Litecoin price analysis: LTC/USD psychologically eyes $80.00; Charlie Lee believes Litecoin is instrumental in Bitcoin (BTC) Lightning Network

• The trend is bullish, while the Bulls are eyeing $80.00.
• “Litecoin will also be the easiest onramp onto the Lightning Network”¦” wrote Charlie Lee.

Virtual currencies are currently recording losses by large margins. However, it is not clear what is the cause of the current declines is. Litecoin price is also in the red on Thursday, besides it has been struggling to stay above $70.00 for a few days now. The charts show a 2.82% drop on the day. On the contrary, the trend is bullish, while the Bulls are eyeing $80.00.

In related news, the founder of Litecoin, Charlie Lee is excited about the Lightening Network. Moreover, he believes that Litecoin will be very instrumental in the endeavor. Charlie Lee also wrote on Twitter saying:

“Litecoin will also be the easiest onramp onto the Lightning Network. BTC takes too long and fees to high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step using submarine swaps!”

In the meantime, the Relative Strength Index (RSI) is sending bullish signals for more buying entries in the short-term. The stochastic on the same chart is also moving upwards towards the overbought levels. The 23.6% Fib retracement level with the last swing high of $98.7 and a $72.9 will offer resistance towards that psychological $80.00. The 100 Simple Moving Average will also provide resistance at the 23.6% Fibo. Furthermore, a classic falling wedge pattern is forming pending an upward breakout in the medium-term. LTC/USD has been supported above $74.00, but the recent low at $72 is still within reach.

LTC/USD 2-hour chart