On the Litecoin chart right now, tension is building between bullish and bearish traders, as LTC retests its strong resisting level after several failed attempts before and reaches maximum consolidation along a new support. Bears will have the upper hand in this fight as candles track inside a descending triangle pattern but bulls have shown promising strength over the last few weeks, so we could see a reversal here if good sentiment continues.

In the news last week, Litecoin’s founder, Charlie Lee, announced via Twitter that the new 0.17.0 Core release will include a 10x transaction fee reduction back to its 2015 levels at half a cent. The new fee structure will aim to bring Litecoin back into alignment with other market competitors as a leading cost-effective electronic cash system.

Will this news be enough to fuel a bullish reversal or will the bearish episode continue for Litecoin? Let’s take a look.

This article appeared first on Cryptovest

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