Another day, another cryptocurrency struggle. This time related to Litecoin and a rumor about an upcoming Litecoin Cash fork. Earlier on Monday PR Newswire published a press release saying Litecoin Cash is moving towards the release of a new cryptocurrency that will be born from a hard fork of Litecoin (LCC). It says everyone holding Litecoin will automatically receive 10 Litecoin Cash for every Litecoin they own.
However, Litecoin creator Charlie Lee has previously disowned any such attempts, calling them scams. On February 4th, he Tweeted “The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there!”
Despite this, Litecoin price generally moved higher on Monday, bouncing up from the 142 support level, aiming to reach the key resistance level of 164. This would be the third time LTC testing this resistance in February. On the daily chart, LTC/USD remain below the Ichimoku cloud and has yet to show a real bullish momentum to reach the all-time high levels of $420.
*This article was originally published here