Litecoin was up by more than 140% in the last year, even though it was one of the fastest-growing coins until May this year. Some external factors make this coin highly volatile.
Experts believe that the United States higher capital gains taxes also played a vital role in the cryptocurrency market. Indeed, Litecoin has the potential to give you a higher return.
It is a superior and strong alternative to money. Ethereum, the second-largest cryptocurrency, is not developed as money, but we are using it. However, Litecoin is easier to use because it is a digital p2p money with built-in scarcity.
Interesting to note that, Litecoin is included as a means of mainstream international payment system in Venezuela. Foreigners can send LTC to their family members. Moreover, Litecoin Foundation has a 9.9% share in the German WEG bank. It is now considered a cryptocurrency to buy or invest in the real estate market in Germany.
Moreover, the LTC price trend reflects bullish signs. We can see an immediate support level of around $152, and the next support level is around $120.
However, the crucial resistance level of Litecoin is around $226. Indeed, it will soon break this level and go up to $380.
As per the current price trend, it is a good time to buy Litecoin. However, it would be better if you buy it after it crosses the $230 resistance level. Otherwise, you can buy it for around $150. The MACD indicator reflects neutral sentiment. On the price chart, it is hard to decide which way the price will move.
Bollinger Band gives a bullish signal, and it shows that the next weekly candle may go up to the initial resistance level. However, it is not the ideal time to buy the coin.
However, investing is a long-term game. If you want to invest for 3-4 years or more, then it is the ideal time to buy more Litecoins. If you have the existing LTC coins in your portfolio, it is a good time for HODL. However, if you do not have one, then wait for a few more signals.