- Bitcoin is missing out on the vital fungibility feature; this is not a good thing.
- “New innovative technology is turning blockchain upside down,” Charlie Lee.
Litecoin, like most of the other top twenty cryptocurrencies by market capitalization is trading in the red on Thursday. There has been a correction on the day with LTC/USD shedding off 0.29% of its value. The 100 SMA is above the shorter term 50SMA which mean that the trend is inclined towards the bears as opposed to expecting a bullish reversal in the near-term.
Furthermore, the descending trendline that commenced after the highs on October hit a rock marginally above $58.00 is capping movement north as well. Fortunately, the downside has been protected at 51.78. The last one week has seen LTC/USD upside limited at below $54.00 while the price is motionless in the range between the support and resistance.
The RSI is balancing slightly above the oversold region with the attempts to move north constantly thwarted. Besides, the stochastic oscillator is stuck in oversold region, signaling a continued bear trend. However, if LTC/USD buyers push gains above the trendline resistance, then Litecoin is likely to correct higher and touch $54.00 in the short-term. On the contrary a bear retracement below the short-term support, will trigger losses below $50.00 and event test the lows at $48.00.
Elsewhere, the founder of Litecoin Charlie while speaking at the recently concluded Money 20/20 conference shared his opinions on the importance of fungibility in digital currencies. He explained that although Bitcoin inspired him to create LTC back in 2011, the largest crypto by market capitalization lacks the important feature of fungibility that is exemplified in privacy-centered coins like Monero (XMR). Bitcoin transactions are in the open for all to see, besides they can be traced back to the source. Lee said that Bitcoin is missing out on the vital fungibility feature, which he says is not a good thing. Lee stated:
“Right now, there are some altcoins that are doing a lot of privacy-related improvements like, Monero [XMR] with RingCT, Zcash [ZEC] & Tezos [XZT],” said Charlie Lee. “New innovative technology is turning blockchain upside down.”
LTC/USD 61’ chart