Litecoin trend
The following are the reasons why the future looks good for LTC and why we are bullish about the Litecoin price forecast for January Charlie Lee created Litecoin in and introduced a few important changes that could further improve upon Bitcoin. And this is where Litecoin has the edge. LTC is better suited for smaller transactions where speed and processing fees matter more.
Block time means the time required to verify transactions. Hence, a longer block time would lead to more confidence in the validity of transactions. However, for smaller transactions, a longer block time could actually be a hindrance and even be undesirable.
So because a high verification time is not required for small-scale transactions, LTC has reduced its block time, resulting in much faster transactions. Bitcoin has been struggling with its network congestion woes as well as higher transaction fees.
And the community plans to bring about upgrades that would help to take care of these issues. However, Lee has found the utility for LTC for common people by focusing on small, day-to-day transactions.
If more people use LTC for their daily small-scale transactions, it would become more popular, boosting the LTC price. As the block time is faster, the network is able to handle more transactions. And this comes with lower transaction fees. On the other hand, Bitcoin fees have been going up astronomically, which is not going down well with the users. This would result in lower fees and a faster network.
SegWit is an upgrade that would allow more information to be stored in a block of verified transactions. Both are important to make the Bitcoin network better and more attractive. In our last analysis we wrote:. Get an account with plus and trade all possibles types of CFDs: The support on the USD looks relatively safe for now and we have quite big chances to climb higher and reach the red resistances either the lower or upper line of the triangle.
Well, we were right here. That support was super important and got eventually defended. That was indeed a good place to buy LTC. Currently, the price is locked inside of the sideways trend.
Litecoin tries to break the horizontal resistance USD again and the chances for that are relatively high. That gives us a trade with a desirable risk to reward ratio and makes the Litecoin an interesting trading opportunity.
Positive approach stays this way as long was the price is above the black line. Stay up to date with the financial markets everywhere you go.