Litecoin Price Declines But Bulls Hold the Line at $40
Litecoin (LTC) – the silver to the gold of Bitcoin (BTC) – has slipped slightly below three percent of its value. And it is currently trading at $40.61.
The crypto industry is famous for its volatility. However, BTC has been especially volatile lately. It recently broke through the $7,000 mark again a few days ago. Once again, the coin has undergone a minor correction that has seen it dip to $6,740. Thus, nearly every major altcoin is showing small losses.
In addition to that, Lemke Capital has made a more in-depth look at the fundamentals of Litecoin. Then, it has concluded that the LTC price might go in for more losses. With the recent price, the analyst suggested that people might view more of this downward momentum potentially to $37.50 as a result of the third wave touching at around the $40.52 mark.
But if the LTC price can look for the required support at $40, it could reverse its current trend and boost towards $44. With that, the chart will form a bearish W patter, leading the analyst to think further losses are more likely a scenario.
On the other hand, Alex Clay seems to be more optimistic. Based on his analysis, the Litecoin price has retraced from its current trendline. And if a confirmed breakout will occur out of the resistance, the LTC price will change into a higher gear. As a result, this will grant the opportunity for a long position.
If this happens, the analyst see the price topping $41.31. And once it breaks through the fierce resistance set at $41.77, it might go even higher. But, if the Litecoin price loses the support trendline, the losses will continue, and the trader suggests selling about $40.24.
Solana Partnership
Elsewhere, U.S. blockchain network Solana has worked with Terra – a South Korean payment platform – to deliver stablecoins into its dApp ecosystem. Also, Korean eCommerce giant TMON backed the Terra platform.
In 2019, they launched the Solana. And it claims to have superior technology when it comes to scaling (65,000 transactions per second), security, and decentralization. The partnership allows its dApp developers to accept the low cost, price-stable payments through a new token bridge technology. Solana COO Raj Gokal stated that the partnership develops the platform’s capabilities.
He said, “By bringing stablecoin onto our work, we aim to dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments.”
Chai, Terra’s payment platform, has a monthly active user base of over 1 million, and the networks see daily transaction volumes at approximately $3 million. Fees of 0.5% compare favorably to usual card fees of about 3.5%.
Aside from that, they will incorporate the network into the Solana ecosystem through a low-latency bridge. And this will make the ability to burn tokens from one chain and mint them on the other.
According to Terra, the latest partnership became the best of both worlds.
It explained, “Working together, we believe this partnership will foster a thriving community of dApps that leverage the strengths of both Solana’s speed and Terra’s stablecoin ecosystem.”
