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Litecoin (LTC) is currently trading below a significant support level, raising concerns among a section of the cryptocurrency community over the digital asset’s future.
LTC’s 7-Year Trendline is Under Threat
A cryptocurrency analyst on X highlighted Litecoin’s price action in his latest post, revealing that the cryptocurrency has dropped below a trendline it has held for 7 years on the monthly chart.
Although the identified price behavior is of significant interest to Litecoin users, it is crucial to note that the current monthly candle has not closed. Based on this situation, it may be too early to conclude whether Litecoin’s long-term uptrend has come under significant threat, considering the cryptocurrency has tested this trendline several times without closing below it.
Litecoin Developer Has Other Plans for the Cryptocurrency
Amid the current crypto market conditions, Litecoin creator Charlie Lee outlined his plans for Litecoin, stating that his next agenda for the cryptocurrency focuses on utility. In an interview with David Lin, Lee noted that he wants Litecoin to be a usable entity, not just an asset that is held in custody.
According to Lee, Litecoin is already serving more utility purposes than Bitcoin. He noted that people are actually spending the cryptocurrency and using it to buy stuff. In the meantime, he highlighted the digital asset’s privacy features, noting that this is something the Litecoin development team has been working on, particularly with the MWEB layer, an optional privacy and scalability layer added to the Litecoin blockchain in 2022. This layer allows users to conduct confidential transactions by hiding amounts and addresses.
The Altcoin Season is Yet to Come
In the meantime, Lee stated that the altcoin season has not come yet. According to him, most crypto users are still trying to determine which direction the crypto market will take, whether it will return to its previous high or drop lower. According to him, the market is currently in an intermediate state.
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