Cryptocurrencies seem to be headed towards Hollywood as Litecoin Foundation announced its collaboration with the San Diego International Film Festival. The news of the partnership surfaces amidst the foundation’s depleted funds.
As per the Litecoin Foundation’s official blog post, individuals who purchase the six-day pass for the film festival would be given a certain amount of LTC. This can further be used by the audience to vote for the nominated films in the upcoming film festival. The film or filmmaker with the most number of donations in LTC would be given a Litecoin Foundation award as well as $1,000 worth LTC.
The foundation’s latest development would pose beneficial to its aim of promoting the adoption of the altcoin. Charlie Lee, the managing director of the foundation elaborated on the same as he suggested that the collaboration falls under two main categories namely, awareness as well as real-world use cases that would help mass adoption.
Lee further asserted,
“Litecoin has the potential to be a powerful tool for film financing, and by collaborating with the creative and influential people in this space we have an opportunity to introduce Litecoin to millions of individuals across the globe.”
Since the winner of the Litecoin Foundation award would be determined by the votes of the audience on 19 October 2019 at the Filmmakers Award Show, the members of the foundation would guide the audience on how to go about the voting system.
Charlie Lee also revealed that he would play the part of the executive producer of a film produced by a Litecoin volunteer. Furthermore, Lee would donate the returns gained from the film to the foundation.
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.