Litecoin Price Chart Reflects Gloom Despite Foundation Announcement of New iOS Wallet

litecoin price chart

The Litecoin Foundation announced in a blog post today the release of a new version of the LoafWallet. This is the version 2.2.0, the official Litecoin Foundation SPV wallet built for iOS. This though did not show marked effects on the Litecoin price chart.

The latest version of the wallet is supported by Simplex, a payment platform that will enable users to purchase litecoin securely and directly without the need to leave the application.

The integration with Simplex means that LoafWallet users now have the option of using the platform to connect with and make transactions with other platforms that are in partnership with the network.

Simplex, a digital currency startup utilizes machine learning and AI to provide a fraud-proof payment system which has been leveraged by Litecoin Foundation to afford users greater flexibility and options while using LTC.

More Revenue For Project Development By Litecoin Foundation

The Litecoin community would have reasons to support the Simplex payment system since a fraction of revenue generated through it will go to the Litecoin Foundation.

Charlie Lee the Litecoin founder said that the network’s priority has always been security, the reason the foundation considers the integration with Simplex a great accomplishment.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””][perfectpullquote align=”right” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]According to Lee, “We are constantly searching for ways to provide users the best experience possible when it comes to interacting and transacting with Litecoin,”[/perfectpullquote]

Simplex Will Make Litecoin Easy to Spend

The CEO of Simplex, Nimrod Lehavi echoed similar sentiments when he said, “At Simplex we are focused on simplifying the purchasing process for mainstream users and giving them familiar e-commerce experiences that can lead to greater adoption,” 

His views reflect that of the crypto community in which many have had fears that the challenge the digital currency ecosystem faces is mainstream adoption due to low grassroot penetration.

Lehavi continued by saying,

“The Litecoin Foundation team has done a great job giving LoafWallet users an intuitive and easy way to store, secure and transact their Litecoin, which makes this integration a natural fit for us.”

The release by the Litecoin Foundation stated that, available to download for free on the Apple App Store, additional updates to LoafWallet, include: iPad support, memo/labels in transactions are retained and fully global testing team with improved release process.

Loafwallet was created by Loshan who is a member of the Litecoin Foundation. The wallet is actively maintained by the foundation.

With thousands of retail and merchant users globally, the platform plans to give seamless user experience in the storage and transactional use of LTC.

Litecoin Price Movement

litecoin price chart

Meanwhile, the recent market dip did not spare LTC as the coin is currently trading at $42 down by 3.19 percent in the past 24 hours.

The  slump may not be unconnected with the Bitcoin cash fork which can rightly be considered the most divisive after Ethereum’s DAO instigated fork.

In the past several weeks, BCH had seen remarkable market activity preparatory to the November 15 hard fork.

Uncertainties around the split affected investors confidence leading to sell offs that saw prices plunge to new lows. Bitcoin fell below the $5,800 mark which analysts consider the main support when the coin traded above $6000.

For LTC, the November 15 slump saw the coin drop to $42 shedding $8 from the previous day. Hours after the fork, the coin market experienced a slight recovery leading to optimism that the bear pressure had petered off.

LTC made gains of $3 trading at $43.93 before dipping to $41.17 according to data feeds from Coinmarketcap.

litecoin price graph

A trend analysis from Trading View Litecoin price chart shows that the bear pressure may be sustained with LTC dropping further to $36 region.

The analysis:

 “Now it is very likely that the price will touch 36.8-36.5, which will complete the movement in the green channel 0.5! after that, if there are no big stops, there will be a rebound, a lower probability is lower, since LTC is now far behind in terms of trading volumes!”




Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.

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