergence and the cross into the positive territory clearly show Litecoin is in the hands of the bulls.

LTC/USD 1-hour chart

Charlie Lee believes DeFi can never work without centralization

Decentralized finance systems present the possibility of operating and accessing financial services via the blockchain without the intervention of centralized institutions. However, the founder of Litecoin, Charlie Lee tends to differ saying, DeFi systems can be shut down by a centralized party.

Most DeFi can be shut down by a centralized party, so it’s just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization.

Lee adds:

I don’t think it will work in practice. Truly decentralized finance, that is. Complexity will always lead to bugs and exploits. And it will be semi decentralized.