Litecoin weekly price analysis for 24 August: Value changed slightly, LTC summit announced
Alternative coin’s worth retracted slightly over the last week, while trading volumes also dipped.
Litecoin’s price has fluctuated wildly over the past week, falling slightly week-on-week.
Trading volumes are also down week-on-week.
The not-for-profit Litecoin Foundation has its first Litecoin Summit in San Francisco next month.
Litecoin valued at US$59.39 on Friday 17 August. The token reached a weekly high of US$61.90 that same day before moving lower over the weekend.
On Monday 20 August, the coin hit a weekly low of US$54.00. There was a notable price recovery that occurred on Tuesday 21 August and Wednesday 22 August that saw Litecoin’s value jump to US$58.69.
However, the hike didn’t last long, and the token quickly reversed any gains made. By Thursday 23 August Litecoin’s price was back down at US$54.38. From there it has steadily been gaining momentum, rising in value and, at one point on Friday 25 August, the cryptocurrency was worth as much as US$58.28.
At the time of creating, the Litecoin token valued at US$57 .85.
24-hour trading volumes dropped from US$263 million to US$201 million over the last seven days.
Seeking Alpha analyst Florian Grummes implies that, from a functional standpoint, a drop towards assistance between US$42 and US$52 is “likely,” considering that the crypto trading space remains in the grips of a bear market.
FXStreet’s Ken Chigbo confirmed that LTC/USD continues to be in a “firm bearish trend” since the latter half of July. The token has lost several thirds ( 37% ) of its worth since then, slipping from US$90 down to its current price of US$ 57. It’s not likely that this trend will shift anytime soon, based on the current weekly candle.
The Litecoin Foundation will host the very first ever annual Litecoin Summit in San Francisco, California next month.
The event will run from 14 to 15 September at the South San Francisco Conference Center, close to the airport.
Special guests consist of Litecoin creator Charlie Lee, Lightning Labs chief executive Elizabeth Stark, Abra chief Bill Barhydt, Gemini vice president engineering Eric Winer, Blockchain expert Naomi Brockwell and many more. Conversations will focus on scaling solutions via the Lightning Network; sidechains, smart contracts, and RootStock; the need for non-custodial wallets; venture capitalist approaches; and practical crypto tax tips.
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