Litecoin emerges from a turgid week of crypto-trading as a winner, finding itself a 3.56 percent boost this morning.
Trading is currently at $124.22 as of writing, marking a bullish trend over recent charts.
In the daily chart, the price of Litecoin is in the range-bound movement. Prices fell from $117 to its low at $110 and rose again to $116 before commencing its range bound movement.
The RSI period 14 is level 46 which indicates that the price is in the range-bound zone.
LTC is likely to consolidate at $120 before its eventual breakout in favor of the bulls.
Why is Litecoin booming?
Many a crypto-coin before Litecoin has entered battle with the bears, and many will follow.
Last week, the bears took a chunk out of the crypto-market, cutting off more than $10 billion in market value across the first quarter.
Yet the tide of battle appears to be turning as the plucky token beats resistance.
Despite early-investor concerns, Litecoin has emerged as one of the best performing coins in the market, beating the best of the rest.
Litecoin has rocketed in popularity due to its speedy transaction process.
Faster transactions make cheaper transactions, and investors have flocked to pick up the coin.
The average LTC transaction cost is a mere $0.19, almost nine times cheaper than Crpyto-behemoth bitcoin.
The process takes less than two minutes, bitcoin takes more than four times that time to log your transaction.
No surprise then, that investors like the speed.
Litecoin isn’t without its pitfalls, however.
The coin was rocked last week with the news that new transaction software, LitePay, was to cease all trading almost six days after its official launch.
There has also been a lot of talk about Litecoin being adopted for the darknet following the recent questions about the legitimacy of the privacy-focused Monero.
The tale goes ever-on, and it is difficult to see where Litecoin will progress. But, as the fable tells us, the turtle beats the hare, and, despite Litecoin’s speed, it has slowly been gaining ground on the big players.