Home Cryptocurrency Litecoin Technical Analysis: March 05, 2019

Litecoin Technical Analysis: March 05, 2019

Litecoin has a very good risk/reward ratio in the market right now and some estimates say that this cryptocurrency could be worth more than $200 by the end of 2019. The cryptocurrency market is still under the pressure but it is important to say that Litecoin was one of the best performers in the last three months. The price of Litecoin has advanced from $30 above $50 in less than 50 days and the current price stands around $46. 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 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.

Technical analysis

Some estimates say that Litecoin could be worth more than $200 by the end of 2019, in my opinion, this is still a too optimistic scenario but I can agree that LTC is currently at a point where it has the potential to make very big gains. Although the price can weaken even more the current price represents a very good entry level for the long term investors. The current resistance levels are $50, $60 and $70, $40 represents the current support level. It is very hard to predict where the price of Litecoin will go, but if the price jumps again above $50 it would probably reach $60 in the short time period. If the price jumps above $70 we have an open way to $100. If the price drops below $40 support that would be a strong “SELL” signal and the open way to $25.

Recommendation: If you’re looking to invest in Ethereum, you would be able to make good returns according to the price predictions in the next several years. 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 very strong. If the price jumps again above $50 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $47 and take profit at $60 or $70. If the price drops below $40 support that would be a “SELL” signal and the open way to $35.

LEAVE A REPLY

Please enter your comment!
Please enter your name here