Litecoin has risen around 4.5% in the last 24 hours. Currently, it is trading around $ 125 mark. Many of the cryptocurrency traders are asking the question has Litecoin is actually turned around.
In the last couple of weeks, Litecoin has been moving around $110 to $117. However, it seems like it has finally broken that range. When you look at the relative strength index, it is around level 46. This still indicates that it might continue in a range.
However, when you look at the price breakout, any trade about $ 120 on a consistent basis will indicate a price break out. This is one of the main advantages of the current price movement. However, it remains to be seen if Litecoin is able to sustain above these levels or not. If indeed, it is able to sustain above these levels, it will be very easy for the investors to get good returns by investing in Litecoin at these levels.
On the fundamental side, Litecoin is doing great. It is speeden up the transactions as well. As a result, the transactions in Litecoin are much faster these days. It is even much faster as compared to Bitcoin. On the other hand, when you look at the fees of Litecoin, you will realize that it is only around $ .19. This is another advantage. Moreover, the transaction time of Litecoin is just around 2 minutes. This is one of the main advantages of Litecoin.
As a result, many investors think that Litecoin will be the 1st to rise once the cryptocurrency market turns around. It remains to be seen whether it is so or whether it is a dead cat bounce.
Today, however, it seems like it is going higher. It is already up around 5%. It remains to be seen whether it stagnates once again around these levels or whether it rises more. Till the 120 levels are held, it will be easier for the Litecoin to rise even more. This is what is attracting most of the cryptocurrency investors. It remains to be seen whether the changes which the Litecoin has experienced fundamentally will be able to sustain it up on the higher levels or whether it will once again fall back. With most of the other cryptocurrencies also increasing, the chances of Litecoin also increasing are significantly high.
David is passionate about learning cryptography, tech and the Internet. He has years of experience working at international investment projects. Growing interested in Blockchain and cryptocurrencies in late 2015, he joined Smartereum as an editor.