Litecoin and Bitcoin are both global payment systems where users send and receive funds locally and internationally. Litecoin is suitable for small transactions that can take 2.5 minutes to arrive on the other end, which means it is quicker than a bank transfer, especially for global payments. The best part is that the Litecoin network is decentralized, which means there will be no third party to facilitate the transactions.
To get the benefits of this facility, a user should open a Litecoin wallet account. It is very similar to a bank account where you can transfer any amount of funds globally. Experts suggest Litecoin is four times faster than Bitcoin and is more scalable than Bitcoin to handle more transactions. Litecoin uses Proof of Work consensus, which is more energy intensive and costly.
The future of the coin depends on market adaptability. Though it offers a similar facility, Bitcoin is more popular than Litecoin, which makes BTC a less risky asset than LTC. Read our Litecoin price prediction to know if you should invest in LTC or not.
While writing, LTC was trading around $55.97. Litecoin has been forming lower highs. $53 is a support level now, but LTC may cross the resistance if it creates a new higher high. We think it is not a good time to invest for the short term because most technical indicators are bearish.
On the weekly chart, Litecoin has been forming a support for the long term, but it does not show any strong sign of bullishness. LTC candlesticks are forming around the baseline of the Bollinger Bands, and most other technical indicators are bearish. We do not think it is an ideal time to invest a long-term investment in LTC.