The Litecoin price has doubled since the start of the year, rising from $40 in early January to $79.54 on February 24, as per data from CoinMarketCap. Litecoin plummeted following the sudden fall of the Bitcoin price from above the $10,000 mark.
At press-time, the seventh-largest coin is trading at $61.79 on CMC. However, crypto traders believe that the LTC price may reverse soon and hit the $77.50 level after it forms an inverse Head and Shoulders (iHS) pattern.
‘Possible formation of multiple iHS’
Crypto analyst ‘CryptoWolf’ has taken to his Twitter page to share a bullish LTC prediction. He believes that Litecoin may form multiple Inverse Head and Shoulders patterns and hit the $77.50 level. He tweets:
“LTC. Bearish target hit @ 62$.
Possible formation of multiple iHS with neckline at 77.50.
Picture from VIP video update released the 16th Feb.”
LTC may rise to the $70 area
Crypto trader @TraderSmokey has posted a LTC chart, saying that the coin may rise to the 0.007971 BTC level ($70.29).
"Decent level to buy some spot imo"
Charlie Lee accuses DeFi of being centralized
Earlier, Litecoin founder Charlie Lee shared heavy criticism of the Ethereum-based DeFi ecosystem. This occurred after the DeFi lending dApp bZx was hacked and then temporarily shut down along with the Fulcrum for trading on which it was used.
In just a few days, a second hack followed. The culprit's profit after both hacks totaled around $1.2 mln worth of Ethereum.
Lee stated that DeFi apps can be closed down if a centralized party interferes. Further, he said they can't be repaired unless DeFi becomes even more centralized.
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