Changpeng Zhao, the CEO of Binance cryptocurrency exchange recently featured in an interview to share his views on cryptocurrencies and Libra. Zhao mentioned that currently, the release of Libra crypto initiative remained uncertain, and “without those certainties, we don’t really spend a lot of development efforts.”
Speaking about infusing Telegram’s Gram token, which faces a lawsuit from the SEC for dealing with unregistered securities, CZ said,
“We generally don’t discuss listing/not listing specific coins, but our criteria is very simple. The most important criteria is number of users, and to be very frank, those two (Gram and Libra) are going to have large number of users based on the existing user base.”
Moreover, the entrepreneur also highlighted the hypothetical possibility of Gram and Libra not having any users, in which case Binance will not be able to support the tokens. In case the aforementioned crypto projects may fail, Zhao further mentioned that the companies will come up with other crypto projects, claiming that “once you get an idea into people’s head you can’t kill it.” He added,
“These (Facebook and Telegram) are forward thinking companies that are very interested in blockchain and cryptocurrency. They will issue something sooner or later.”
The best-case scenario predicted by Zhao is that both companies clear their ongoing regulatory hurdles and get a large number of users, “and we’ll be happy to support them.” CZ also spoke about being a part of the Libra Association in terms of running nodes or helping them with staking.
Litecoin’s ailing price prepares for breach of descending channel
Litecoin noted a sharp fall on 15 November, a fall that caused its price to fall from $59.97 to $55.63. This 7.24% fall was followed by the price of the coin climbing up. However, it fell soon after the rise. The price of Litecoin at the time of writing hovered at around $58.07 with a market cap of 3.75 billion, while noting a trading volume of $2.90 billion.
Despite the falling price, however, Litecoin noted the formation of a bullish pattern that might provide a boost to its price.
The hourly chart for Litecoin [LTC] saw a descending channel extending along with the falling price. The pattern, characterized by two sloping trend lines, marked the lower highs of LTC at $60.26, $59.16, and $59.03 and lower lows at $59.38, $58.94, and $58.53. As the price remained constricted within the downward trend, a breach in the pattern might lead to the price of LTC surging.
The 50-day moving average underwent a crossover with the 100-day moving average, indicating a bullish move. The 100-day moving average dominated the LTC market for over five days and the coin lost 4.08% of its value. However, with the 50-day MA leading the charge, an upward surge might be coming soon.
The MACD indicator noted strong bearish momentum in the market, as the MACD line remained dormant under the signal line. On the other hand, the Relative Strength Index highlighted a change in tides as the signal line bounced back from the oversold zone and was pointing up.
Litecoin’s falling price might find respite with a breach of the descending channel. However, the coin might undergo further devaluation before it could note a spike.