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Price Analysis

Litecoin’s (LTC) Short Term Outlook Is Bullish; Perfect Time For Buying

  • The short term outlook is bullish having resistance at $81.50.
  • Litecoin’s founder Charlie Lee is accused of ignoring basic economics in its growth story.

Litecoin (LTC) is based on Bitcoin protocol and it is known for its less processing time for the transactions to be processed. Litecoin uses scrypt in its proof-of-work algorithm. Charlie Lee created this coin.

Current Statistics-

Litecoin

  • Litecoin (LTC) is ranked at 5th position in the global crypto world.
  • The ROI (Return on Investment) of Litecoin stands at 1631.06%.
  • A total of 61,676,982 LTC coins are in current circulation.
  • The current market cap as on 08th May at 06:34 UTC is 4,604,926,342 USD.
  • The value of each coin stands at 74.66 USD and 0.01267918 BTC.
  • The current 24h volume stands at 2,488,037,847 USD.

Comparison-

Litecoin (LTC) has started its journey in 2019 with humble pricing of 30 USD. This humble price was due to the effects of crypto winter. However, the value of each coin started growing after the 1st April global crypto market boom. Litecoin reached 94 USD from 60 USD in just 4 days. However, the value of each coin is now stable after the pricing boom. The market cap on 8th April was 5,668,334,306 USD, and the value of each coin was 92.56 USD and 0.01799177 BTC. The current market cap is 18.76 % less than the market cap of 8th May, and the value of each coin has decreased by 19.33% in these 30 days.

Prediction-

As per our prediction, the value of each Litecoin is here to rise further. The current value of the coin is around 76 USD and the next resistance will be there at 78 USD, 78.50 USD and 81.50 USD. The medium-term outlook is also bullish. By the end of this year, the coin’s value should be roaming around 100 USD. By the end of 2020, the coin should reach its highest point crossing 250 USD mark.

A popular crypto investor, Roger Ver recently said that Litecoin’s founder Charlie Lee has no understanding of economics and accused Litecoin of completely pointless and worthless without crippling of Bitcoin. However, there seems to be no effect of Roger’s understanding in the market.

Conclusion-

We advise the upcoming investors to buy Litecoins now as the price is now suitable. The medium-term and long term outlook is bullish and keeping the investment intact until 2020 will give the investors a huge gain of at least 100%.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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