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Litecoin analysis: today we will talk about one of the oldest coins in the market. Although Litecoin does not have the privacy or efficiency features of other cryptocurrencies, it has outperformed many other younger altcoins. Litecoin makes the light come back?
Litecoin & Founder Lee's Shenanigans
The seventh crypt by market capitalization, Litecoin, is just another Bitcoin version. But it is faster and has cheaper transactions. The Litecoin developers have also borrowed many of the new Bitcoin innovations. Those include Segwit and the Lightning Network, to make it even faster. According to the founder Charlie Lee, Litecoin is trying to become Bitcoin's silver for gold. Speaking of Charlie Lee, last year the founder of Litecoin found himself in hot water, when he publicly announced that he had sold all of his share of lite money. At the time, a lot of crypots were making fun of the decision, which seemed to indicate that Lee did not trust his project. Lee also raised another scandal, with a bearish forecast for a bull-filled market.
On December 11 of last year, Lee tweeted a Litecoin analysis and prediction of a "multi-year bear market", saying "if you can not handle LTC by going down to $ 20, do not buy it!" It seemed rather unlikely, with Litecoin currently valued over $ 230. With prices approaching $ 23, many supporters believe Lee's prediction has been confirmed.
Over the past weekend, Litecoin successfully launched Bitcoin SV and Bitcoin Cash, proving that the new one is not necessarily better. After reaching the lows of May 2017 last week, Litecoin attempted to cancel its weekly losses on Sunday with a 15% increase.
Litecoin analysis on the graphs
By taking a look at the prices on the 4-hour chart, you will notice that Sunday's gains have brought the LTC / USD pair back to the Ichimoku cloud, with the cloud future rising slightly. We saw a similar model in November and it did not turn out to be a bullish reversal. However, it gave short-term traders the opportunity to trade volatility.
Litecoin Analysis – LTCUSD Technical Analysis 4 hour chart
With this, cryptocurrency traders with high risk tolerance may consider keeping a break above the 4-hour Ichimoku cloud to get a chance to sell their Litecoin at the short-term resistance level of $ 29. Reaching the highest level, 50% Fibonacci retracement resistance of $ 35 would require increased bullish momentum.
With that, now I would like to address you and hear what you think the future will hold for Litecoin. Do you think that now that LTC has reached the $ 20 level its founder predicted, is it likely that the odds are higher for its completion? Would you rather invest in Litecoin for long-term purposes or exchange volatility with higher profits? Let me know in the comments and sign up for further updates. Remember that as the 4th step of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that fits your portfolio.
Do not forget to complete due diligence in risk management before developing your investment strategy.
Invest responsibly,
Kiana
This article was originally published on investdiva.com.
REVELATION:
The opinions and opinions expressed in this article are those of the authors and do not represent the opinions of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult with their financial advisor before making any investment decision. To read our complete information, visit: http://www.equities.com/disclaimer
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