Litecoin Analysis: Is Altcoin Better Than Younger Altcoins?
Kiana Danial | Dec 16, 2018 11:36PM ET
Litecoin Analysis: Today we’re going to talk about one of the oldest coins in the market. Although Litecoin doesn’t have the privacy features or efficiency of other cryptocurrencies, it has outlasted several many younger altcoins. Is Litecoin making a light come back?
Litecoin & Founder Lee's Shenanigans
The 7th largest crypto by market cap, Litecoin, is just another version of Bitcoin. But it’s faster and has cheaper transactions. Litecoin developers have also borrowed many of Bitcoin’s newer innovations. Those include Segwit and the Lightning Network, to make it even faster. According to founder Charlie Lee, Litecoin is seeking to become the silver to Bitcoin’s gold. Speaking of Charlie Lee, the Litecoin founder found himself in some hot water last year, when he publicly announced that he had sold the entirety of his lite coin holdings. At the time, many crypto bulls mocked the decision, which seemed to indicate that Lee had no faith in his own project. Lee also raised another scandal, with a bearish prediction to a market full of bulls.
On December 11th of last year, Lee tweeted a Litecoin analysis and prediction of “a multi-year bear market,” saying “if you can't handle LTC dropping to $20, don't buy!” That seemed pretty unlikely, with Litecoin at the time valued over $230. With prices now approaching $23 many supporters believe that Lee’s prediction has been vindicated.
Over the past weekend, Litecoin successfully flipped Bitcoin SV and Bitcoin Cash, demonstrating that newer isn’t necessarily better. After reaching lows of May 2017 last week, Litecoin attempted to erase the weekly losses on Sunday with a 15% surge.
Litecoin Analysis on the Charts
Taking it a look at its price action on the 4-hour chart, you’d notice that Sunday’s gains brought the LTC/USD pair back inside the Ichimoku cloud, with the future cloud turning slightly bullish. We saw a similar pattern back in November, and it didn’t turn out to be a bullish reversal. It did, however, give short-term traders a chance to trade the volatility.
Litecoin Analysis - LTCUSD Technical Analysis 4-Hour Chart
With that, crypto traders with high Fibonacci retracement resistance level of $35 would require a stronger bullish momentum.
Get The News You Want
With that, now I’d like to turn to you and hear what you think the future will hold for Litecoin. Do you think now that LTC has reached the $20 level that its founder predicted, chances are higher for it to bottom out soon? Would you rather invest in Litecoin for longer-term purposes, or trade the volatility for higher risk profits?
*This article was originally published
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