LiteCoin Technical Price Analysis(Oct.30th)

Litecoin is a very interesting cryptocurrency to monitor since it appears to hold a number of advantages over Bitcoin. Litecoin has a faster block-processing rate that keeps miners intrigued (and rewarded), has a more decentralized proof-of-work algorithm than Bitcoin and lower transaction settlement times and fees. Lots of analysts agree that Litecoin is currently at a point where it has the potential to make very big gains and the current situation represents a very good entry point for long-term investors. Litecoin was created by a Google employee Charles Lee, this project has very good team of software developers and a large community that is growing. When we look at the 1-year chart we can see that Litecoin is moving in “downtrend”. As long Litecoin is below $100 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $50 and $70 – If the Litecoin jumps above $70 that would be a “BUY” signal and the open way to $90. If the Litecoin jumps above  $100 that could be a strong signal of the trend reversal and the open way to $150. On the other side, if the LTC falls below $50 that will be a strong signal “SELL” signal and the next target could be around $40.

Advice: Litecoin can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $300 in the next two years. Yes, it is true that the price could fall even more but the current price of Litecoin stands around $53 and this is very close to strong support which stands at $50. As for the technical picture, the Litecoin remains in bearish phase but if the price advances above $100, short-term traders can enter the position with the stop loss at $90 and take profit at $120 or even $150.