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  • LTC/USD is rangebound after failed attempt at $80.00.
  • Charlie Lee believes  Lightning Network will serve as a decentralized exchange.

Litecoin is unchanged on a daily basis, changing hands at $76.26 to press time. The coin attempted to break through $80.00 following Litecoin Foundation – TokenPay partnership news.  The market value of the sixth largest coin settled at $4.4B, the average daily trading value is registered at $272M.  

Meanwhile, Charlie Lee from Litecoin Foundation explained why Lightning Network would function as a decentralized exchange.

“Lightning Network will be the ultimate decentralized exchange. Users that are running LN on both BTC and LTC can advertise an exchange price and act as a maker earning a spread. Other users can act as a taker and atomically swap LTC/BTC with the maker node via lightning.”

Decentralized exchanges are considered to be safer, more transparent and fair, but the recent Bancor heist seems to have proved otherwise.

Litecoin’s technical picture

From the technical point of view, LTC/USD is capped by a psychological $80.00, followed by $80.90, which is 100-SMA on 4-hour chart. Once it is cleared, the recovery may be extended towards $81.55 (50-SMA). On the downside, the support is produced by $74.50 (July 10 low), followed by $72.58.

LTC/USD, 4-hour chart