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The journey of Litecoin {LTC} looks bleak as coin plunged from $130 all the way to $65


Litecoin is ranked at #5 beneath Bitcoin Cash on coinmarketcap, and it is one of the chief losers of the day [amongst the top 10 altcoins at least]. The price shrunk at a rate of 8.34% in the course of the last 24-hours. The trading volume recorded is $2.963 billion, whereas the supply has 63,136,287 LTC coins in play. As of this moment, LTC is priced at $66.28. The total market cap of Litecoin is $4.184 billion.

As doubts related to finances arose, Charlie Lee spoke to Coindesk about the future of the Foundation. Rumors regarding Litecoin nearing bankrupt stature have soared amidst the decline of the altcoin.

Charlie states that sustenance and effective decentralization remains the key goal of their team. Till then, support will be provided by him, David Schwartz and few others so that Litecoin prospers. Xinxi Wang guessed that donations had tanked due to bearish action being prevalent in the market.

The situation hasn’t really improved for now. On June 22nd, LTC had breached the $145 mark, but since then has been propelled downwards by sellers. The halving didn’t work in favor of “Silver 2.0” either [the block rewards for miners were reduced substantially, causing a few to abandon the network]. This didn’t result in a greater demand [as estimated by Charlie days prior to the event].

The 4-hourly RSI [for 10 periods] has waned beneath the crux at 30 and stands at 23.26; indicating that LTC is in oversold territory. Support exists close to the $64.59 level. Resistance will be felt if the coin manages to soar to $73.

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