Litecoin price weekly analysis 3 August: LTC suffers downtrend, trading volume rises
Litecoin's value has been slammed over the past week, despite a raft of positive developments being reported.
- Litecoin's value has depreciated by about 11% over the week, down from US$86 to $US76.
- Trading volumes have gone the other way, rising over the same period.
- Trading platform eToro issued an affirmative market report on LTC, envisioning long-term promise.
Litecoin has experienced a steady negative price movement over the last week of trading, down around 11%.
The token slipped from US$86 on Thursday to US$82 on Friday morning and while there was a mild recovery over the weekend, LTC took a beating during the first two days of this week, sinking as low as US$76.80.
After a mild resurgence the coin finished at US$80.73 on Tuesday. Another dip saw it end Thursday at US$76.18. The fall followed a bearish pennant pattern, with the price occasionally pausing through the downtrend.
Ethereum World News said that the LTC/USD pair is likely to continue its slide below the US$76.20 support. Aayush Jindal reports that the next immediate support is at US$75.00 but if LTC's price falls below this mark then it is likely to descend towards US$70.00. Only a close back above $80.00 could reduce selling pressure.
If bitcoin is digital gold, then Litecoin is digital silver, according to trading platform eToro's latest research. The research paper suggests that Litecoin is a promising token because it's cheaper than bitcoin, processes transactions at higher speeds, enjoys significant daily usage and is actively "trading at a discount".
Taiwanese consumer electronics company HTC is gearing up for the release of the first ever crypto smartphone. The device was slated to be compatible with bitcoin and now Litecoin creator Charlie Lee has revealed that the Exodus smartphone will also support Litecoin and off-blockchain payments protocol, the Lightning Network.
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