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  • LTC/USD gains ground after a prolonged period of consolidation.
  • Charlie Lee dwells on the future for the industry.

Litecoin is changing hands at $53.96, off the Sunday’s high registered at $56.06. The coin has gained 4.35% in recent 24 hours amid global recovery on the cryptocurrency market. The market value of the 7th largest coin is registered at $3.1B, while the average daily trading volumes reached $471M.  

Litecoin’s technical picture

On the charts, LTC/USD is capped by $54.30 congestion zone followed by psychological $55.00. Once it is cleared, the recovery may be extended towards Sunday’s high at $56.06 where the new selling interest may appear.  The Relative Strength Index points upwards, staying with the overbought territory, meaning that the downside correction is highly possible.

On the downside, the support lies with $53.00 handle, followed by $52.60 (the short-term upside trendline). If it is broken, the sell-off may continue towards $52.00.

Speaking at the latest episode of Unconfirmed with Laura Shin, Litecoin creator Charlie Lee shared his thoughts about the state of the industry and future of Bitcoin.

“It just feels like we’re still in the beginning. We have yet to scratch the surface on how far Bitcoin can go – or cryptocurrency in general. I think the angle is to become money that everyone will use on a daily basis, and I think it will replace fiat as money that everyone will use. So right now – Bitcoin, cryptocurrency – it’s still just a speculative asset,” he said.

Although Lee is confident that cryptocurrency “will revolutionize money,” the movement is in its infancy.

Lee believes that the industry has a long time to go before it is adopted em mass. While a lot of work has been done since Bitcoin was created 10 years ago, we still need to improve scalability and privacy and develop second-layer solutions.

However, the most important thing about Bitcoin is its ability to counter governmental efforts to demise it, according to Lee, who believes that we should have a form of money free from censorship.

LTC/USD, 4-hour chart