Litecoin price analysis: LTC/USD gains ground as Charlie Lee dots the I’s

• LTC/USD has recovered, but the upside momentum is muted.
• Litecoin’s founder clarifies his position on many aspects.

Litecoin, the 7th largest digital asset with a market value of $3.1B, is changing hands at $53.6 with 3.5% gains on a daily basis. The coin’s average daily trading volumes are set at $256M, which is in line with the longer-term average. Litecoin managed to recover on Tuesday, influenced by the steady growth of other altcoins, namely XRP, ETH, ADA. However, LTC’s gains were somewhat limited despite positive internal fundamentals.

Litecoin’s founder Charlie Lee clarified his attitude towards Litecoin, expressed strong belief in the success of the coin, and once again explained why he sold his coins some time ago. The series of tweets from Mr. Lee was inspired by another case of bad journalism.

“At the LTC Summit, I briefly addressed the motivation behind selling my LTC holdings. However, bad journalism is rampant in crypto, and now there’s a sensational headline created out of a partial quote from me,” he complained.

Also, he emphasized that he sold LTC holdings to focus more on Litecoin adoption and not price.

Litecoin’s technical picture

Looking technically, Litecoin recovered from $50.00 and thus avoided more pronounced sell-off so far. Now the local support is created by $53.26 (Asian low) followed by $53.00 handle. If it is cleared, the sell-off may be extended towards $50.53 (Tuesday’s low).

On the upside, the first resistance is seen at $54.16 (SMA200, 1-hour chart), followed by psychological $55.00 and $55.24 (SMA100, 1-hour chart). Once this area is cleared, the recovery may be extended towards ultimate short-term goal at $60.00.

LTC/USD, 1-hour chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel