LTC/USDT Buy - Steemit Crypto Academy - S6T4 - Team Trading Contest Post for Investors-Team
The name and introduction of the project token, which exchange can be traded on, project/technical/team background, etc
Litecoin is a cryptocurrency that is almost as old as Bitcoin, litecoin is a peer-to-peer blockchain network that served as an early alternative to the Bitcoin blockchain Proof of Staking, Litecoin was developed by Charlie Lee in 2011 with the sole purpose of providing an alternative to Bitcoin. Litecoin has a maximum supply of 84,000,000 LTC and currently ranking among the top 20 cryptocurrencies in the world. Every 150 seconds the litecoin generates a new block and miners get rewarded a fixed amount of Litecoin for generating a new block.
Litecoin is a decentralized open-source blockchain under the MIT/X11 license, that has its native token to be Litecoin which is used to reward miners in the blockchain and incentivized in such a way those staking the native token in the blockchain or providing liquidity in the blockchain are rewarded with the Litecoin token.
Litecoin adopted the scrypt hashing algorithm created in the early 2014s which has been tested to be more secure and and far more effective as a hash function than SHA-256 adopted by bitcoin alongside the segregated witness which was intended to increase the litecoin block scalability by increasing the block size.
The litecoin has a fixed number of tokens created which is 84,000,000 LTC and every 150seconds a block is created and can be verified by any miner in the blockchain, the minders are paid a reward of 12.5LTC per block verified and every verified block is added on-chain and recorded to the Litecoin ledger
TOKENOMIC
The litecoin has a maximum supply of 84,000,000 LTC and a current circulating supply of 69,964,031 LTC, it is currently ranked as the #21 crypto among all cryptocurrencies in the world with a current 24hr trading volume of $1,039,415,597.
The LTC token has a fully diluted market cap value of $10,914,082,578.31, it experienced its all-time high at $412.96 in may 2021 while its all time low was seen in $1.11 in January 2015 while the LTC token is currently valued at $130
WHERE LTC CAN BE PURCHASED
Why am I optimistic on this token today
The lightcoin amidst all these turbulent times where we see cryptocurrencies rising and falling due to high volatility we can see that the litecoin has seen a very great deal of stability, the Litecoin has experienced stable growth ever since it's release in 2011.
"As of September 2021, it's estimated that 3,070 merchants accept Litecoin as a form of payment. That's substantial. Indeed, this kind of rapid adoption makes Litecoin one of the leading options for crypto investors seeking to invest in a cryptocurrency with real-world use cases."Source
As we all know the more a coin is adopted and the more it is used on a day to day based activity the more its use is seen which implies that the more it adopted the more its use case would increase which will in turn boost the tokens value and improve its worth, for now, we can see that all around the world merchants are adopting the coin as a method of payment and with this happening in increasing rate the coin will experience a lot of bullish run in the near future.
ANALYSIS
For my entry signal i will be making use of the Williams alligator to mark my entry and exit positions, the Williams alligator consist of three MA teeth, mouth, and Jaw, each with 5,8 and 13 default length settings.
The Williams alligator is a very simple yet effective strategy,the indicator has an increased chance of success by over 30% when paired with the RSI for entry and exits, in my case i am simply using the Williams alligator to make my buy entry and exit with targetted profit.
Our entry for a buy signal is received when the Green MA which is the most responsive crosses over the other two moving averages.
The Indicator can be used to tell trends and map out entry and exit positions, when the green MA is seen above the other MA we know we are in an uptrend, when the MA crosses over the other 2 MA we expect a trend reversal and either close trade or open another trade in favor of the new trend
My trade was opened with a stoploss to take profit ratio of 1:1
DO YOU INTEND TO HOLD FOR LONG?
The research and analysis performed during the technical analysis of this coin were purely for short while, if we have intentions of keeping an asset for a very long time we would be carrying out a different kind of analysis mostly with longer time frame like weekly or monthly chart and analyzing where the coin may reverse at some point.
The research and analysis done on this coin were clearly on a small time frame from 5-15 mins indicating we are in for the coins profit for a short term and selling off when the profit has been taken.
WOULD YOU RECOMMEND THIS COIN
Before we recomend any coin to anyone we have to first if all determine the other parties purpose for purchasing the asset, we might be buying th token because h=we have the patience to hold the coin for as long as months or even more than a year and the asset would fulfiill its purpose for me.
Generally, i would recomend that you purchase this coin if you are looking to HODL for a very long time and not after quick profit but as we keep repeating its better you o your own research and see if the coin would be profitble for you as an individual not cause everyone is buying, but generally the litecoin still has better days to see so its a good coin to purchase .
CONCLUSION
Crypto trading requires to a great extent a certain type of commitment when one has a strategy in mind its best you stick to it till you have met your target
For instance if your strategy has multiple conditions like only buy when certain conditions are fulfilled or only exit when certain conditions has been met, it is best to stick to your strategy before a buy or sell order can be entered to avoid losses or to maximize profit.
cc: @pelon53