How has Litecoin faired on the daily charts?On the daily trading charts, Litecoin moved exactly from the long-term trend line support that is required for prices to stabilize. Besides, at the 720th-minute the cryptocurrency was stuck in a downward parallel channel with the price reaching just around the upper end of the channel. It’s too early for Litecoin holders to celebrate because if the bullish trend does not continue, the price may simply fall back to the reds anytime soon.
By market size, Litecoin is among the largest cryptocurrencies. It attracts the attention of institutional investors and cryptocurrency funds, which is why its transactions are increasing steadily. Litecoin price predictions for 2018 show that the cryptocurrency is on the rise and could yield some good profits come 2019. However, the crypto market remains volatile and it’s advisable to diversify holdings in a bid to reduce the risk.
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A weekend of mercyIn addition to Litecoin, other cryptocurrencies have also experienced an increase in value, including Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH). Bitcoin (BTC) had its value up by 1.11%, Ripple (XRP) by 1.10%, and Ethereum (ETH) by 2.81%. Of the major cryptocurrencies that showed green, Litecoin displayed a bullish momentum, with its value up by up to 11%.
Too early to celebrateFor Litecoin, it still has to work hard to maintain its value of work its way up. The cryptocurrency has the following challenges:
- The inclusion of SegWit on Bitcoin network watered down one of the things that made Litecoin unique.
- Being a spin-off from Bitcoin, Litecoin lacks new, innovative ideas to help it carve a niche among the altcoins
- The scalability issues of Bitcoin network affects Litecoin market indirectly
- Many people are still struggling to know the difference between Litecoin (LTC) and Bitcoin (BTC).