Litecoin is gradually regaining its value, with experts forecasting a long-term rise for the digital currency. So what is the current value of the digital currency? Is the value of Litecoin actually recovering?
The Value of Litecoin
Litecoin is presently trading marginally above the $120 mark after recovering from the levels of $116-$115. The value of Litecoin has increased by 2.7 percent against the US dollar in the last twenty-four hours. It is also developing another bullish flag trend that could result in an upward breakout if there is enough bullish support over the $120.00 level.
The Resistance of Litecoin
The value of Litecoin is presently facing resistance at the $122 mark, but the major resistance level is at $125.00. Nick Cawley (a financial analyst) said that the rebound of Litecoin from its recent 6-week low at about $110 seems likely to continue with the digital currency eyeing the $141 mark in the short-term.
The 4-Hour Chart of Litecoin
The digital currency market at large appears to have found some short-term support in the past few weeks with selling drying up. Nick Cawley said that on the 4-hour chart of Litecoin (LTC), the cluster of lows between the $110.00 and $115.00 levels should provide reasonable support, while the 20-day moving average is looking to break out over the 50-day moving average, providing the digital currency with a bullish impulse.
On the other hand, light resistance may be experienced around the $128 to $131 level before Litecoin (LTC) moves back towards the high of May 20 at $141 – says Mr. Cawley. Some experts are predicting that the value of Litecoin (LTC) could get to about $600 by the end of this year.
Litecoin was created in October 2011 by Charlie Lee (a former Google employee). Litecoin was created to complement Bitcoin by solving some issues such as concentrated mining pools, transaction fees, and times.