Litecoin Foundation partners TokenPay: significant step despite being heavily criticized

Litecoin Foundation partners TokenPay: significant step despite being heavily criticized

Charlie Lee pointed out that that LTC and Litecoin Foundation are the different entities, Litecoin Foundation is an organization, created to spread the adoption of LTC, and does it for free. Being a non-profit organization, Litecoin Foundation didn't pay anything for the stake in WEG Bank. The benefit here is mutual Litecoin Foundation could issue its crypto card to promote Litecoin, TokenPay can get help with technical integration into the bank.

Actually, despite being heavily criticized, it’s very important for all crypto industry. Charlie Lee becoming the chairman of a bank can give many benefits to the whole industry. One of the things that crypto needs to go mainstream is easy crypto-fiat conversion, a gateway for entering. It would be enough to have only one gateway, to be able to convert fiat money to crypto, and then use it anywhere. LTC could heavily benefit from being the intermediary asset, like BTC.

Right now, there are tons of faster and cheaper cryptocurrencies, so LTC definitely needs to redefine its selling point. Turning it into the asset, backed by a bank, could strengthen its position as a digital silver. Charlie Lee is one of the smartest men in the industry, and all he cares about is the general adoption of cryptocurrencies. Money shouldn’t be his concern now, as he probably still has a lot of Bitcoins, mined in early days. He sold all his LTC, at peak, but nobody could have guessed in those days that it was the peak, everybody was busy with drawing 'LTC-to-$1000' charts.

Combined, the share in WEG bank of Litecoin Foundation and TokenPay equals nearly 20% of the bank, that automatically gives them a seat in the Chairman Council. Traditional banks dealing with crypto are one thing. Early crypto adopters managing the bank is another thing. Issuing crypto card, integrating crypto in the core of the banking system can be much more effective than all the previous attempts by other companies. So don’t blame Charlie Lee, say thanks to him.


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Litecoin (LTC) Daily Price Forecast – January 23

LTC/USD Medium-term Trend: Bullish Resistance Levels: $66, $68, $70 Support Levels: $30, $28, $26 Yesterday, January 22, the price of Litecoin was in a bullish trend zone. The bulls defended the $30 price level as the bears failed to break it. From the bearish trend zone, the bulls broke the 12-day EMA and 26-day EMA to reach the bullish trend zone. Today, the bulls have reached the $32 price level  and are expected to reach the $34 price level. If the bulls break the $34 price level, the LTC price will be out of the price range of $31 and $34 price levels. Also, the stochastic is in the overbought region but above the 80 % range which indicates that the crypto is in a strong bullish momentum and a buy signal. LTC/USD Short-term Trend: Bullish On the 1-hour chart, the price of Litecoin was in a bullish trend zone. The 12-day EMA and the 26-day EMA are trending upward indicating that price is likely torise. Traders are to initiate long trades as the $30 price level as the crypto’s price is holding at the support level. Meanwhile, the stochastic is out of the overbought region but below the 60 % range which indicates that the crypto is in a bearish momentum and a sell signal. The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.
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Litecoin [LTC] Technical Analysis: Bears reign supreme as bulls struggle to contain downtrend

The bear looms large over the cryptocurrency horizon as markets struggle in light of the January 10 slump. Litecoin [LTC] suffered the same fate as other cryptocurrencies and has seen its price against the US Dollar fall by around 25% this month alone. At the time of press, Litecoin [LTC] remains the eighth-largest cryptocurrency in terms of market capitalization, with a market cap of over $1.86 billion. Valued at $31.06, it also registered a 24-hour trading volume of $516 million with contributing 7.96% of it through the trading pair LTC/USDT. LTC also has a negative growth rate of 0.24% over the past 24 hours. 1-hour Source: TradingView The one-hour chart demonstrated a marginal downtrend that extended from $31.353 to $31.179. This was on the back on a similarly marginal uptrend that existed from $31.088 to $31.345. The point of resistance was met at $31.367 while the closest support point holds strong at $30.984. The Bollinger Bands are neither expanding or contracting, which suggests that volatility in the market has retained its stability and that any price movement has largely been sideways. The Klinger Oscillator has the signal line above the reading line, indicating a bearish trend to the market. The MACD graph has the signal line just creeping below the MACD line, indicating that despite bullish defiance, the bears have control of the market. 1-day Source: TradingView The one-day chart exhibits a significant downtrend from $39.329 – $32.863, a reflection of the slump that began on 10 January. It followed an uptrend that extended to a high of $40.079 on 8 January. The most recent point of resistance was met at 40.229 while bullish defiance has helped the support point at $30.447 hold firm. The Parabolic SAR has all its markers above the candlesticks which suggests a bearish trend to the market. The Awesome Oscillator is in the red, also indicating that the market is indeed bearish. Finally, the Aroon Indicator has the Aroon Down line well above the Aroon Up line and closer to 100 indicating that the bearish trend is holding strong and has taken control of the market. Conclusion It can be concluded that a strong bearish trend is characteristic of the LTC market in the near future. Despite some bullish resistance that has stabilized its value somewhat, all indicators, whether in the short-term or long-term suggest that the bears have firm control of the LTC market. The post Litecoin [LTC] Technical Analysis: Bears reign supreme as bulls struggle to contain downtrend appeared first on AMBCrypto.

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