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What is Litecoin (LTC)?
Litecoin (LTC) is a blockchain-based cryptocurrency designed to offer speedy, secure, and affordable transactions. This deep dive provides further details about the Litecoin project.
Originating from the Bitcoin (BTC) protocol, Litecoin has unique elements, such as a different hashing algorithm, hard cap, and transaction times per block. Its 2.5-minute block time and minimal transaction fees make it a fitting solution for small-scale and point-of-sale payments.
Litecoin’s open-source client was first launched on GitHub on October 7, 2011. The Litecoin Network, in turn, was activated five days later, on October 13, 2011. Since then, cryptocurrency has seen massive adoption and merchant acceptance, consistently ranking among the top ten cryptocurrencies in market capitalization.
Litecoin (LTC) Current Market Status
According to CoinMarketCap, Litecoin (LTC) has been ranked 9th place per market capitalization. Also, Litecoin has seen a decrease of 1.16% in the previous 24 hours. However, according to 7days market movement, Litecoin has 23.17% price increase. Also, Litecoin has a market capitalization of $7,784,969,336.
News About Litecoin (LTC)
Santiment, a company specializing in cryptocurrency analysis, is keeping a close eye on the recent strong performance of Litecoin (LTC), a network for person-to-person payments. Over the last two weeks, the value of LTC has risen by 42%. However, Santiment cautions that a widespread feeling of not wanting to miss out, or “FOMO,” could suggest that the excitement around LTC is reaching a high point. They recommend careful monitoring, as these FOMO-fueled rises often lead to a period of calm when public interest cools down.
Litecoin (LTC) Price Analysis 2023
Looking at the daily analysis of Litecoin trading against the USDT chart, we can observe that Litecoin has been trading inside a range for the previous half of 2023. Also, Litecoin has bounced from the $85.90 which is the 200-days moving average, the price finally breaking out of the current higher liquidity and now fluctuating below it again.
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However, if Litecoin breaks its upper resistance zone, we can expect Litecoin to reach $140. However, if Litecoin is still ranging inside the previous range, we can expect Litecoin to fall back to its 200-days moving average value and bounce back from that support.
Investors should look for buying opportunities near the support zone or the 200-days moving average zone for a better risk-to-reward ratio.
Litecoin (LTC) Weekly Analysis
Looking at the weekly analysis, Litecoin has seemed to find its bottom, just like a few major cryptocurrencies. Also, more investors are hoping for Litecoin’s bullish market trend to come back again. Based on the double bottom formation on the weekly analysis chart, we can expect more highs to break for the current market.
Conclusion
In conclusion, Litecoin (LTC) has demonstrated its enduring value as a top cryptocurrency, offering fast, secure, and affordable transactions. Even amidst market volatility, it retains a position among the top ten in terms of market capitalization, showing wide acceptance and use. Despite its recent price surge, caution is advised by crypto analysis firm, Santiment, due to potential market dynamics driven by FOMO. Future prospects suggest potential growth, with a target of $140 if Litecoin breaks its upper resistance zone. However, a possible fall could present a good buying opportunity near its 200-day moving average value. The weekly analysis also hints at a bullish market trend, underlined by a double-bottom formation. Overall, while Litecoin’s future looks promising, careful monitoring and strategic investing are key for success.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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