Why further losses for Litecoin {LTC} would be perilous for the altcoin; development could spark recovery

Fibo Quantum

A falling wedge was noted for the LTC/USD pair chart [on tradingview]. The price has been steadily declining even before halving transpired on August 5th. In spite of the MACD line soaring above the signal line, proper bullish velocity is yet to influence “Silver 2.0” amongst cryptocurrencies.

While the king coin has been fluctuating near the $10,000 mark for almost a week, Litecoin is yet to break through $80. Prior to the end of July, LTC was one of the biggest gainers of this year, right up there with Binance Coin. The situation turned dire, even though Charlie Lee, the creator of Litecoin firmly believed that the price would be positively influence post-halving when block rewards were drastically reduced.

As you can see, numerous HODLers remain hopeful about the distant future of this high-ranking altcoin. Litecoin is a promising venture, with developers speeding up their activities after Charlie spoke of how the focus was centered around adoption in 2019.

There have been rumors circulating which claim that the Litecoin Foundation may be on the verge of running out of funds. This can be attributed to FUD, which is quite common in the community. I would say, do your research and invest in the asset which seems more likely to succeed later on.

Litecoin is ranked at #5, ahead of Binance Coin and Tether in the market. The coin is currently part of the green zone, with a jump rate of 1.96% associated with it. The trading volume recorded is $2.766 billion in the course of the past 24-hours. The total market cap for Litecoin is $4.706 billion, while the supply has 63,114,849 LTC coins involved. As of this moment, LTC is priced at $74.56 and might cross $75 by the end of today.