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  • LTC/USD is off recent lows, but the recovery is capped by $60.00.
  • Charlie Lee and the Litecoin Foundation touts LTC mass adoption and demonstrates the network efficiency.

Litecoin, the 7th largest digital asset with a market value of $3.3B, is changing hands at $57.13 mostly unchanged both since the beginning of Wednesday and on a day-on-day basis. The coin’s average daily trading volumes are set at $313M, which is slightly higher than the longer-term average. Litecoin is trading with some bullish bias amid decreasing volatility. The rangebound trading is likely to dominate the market within nearest trading sessions after rollercoaster movements of the previous week.

Litecoin’s technical picture

As it is clearly visible on a 4-hour chart, LTC/USD is supported by the lower border of the short-term upside channel (currently at 55.20) and the psychological $55.00. Once this area is cleared, the bearish momentum will gain traction with the next downside target at $51.66 (September 19 low). Critical support is created by $50.00.

On the upside, the local resistance is produced by $59.00 with SMA100 (4-hour) on approach to this level. It is followed by $60.00 and $63.58 (September 23 high).

Meanwhile, Charlie Lee, the creator of Litecoin, explained the importance of cryptocurrency mass adoption Speaking at the Litecoin Summit 2018, held in San Francisco, he encouraged people to promote Litecoin’s real-life use cases among ordinary people.

“People today, when they use Litecoin and Bitcoin, they may not actually understand what’s so good about it. Maybe it’s complicated to use, the price is really volatile, but once people actually get past that and see what it means actually to have freedom of money, then they will realize what it’s all about. I bet half the crowd here may not even understand that fully. Most people in this space are in it just to speculate on the price,” he said.

Also, the Litecoin Foundation carried out Litecoin Network stress-test to demonstrate the speed and efficiency of transactions. The company sent 0.1LTC to 1,236 addresses via batch technology, which allows to reduce the transaction fee.

LTC/USD, 4-hour chart