Litecoin (LTC) has had a reputation of being the relatively stable cryptocurrency in the market. The bulls and bears of the coin usually lag. In the bull run of 2021, the LTC coin could not break its all-time high of $375. Litecoin; however, did establish a 52-week high at $335 and where expectations of breaking the ATH rose, LTC coin disappointed traders. The reputation of being stable has not affected the returns on the cryptocurrency. In the yearly timeframe, Litecoin has had a rate of return at 300%. At the time of writing, Litecoin stands at a price level of $253 – with only a slight increase of 0.25% in the past 24 hours.
Litecoin (LTC) technical analysis
The market sentiment for Litecoin is bullish with a majority of technical indicators giving out a bullish signal. Out of the total 26 technical indicators, fifteen are standing at a buy position, eight are neutral while just three are giving out a sell indication.
Trader Elevated Chris has identified a recurring pattern spotted through the historical price actions of Litecoin. Per the trader and his identified pattern, LTC coin is headed upwards after which it will suffer from 50% retracements. However, the cryptocurrency will only pick up the bulls after the retracement and hopefully establish a new all-time high. The trader has set a price target of $385 for Litecoin.
Litecoin (LTC) under the spotlight at CNBC
Litecoin founder Charlie Lee was recently given the platform at CNBC to openly promote his project. Charlie Lee got the stage to talk about the fundamental differences that exist between Bitcoin and Litecoin and why Litecoin is a better alternative. Lee started off the project in 2011 aiming to create a “lite” version of Bitcoin which will solve all the issues facing Bitcoin.
Lee commented on the differences in terms of speed and cost. Litecoin is both cheaper and faster than Bitcoin. Where it takes 10 minutes for the Bitcoin blockchain to verify a transaction, Litecoin is able to do it in around 2.5 minutes. Litecoin also employs a Scrypt Proof of Work Mechanism. The network also has a low transaction fee at just $0.046.