Litecoin Price Analysis: LTC Manages A Hattrick Of Bearish Days
Daily Litecoin LTC Price Forecast
- The $200 psychological level is going to provide crucial support.
- RSI shows that Litecoin price is no longer overvalued.
From February 1 to February 13, the Litecoin price jumped from $129 to $227, almost rising by $100. Following that, LTC faced bearish correction which dropped it to $205.
Litecoin Price Nosedives Towards $200
With the bears in complete control for three straight days, the Litecoin price is plummeting towards the $200 support line. Following this bearish action, the RSI has dropped back into the neutral zone, which indicates that LTC is no longer overpriced.
Image: LTC/USD daily
Litecoin price has a robust support at $200. Previously, at this level, 57,000 addresses had purchased 1.93 million LTC tokens. This level seems robust enough to prevent further downflow.
The 4-hour Litecoin price chart has two negative signals:
- Firstly, the 20-bar SMA has been flipped from support to resistance.
- The MACD shows sustained bearish momentum.
Image: LTC/USD 4-hour
Charlie Lee’s Litecoin NFT Is Now Worth ~$2,000, But The Man Isn’t A Fan
Charles Lee, the creator of Litecoin, has created a custom art NFT and attracted bids of nearly $2,000, despite wanting to prove that generic digital art lacks value. Lee took to Twitter recently to say that non-fungible tokens (NFTs) that contain digital art have an economic problem. He argued that there is a “near zero” cost to creating those blockchain tokens, which will lead to artists trying to “cash in on the craze.”
Lee drew attention to a recent NFT from Justin Roiland (creator of Rick and Morty), which sold for $1 million last month. He noted that creators of other cartoons such as Matt Groening (Simpsons) or Mike Judge (King of the Hill) could create similar tokens for profit.
“The problem with NFTs is that they are Non-Finite Tokens. There is zero cost to create unlimited number of tokens. Sure, Justin Roiland's NFT is unique and awesome. But what's stopping Matt Groening or Mike Judge or thousands of other artists from creating millions of new NFTs?”
To explain, Lee minted his own custom NFT, a token that contained his “Litecoin chikun” avatar. He said that the illustration in the token had no inherent value and invited the community to prove him wrong by bidding on the token.
By February 15, the highest bid on the token is 1 ETH ($1,834) from a user with the handle “khalo.” Bidding will end in a couple of days, meaning that the NFT may increase in value in the coming days. Lee foresaw that this might happen. He took to Twitter to warn the community members.
“But know that if this is profitable, nothing stops me from flooding the market with other Chikun tokens or even an identical Powered Chikun token. So buyer beware!
I want to add a clarification. I’m not saying that the digital artwork takes no effort and time to create. Some digital art are amazing and the artists are extremely talented and put in a ton of effort and time into them. But the NFT is not the artwork. Creating the NFT is cheap”
Though Lee is hesitant to embrace NFTs, he reportedly owns at least two other similar tokens. Lee also created an Ethereum-based domain satoshilite.crypto last month and owns a digital painting titled “Arise Chikun,” according to OpenSea records.
Litecoin Price Is Expected To Reach These Levels
The Litecoin price is likely going to drop to the $200 support line. However, as mentioned, this level is strong enough to prevent further downtrends. As such, we don’t expect LTC to fall below $200.