Because it was not like that! Walmart did not choose Litecoin [LTC] for its buyers.
After months of keeping a low profile, Litecoin [LTC] finally made a breakthrough. But not why would you expect it. The silver cryptocurrency is up more than 22% in the last day alone, breaking the coveted $200 level for the second time in the last four months.
But what drove the latest price action? A bogus ad that said Walmart , the largest US retailer and the world's largest supermarket, partnered with Litecoin. According to the Globenewswire press release already removed at this time, the e-commerce giant planned to deploy its millions of buyers around the world an opportunity to make payments using cryptocurrencies.
The fake ad even went so far as to claim that Walmart chose Litecoin [LTC] over Bitcoin [BTC] because the former is cheaper and faster. He went on to explain that Litecoin uses the same code as the world's largest cryptocurrency. Therefore, the two share many similar functionalities. However, LTC is cost-effective and time-efficient compared to Bitcoin that conducts cross-border transactions and powers digital payment systems without the need for a third-party central authority. At the very least, the actors who performed the stunt got it right on the technicality. However, Walmart confirmed that the entire fiasco was a hoax.
The news was picked up by major crypto news platforms like Decrypt, and even Reuters, among digital outlets. Further validated, the ruse was the verified posting of Litecoin's Twitter identifier roughly the same, and then removed it minutes later.
The Globenewswire press release even had fake quotes from the creator and founder of the Litecoin Foundation, Charlie Lee , as well as Walmart CEO Doug McMillon .
What do Litecoin [LTC] techniques look like?
The closing red bars of Awesome Oscillator [AO] indicated a weakening of the bearish momentum. The Klinger Oscillator [KO] emitted green signals. Furthermore, the daily Relative Strength Index [RSI] rallied and approached the 60 level, indicating that buyers have the upper hand.
In short, current Litecoin techniques do n't look promising. The latest uptrend does not appear to be sustainable and it is safe to say that this is just another FOMO powered ride that will be fading soon.