Technical Analysis of Litecoin

In less than 30 days the price of Litecoin has advanced from $52 above $98 and the current price stands around $79. 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 $70 and $100 – If the Litecoin jumps above $90 that would be a “BUY” signal and the open way to $100. 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 $70 that will be a strong signal “SELL” signal and the next target could be around $60.

Advice: 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. The beginning of April has been very positive for the cryptocurrency market and the price of Litecoin currently stands around $79. 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. 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.

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