Considering that Bitcoin has been doing such a terrible job as a payment coin like it was meant to be, will Litecoin shine through and go from underdog to the reigning champion of cryptos?
I think one of the most promising and still undervalued coins out there is Litecoin. It has a limited supply which gives it the potential to be a store of value. It also is lightning fast and extremely cheap making it viable for a payment coin. Not to mention that litecoin is one of the four coins on coinbase, the most widely used exchanges in the united states.
I am extremely bullish on Litecoin in the long term (as you might be able to tell). Let's analyze this bad boy for what it's worth.
First, Let's take a look at things on the technical side.
Litecoin has stayed withing this triangle trend the past month or so after it's insane leg up.
I think there are two likely scenarios that may take place here:
- Litecoin breaks through the traingle pattern and follows that upper trend line up to retest it's resistance level of $360
I feel if Litecoin appraoches the $360 range quick enough, it'll have enough momentum to head to much higher levels of $500-600
- Litecoin breaks the triangle pattern to the downs side and tests support levels of $210
If Litecoin continues to drop down towards it's most previous low, I have the feeling that it will continue to lost momentum and head down to the mean trend line. This means Litecoin could go as low as $135-145.
Technical charts can do wonders and give us perspective on where we can enter the market at a good price, but by no means is it the best way to understand the long term future.
One of the best sources of news for Litecoin out there is the twitter account of Charlie Lee, the creator of Litecoin.
Charlie Lee has recently come out saying that him and his team of developers are working to make the Litecoin network to have even cheaper fees.
Litecoin is already extremely cheap. Here is a chart of some of the top coins and their transaction fees.
Bitcoin Cash is in strong competition with Litecoin in become a value and payment coin. The CEO Roger Ver has been included in multiple interviews trying to pump his coin.
Known as "Bitcoin Jesus" Roger Ver has been working towards Bitcoin Cash to reclaim the crypto throne. His marketing efforts have not exactly been entirely welcomed by the Bitcoin Core community.
While at times BCH may be cheaper to send than litecoin, it has been known to still have a bit of a congested network. It still doesn't work as an immediate form of payment.
There have also been rumors made that Facebook may be integrating payment systems with Litecoin. Though these are only rumors, it is still a promising thing to hear.
I think at this point it is a battle between BCH and LTC to make a coin that can be a store of value as well as a viable payment coin. There are lots of coins out there that are free to send (my favorite being Steem), but it is important for coin holders to be able to rust that these coins will do well at storing the value of their capital long term. Charlie Lee and the litecoin foundation have done better than most about being public about their plans and constantly progressing to make a better coin. In my humble opinion, I see Litecoin dominating in the future and take over and king of coins. As far as price, I see Litecoin reaching $1000 per coin before this summer.
The future for Litecoin is bright!
Steem on Steemians!
