Litecoin is a cryptocurrency like bitcoin. But, it is regarded as faster and cheaper of an option than the bitcoin. However, the mechanics and working of this cryptocurrency are almost the same as BTC. It is traded as ccc ltcusd in the stock exchanges. It is also the 7th largest cryptocurrency asset with a total value of $2.68 billion.
About litecoin
Litecoin is the result of an open-source software created under the MIT/X11 license and is a peer to peer digital currency. There is no central authority who controls the creation and transaction of the litecoin. The entire process of transaction and creation is based on a cryptographic protocol. The highest value of the litecoin that has reached till date was in December 2017 as it valued at $360.93.
LTCUSD trying to reach $50
The current LTCUSD value is not really high and is being traded-in very low volumes. As there is a current ICO scam which is circulating the market recently, it still is not shaking up the market. The value is on a downside movement and now is standing on a support on the trading chart.
This support level is at 41.44 and to date 3 times the price fell below this in 2020. If the cryptocurrency is rejected at this particular level, then the prices can drop below the price level very quickly. Also, if the crypto needs to do good and reach the $50 price level then it needs to target the price level of 48.31 and 49.88.
Recent trading of LTCUSD
In the very current trading session, the ccc ltcusd at https://www.webull.com/quote/ccc-ltcusd reached a price level of $42. However, right after that, it dropped to $41.30. The psychological chart level of the cryptocurrency was set at $42, but it failed to move above the mark. Also at the beginning of the week, it showed the highest level to be at $42.23.
Also, the one hour chart of RSI shows a downward movement. This means that there will be a bearish sentiment in the market for a short term period only. The major target is to stop the sell-off. However, if the sell-off continues, then the price may dip to $40 or less.
Also, recently it is seen that the total number of LTC wallets is about to cross the mark of 55 million. This is a sign that people are now becoming more accepting of the litecoin as a cryptocurrency. However, this will not leave any effect on the price level of the currency. This is because, only 21 percent of the wallet holders are trading and gaining money, whereas the rest are not.
Conclusion
LTC does have a lot of potential as a cryptocurrency. But it requires to grow at the price level. Looking at the number of current accounts of LTC wallets, it is quite clear that people are having an open mind about it. But the transactions are still low which makes the prices go low as well in trading software.
