Litecoin Price Analysis: LTC/USD Eyes Consolidation Around $120

Litecoin, which is the fourth largest digital currency by market capitalization, had become easier to invest after getting listed to Coinbase. Coinbase allow the trader to purchase LTC with actual fiat currency including US dollars. Litecoin has outperformed both Bitcoin and Ethereum over 2017, and the  appreciation values have reached more than 1900%

Litecoin (LTC/USD) Price Chart

LTC has recovered from low of around $112.31 from the past few trading sessions, but the investors should buy this crypto around the level of $130. The next resistance is at the level of around $170.

Currently the investors should keep an eye on LTC as there is an expectation that it can fall again to the level of $110, which is the major support for this crypto. LTC will become very bearish if it breaks down and sustains below $110

Unique Features of Litecoin

• Speed: Litecoin is like bitcoin, but the main difference between the two cryptocurrency lies in their transaction speeds. LTC transacts four times faster than bitcoin.
• Limited Supply: Like Bitcoin, Litecoin also have limited supply as once a certain number of bitcoin (btc) or litecoin (ltc) are created, that cannot be increased. Bitcoin has a limit of 21 million coins and LTC will max out at the 84 million mark.
• Algorithms: Litecoin and bitcoin both utilizes contrasting algorithms when hashing. Bitcoin employs SHA-256 which is considered to be more complex, LTC uses a memory-intensive algorithm referred to as scrypt.

Litecoin Wallets

LTC is generally stored in a digital wallet. There are different kinds of wallets, the software-based  reside on the computer or mobile device, as well as there are physical hardware wallets. Further, there are paper wallet, that involves generating and printing out a private key on a computer. 

LTC/USD Price Prediction

The investors should take a long position on LTC if the price crosses $130 level, with the stop loss of $115. Currently LTC is consolidating, the beak out from this level will tell the trend to the investors or the traders, what position to be taken. Currently, it will be better that the investor should not invest the whole amount planned and should 50% of the planned investments into it