Litecoin Is Down By Over 8% After Looking Bullish

Bitcoin is correcting its price. At the moment of writing this article, the most important digital asset out there is trading in the red, and BTC is priced just a little above $8,800.

Bitcoin is going through a strong correction that hides the action of whales, the global fear of coronavirus, and more factors, according to analysts.

Some say that it’s just a normal drop in price ahead of the halving.

Litecoin was looking bullish

There’s a popular crypto analyst who said that LTC is looking bullish these days.

The analyst goes by the name Byzantine General and says that Litecoin’s price action may once again foreshadow where the market at large is heading, as it often did throughout 2019.

This trader highlighted four technical factors that he said are looking bullish for the coin.

“Litecoin’s weekly moving average convergence divergence indicates a positive shift in momentum is underway,” he said as reported by the online publication the Daily Hodl.

He continued and explained that, “In addition, the one-week Ichimoku Cloud is in bullish territory, LTC has flipped a key level of support and resistance at $61.72 and the crypto asset’s weekly supertrend is now bullish.”

A couple of days ago, he was saying that LTC needs to stay above the $66 area to remain in bullish territory. Well, this didn’t happen and obviously LTC entered a bearish realm.

At the time of publishing, the crypto asset is down by more than 8% and LTC is priced at $62 according to CoinMarketCap.

Byzantine General@ByzGeneral

$LTC

Bullish W MACD cross
Bullish W ichi cross
Major S/R flip
Weekly supertrend turned bullish

> Imajin not having your entire net worth in #Litecoin right now.

View image on Twitter

604:27 AM – Feb 24, 2020Twitter Ads info and privacy15 people are talking about this

Litecoin’s Charlie Lee slams DeFi

Litecoin was recently in the spotlight when Charlie Lee slammed decentralized finance.

We reported a few days ago that the former Coinbase exec called out a recent bZx in order to illustrate the reasons for which he finds DeFi problematic.

In more tweets, Lee explained how a decentralized finance app could be shuttered by a centralized entity.

More than that, Lee believes that the only way to reverse a hack on a DeFi platform is to add more centralization

Source: https://cryptogazette.com/litecoin-is-down-by-over-8-after-looking-bullish.html

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