BELOBABA brings us a new technical analysis for the "silver" crypto, Litecoin. With the help of its Chief Investment Officer, Jesús Sánchez-Bermejo
Litecoin Fundamentals:
Litecoin: Emerged in October 2011 as a derivative of the Bitcoin blockchain codebase.
The vision behind Litecoin was to create a faster, lighter version of Bitcoin, with faster confirmation times and greater transaction capacity. Since its launch, Litecoin has seen ups and downs in its value, but has maintained a prominent position in the cryptocurrency world.
In terms of technology, Litecoin is very similar to Bitcoin. It uses a proof-of-work (PoW) algorithm called Scrypt instead of Bitcoin's SHA-256 algorithm. This allows Litecoin to process blocks of transactions more quickly, with a target block time of approximately 2.5 minutes compared to Bitcoin's 10 minutes. Additionally, Litecoin has a supply limit four times larger than Bitcoin, with a total of 84 million LTC available to be mined.
One of the main advantages of Litecoin is its ability to process a higher volume of transactions. This makes it ideal to be used as a payment method, as transactions are confirmed faster compared to Bitcoin. Additionally, transaction fees are usually considerably lower on Litecoin.
Long Term Litecoin (LTC)
After the Litecoin halving last August 2023 in areas of 80, the price, instead of rising, fell.
Great volatility in the long term within a gigantic lateral channel, but with many ascending lows, indicative as a rule that the price should end up rising.
We also observe how the last long-term bearish guideline has been surpassed in 2023 and in support in 2024 from where the lower-term bullish movement is building.
It is also in areas close to the upper false of the bearish guideline, so this area is important for the continuation of the bullish trend movement.
Short-Term Litecoin (LTC)
In the short term, the price is trying to support itself around 98/99 USD.
It is in the low range of a theoretical bullish channel with initial ceilings at 112 USD but which in extension could launch in parallel, to the price, above 130 USD.
Patience, so that the supports do not give way and so that the entire price structure is created in the direction mentioned.
As a point to take into account, for those interested in analyzing indicators, its relative strength (RSI) has massively pierced the 30-point zone and is de facto, in the ultra-short term, the lowest zone of the series (March 10 to April 9th).
If you lose zones of 98 USD? Next level 93 USD.
•This content is for informational and educational purposes. There is no consumer protection. Your capital is subject to risk. It is not a recommendation to buy or sell crypto assets. Do your own research or contact your trusted financial advisor (DYOR).
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