Important Litecoin News
Litecoin Closer to Lighning Network with Casa LN
The quest for faster transaction is a key issue in cryptocurrency space. This is why the founder of Litecoin, Charlie Lee has been eager to have this implemented in Litecoin as shown in a recent tweet when he asked the Casa team when they planned extending support to the Litecoin Network.
In the tweet, Lee mentioned that network routers will come with lightning network built-in in the future.
Responding to Lee’s tweet, the CasaHodl team said that the lightning network support for Litecoin will be available before the end of the year. An excited Lee stated that he was not expecting a fast implementation from the Casa team. Then he stated that this was the reason Litecoin was built to complement Bitcoin instead of compete with it.
Casa Team Node for the Lightning Network has been adapted for Bitcoin. The similarity in the codes of the two digital platforms makes it easier for companies to adapt for Litecoin what has been built for Bitcoin.
Litecoin Rose to Nearly $70 Before Dropping
Litecoin early this week traded at more than $68 before drawing back again courtesy of the plunge in the coin market as a result of the announcement by Goldman Sachs that it was not going ahead with its planned Bitcoin Trading Desk.
$70 has been seen as a psychological as well as a technical resistance point for LTC so market watchers and analysts were anticipatory of the trend the coin was going to take when it got so close to the mark. However, by Wednesday, LTC has lost more than 13 percent just as most of the other altcoins did.
The latest spike in the value of LTC was aided by a series of positive news associated with the coin such as the announcement by Casa that it would soon support Litecoin with its LN and the upcoming Litecoin Summit which will hold in San Fransico in a few weeks.
Litecoin is Down by 14 percent
Litecoin is presently trading at $58.23 percent facing a bearish pressure losing 14.17 percent in the past 24 hours. It is certainly below the major trendline according the quadruple hour chart. The coin is presently in the moderate sell region and the short-term trend is downwards.
The coin is trading below the 50 day SMA after the breakdown targeting the intraday low. With a downward movement below the trendline, the support located at $49.466 could be the destination if there is no trend reversal in the next couple of days. The Fibonacci retracement areas are above these zones.
Trading View confirms this using data from Bitfinex, “If we start to make a pullback then luckily we have the EMA’s which works as the supports and we have a counter trendline which could work as a support. If we break below the counter trendline then this is definitely very bad for Litecoin price and we may go and retest the $50 again. Also, it depends on what the whole market does.”
LTC/USD Price Chart, Thursday September 6th:
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