Litecoin Price Prediction: LTC’s Upward Movement Stalled By Critical Resistance Level
Daily Litecoin LTC Technical Analysis
- Bears stall the Litecoin price following two straight bullish days.
- The MACD shows that the market momentum is still slightly bullish.
The Litecoin price dropped from $235 to $165, losing almost $70 in its overall valuation between February 20 and February 28. Since then, the LTC went up to $188 till March 3, and has been trending horizontally around that level.
Litecoin Price Fails To Break Above The 20-day SMA
As things stand, the 20-day SMA has prevented the Litecoin price from going up any further. This same level has also prevented the buyers from reversing the parabolic SAR from positive to negative. The RSI is floating in the neutral zone, which tells us that the buyers and sellers are cutting each other off.
Image: LTC/USD daily
The Litecoin price has plenty of robust support walls on the downside, which has managed to keep LTC up. The immediate support lies at $185, wherein 106,500 addresses had purchased 3.4 million LTC tokens. On the downside, there are two healthy support walls at $180 and 50-day SMA ($175),
In the 4-hour Litecoin price chart, the candlesticks are constantly trapped between strong levels. The 200-bar SMA has prevented the buyers from going up any further. The MACD in this timeframe shows that the market momentum is slightly bullish.
Image: LTC/USD 4-hour
Charlie Lee: NFTs Are Not Valuable As People Think
Litecoin creator Charlie Lee recently explained why most popular non-fungible tokens (NFTs) that are currently for sale are not as valuable as they seem. He first described an NFT, saying that it is a digital certificate or a collectible “that can be easily, cheaply, and perfectly duplicated.”
In Lee’s opinion, an NFT representing a song, a video, a photo, etc. is nothing more than a digital certificate of authenticity. He said that although that certificate is “definitely worth something,” it is not as valuable as some might think. This is because the majority of the value of owning a collectable is lost by switching the ownership from the actual collectable to its certificate of authenticity, he added.
He gave NBA Top Shot as an example, which is a marketplace for officially licensed digital collectables. Lee noted that when a person buys a moment NFT, they are not paying for a short video clip depicting a highlight from an NBA game but the certificate of authenticity for that video clip.
“The majority of the value of owning a collectable is lost by switching the ownership from the actual collectable to its certificate of authenticity. That’s basically what NBA TopShot NFTs are. They are digital certificates to a short video Moment that anyone can download.”
Lee is not the only one with this opinion. Bitcoin educator Jimmy Song published an article recently explaining why he’s against NFTs. He said:
They [i.e. NFTs] are tokens on the same blockchain (usually ETH) that purports to represent a piece of art. This could be a video, picture, song or anything else. The idea is that this mp4, jpg, mp3 or txt file can be made scarce by associating it with a token. Nothing associates the two except by convention. The token has no ability to unlock anything, it’s a representation, only because the artist declares that it does.
Litecoin Price Is Expected To Reach These Levels
Litecoin price will need to gather some steam before making another dash towards the 20-day SMA.