- “I have faith that prices will rebound and come back up fairly soon,” bullish Charlie said.
- Litecoin price is testing the key support at $96.00, several barriers are highlighted towards $100.00.
Cryptocurrencies in the market have many barriers to break in order to make higher consolidations. Litecoin price has been stuck below $100, besides applying the Fibonacci retracement highlights several barriers to break before attacking the critical level at $100.00.
In the meantime, Litecoin founder Charlie Lee was in a phone interview with CNBC today and later published a number of tweets regarding security, the risks in the market and cryptocurrency prices at large. He said in relation to the falling prices in the market “I have faith that prices will rebound and come back up fairly soon”. He also commented on the reaction of crypto prices when exchanges are hacked. Lee said:
“It’s like if a bank gets broken in and gold gets stolen, does this affect the price of gold? It shouldn’t. Same with Bitcoin. If the exchange doesn’t protect their coin well enough and gets hacked, it doesn’t really change the fundamentals of the coin that they’re protecting.”
Other experts in the market have also commented on the rising hack attacks in the market. Yo Kwon, CEO of Blockchain Security firm Hosho said with regard to the Bithumb attack:
“These hacks are becoming more frequent as the incentives for hackers remain enticing. Companies need to make a dedicated and continuous effort, through penetration testing and smart contract auditing, for example, to provide the security necessary to protect the assets of their investors and users.”
Litecoin price technical picture
Litecoin price must break above the resistance at $97.00 and the 38.2% Fib retracement level with the last high leg at $101.2 and a low of $93.2 close to $98.00. The key resistance is at $100.00, and trading above this level will have the bulls gain momentum to recoil towards higher levels at $110. However, the upper supply zone is at $102.00 and bulls are likely to get a boost after breaking this barrier. The price has broken below the support from the bullish trend line, but battling to find another support above $96.00.