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Charlie Lee is Unfazed by Litecoin Decline Says Adoption will Level Things out

Adoption is important for the success of Litecoin and that’s why they often go hard on marketing. They even have working site #PaywithLitecoin and recently Robinhood availed Litecoin to their clientele. All this will help improve Litecoin’s liquidity in the long term. This is the sole reason why Charlie Lee is not fazed by recent decline of Litecoin price believing that over the long term, prices will level out and snap back.

For some reasons, Litecoin and most crypto related businesses often find resistance from fiat banks. Perhaps it’s the nature of operation of cryptocurrencies which doesn’t bode well with the conservative nature of these banks. Like TokenPay, Litecoin Foundation couldn’t find a willing bank to open an account with and so they decided to buy a bank instead. It’s not a total acquisition per se but a clever agreement between TokenPay and Litecoin to cement and further their crypto objectives.

By buying a 9.9 percent stake at Munich-based WEG Bank AG, Litecoin Foundation plans to work from the inside out and make the bank more crypto friendly. Their intention is to make it possible for account holders to own both crypto and fiat accounts, launch Litecoin Debit Cards and create merchant payment solutions.

On the other hand, Litecoin will allow TokenPay to use their technology and in return, they shall help in developing and securing strong bonds between Litecoin Foundation and WEG Bank AG. Remember, TokenPay sold 9.9 percent of their previous stake to LF, bought an extra 9.9 percent and their plans of adding a further 70 percent holding is under review by BaFin, Germany’s financial regulator.

At this time frame, it’s clear as day that bears are in charge and trading within this nice bear break out pattern after week ending June 10 collapse below $110. Besides, $70 our immediate support line and sell trigger line is proving a nut to crack for sellers.

If prices don’t edge below it by end of this week then we shall have three weeks of retest and that may as well spur bulls to join in and push prices back to $110 completing the second phase of a break out pattern—the retest. Needless to say, time is gold and patience should be our main guide.

In the daily chart, June 10 and 22 bear engulfing candlesticks stand out and in this trend, they guide our trading unless we see strong bulls reversing those losses. At the moment though, we note that LTC prices continue to oscillate within a $10 range between $90 on the upper side and $70 on the down side.

In any case we remain bearish and while I suggest selling for risk off traders, waiting for break out trade above $90 or below $70 is more prudent. We are net bearish and so any break below $70 means stops at $80 and targets at $50.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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