Litecoin Price Prediction 2020, 2025, 2030

Tuesday 22 September 2020, 6:33 PM AEST - 1 month ago

litecoin mining softwareLitecoin Price Prediction 2020, 2025, 2030 19What is Litecoin?

Dubbed the cryptocurrency for payments, Litecoin is a virtual currency that seeks to facilitate payments over the internet. Forked from the bitcoin blockchain in the year 2011, Litecoin was born to enable instant payments, something that Bitcoin was unable to do due to its slow transaction confirmation times.

Litecoin Price Prediction 2020, 2025, 2030 20

For instance, a transaction on the bitcoin blockchain is confirmed after 10 minutes compared to 2.5 minutes on the Litecoin blockchain. Litecoins PoW algorithm is characterized by a computer power-intensive mining process. Although this algorithm is like the one employed by the Bitcoin blockchain, it has one significant difference. Bitcoin employs the SHA-256 hashing function while the Litecoin protocol makes uses of the Scrypt hashing function. Notably, the difference in the hashing functions gives each platform its distinctive transaction speeds. Another difference between the two largely similar coins is their creators. While bitcoin was created by a pseudonymous Satoshi Nakamoto, Litecoin was created by Charlie Lee, a computer scientist, and a former Coinbase employee.

Litecoin Price Latest News

LTC/USD pair has formed a bearish divergence for the RSI and MACD on the daily chart, upon when the price dropped below the $55 level. Technicals indicate LTC might be about to drop below the $50 support zone. Litecoin has struggled to pull in buyers below the $60 zone and is now declining similar to other major cryptocurrencies. LTC is only bullish while trading above the $57, which it is currently doing at $58.17. Buyers experience weight at both $60 and $65 key resistance zones. According to Action Forex, if the LTC/USD pair falls under the $57 level, its price might test both the $50.00 and $45.00 support zones. Nevertheless, with the eagerly ...

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