Litecoin is one of the best performers in the cryptocurrency market currently, the price of Litecoin has advanced from $54 above $73 in less than five days and the current price stands around $71. It is important to say that bear trend is still securely in place but according to analysts, 2020 is going to have plenty of general volatility and this could push Litecoin upwards. Litecoin is a very popular cryptocurrency to monitor since it appears to hold a number of advantages over Bitcoin. Litecoin provides faster transaction confirmations (2.5 minutes on average) and Litecoin’s transaction fees are, on average, considerably lower than that of Bitcoin. The Litecoin network invites users who want fast, quick solutions involving cryptocurrency and blockchain technology. A very good team stands behind the Litecoin network and it is important to say that Litecoin was created by a Google employee Charles Lee. The future actually looks bright for Litecoin but investors should have in mind that Litecoin isn’t the only privacy coin competing for market share and some other cryptocurrencies could potentially limit the adoption of Litecoin. In the chart below (a period from March 2019), I have marked major resistance and support levels which can help us to understand where the price could move. The current resistance levels are $80, $90 and $100, $60 and $50 represent the current support levels.
It is very hard to predict where the price of Litecoin will go, but if the price jumps above $80 it would probably reach $90 in the short time period. If the price jumps above $100 we have an open way to $120. If the price drops again below $50 support that would be a strong “SELL” signal and the open way to $40. In the chart below we can see how did the price of Litecoin performs in the last 30 days. On this chart, I have marked a “trendline” and if the price drops below this trendline that will be a “SELL” signal.
Recommendation: If you’re looking to invest in Litecoin, you would be able to make good returns according to the price predictions in the next several years. The crypto market goes through bullish and bearish phases that hugely influence the price of Litecoin. Bitcoin has the most effect on the overall market, but we have also seen altcoin-led rallies in the past, known as “alt seasons”. The price of Litecoin has advanced from $54 to $73 in less than five days and the price could advance even more in the upcoming weeks. I would recommend everybody to be careful and to invest a small sum of money in Litecoin, the best time period for me is between 3-5 years, hold and wait. The price of Litecoin is still far away from the LTC price predictions but according to the rules of technical analysis, the “bearish” trend of this cryptocurrency is still strong. If the price jumps above $100 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $92 and take profit at $120 or $140. If the price drops below $60 support that would be a “SELL” signal and the open way to $50.