Technical Analysis of Litecoin

The cryptocurrency market is advancing this week, the price of Bitcoin is above $8 000 and this is certainly a positive thing for all other cryptos. Litecoin is one of the best performers on the cryptocurrency market in the last several days, in less than five days the price of Litecoin has advanced from $75 above $103 and the current price stands around $100. 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. Litecoin was created by a Google employee Charles Lee, this project has a very good team of software developers and a large community that is growing. Lots of analysts agree that Litecoin has the potential to make very big gains in the upcoming period, short term support and resistance levels are $90 and $120 – If the Litecoin jumps above $150 that would be a “BUY” signal and the open way to $180. If the Litecoin jumps above  $200 that could be a strong signal of the trend reversal and the open way to $300. On the other side, if the LTC falls below $80 that will be a strong signal “SELL” signal and the next target could be around $70.

Advice: This trading week is very positive for the cryptocurrency market so far and the price of Litecoin currently stands around $100. 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. Technically looking, if the price advances above $150, short-term traders can enter the position with the stop loss at $138 and take profit at $180 or even $200.