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Why the decline of litecoin is gaining momentum

Litecoin (LTC/USD) completes the August a serious fall and remains in a weak position. The main trades are now $63,45.

Technical analysis

Day timeframe LTC/USD is showing a downward trend development. Quotations overcame the level of 61.8% on the Fibonacci scale and strive to the level of 76% ($51,83) relative to the previous wave of growth. But the main medium term goal of reducing acts fractal low at $22,25. As a resistance it is necessary to consider the level of 50% ($of 84.05), says Dmitry Gurkovsky, senior analyst at RoboForex. Stable dynamics of the descending lines of the MACD indicator serves to support the hypothesis about the further decrease in quotations of the cryptocurrency.

In the analysis of the 4-hour chart of litecoin on the Stochastic indicator is observed the formation of a convergence, which may be a signal about the slowdown of the downward trend, when after reaching a $51,83 we can expect a retracement towards the resistance line of the current channel, in particular — to the level $of 84.05.

Почему падение лайткоина набирает обороты

Fundamental analysis

Charlie Lee, Creator Litecoin, confirmed the intention to continue to Fund the Litecoin Foundation, although the company’s business are not as good as expected. According to him, the bearish sentiment in the cryptocurrency market last year caused lidoine exactly the same damage as other Aldona and projects. Starting in 2017 Whether the own funds made up 80% of the total financing of the Litecoin Foundation.

Lee indicates that he intends to support the Litecoin Foundation until, until the company becomes self-sufficient and will not be able to live and work through partnerships, sponsorships and other funding sources.

It is known that in the first quarter of 2019 salary levels in the Litecoin Foundation was reduced due to lower than expected inflows of external funds.

In Litecoin meanwhile, work continues on the development and deepening of Protocol Mimblewimble. Until now, observers have questions about his development, but Whether to answer them not in a hurry.

Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex and ihodl are not responsible for the results that can occur when using trade recommendations submitted reviews.

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