this is the link to my expired homework post that was not voted
https://steemit.com/hive-108451/@gabikay/ltc-usdt-buy-crypto-academy-s6t2-team-trading-contest-post-for-reminane
Hello great steemians, am here to post about another trading section of mine today and the trade pair is LTC/USDT.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
What is Litecoin
Litecoin usually abbreviated as LTC is a cryptocurrency which was designed to deliver secure, fast and low cost payments by tapping into the awesome feature of blockchain technology. It was created to behave like the Bitcoin protocol but their difference arises in terms of block transaction times, hard cap, hashing algorithm used, and some other factors. The block time of Litecoin is just 2.5 minutes and also has a very low transaction fee hence making it the best choice for micro transactions. The launching of Litecoin in oct. 7, 2017 was via open an source on GitHub and five days after, Litcoine Network went live. Ever since then, it's uses cases has increased along with its trading merchants as it is now among the top ten cryptocurrency when tanked according to market capitalization.
Founders Of Litecoin
The founder of Litecoin is Charlie Lee. He is a computer scientist who is reconed as one of those who had mined Bitcoin earlier hence giving him a solid knowledge of what the Blockchain technology behaves like. Between 2015 to 2017, he also with the role of director of engineering at coinbase and later moved to other ventures. He was once Google's software engineer.
Currently, Charlie Lee is the managing director at Litecoin foundation and also a well known as advocate of cryptocurrencies. Some other individuals on the board of directors include: Alan Austin, Xinxi Wang and Zing Yang and each of them are well certified in their own fields.
About Litecoin
Taking Bitcoin out of the picture, Litecoin is the next well known pure Cryptocurrency to ever exist. This succes can be ascribed to it's clear utility benefits and simplicity.
As of the first quarter of 2021, Litecoin entered the list of the most widely used coins with over 2,000 stores and merchants who now accept Litecoin all around the world.
Speed and cost-effectiveness are the main benefits of Litcoine transactions. In just minutes, Litecoin transactions are confirmed with a nearly negligible transaction fee. This factor alone has made it the choice of as an alternative to Bitcoin whose transaction fee is not negligible. It uses a Proof of Work consensus Mechanism.
New Developments
Litecoin foundation announced long awaited upgrade of MImblewible Extension Block (MWEB) in January 31, 2022. Litecoinhad initially pioneered the release of the MImblewible testnet in late 2020 to test how confidential the MImblewible Extension will handle it's transactions.( MImblewible is a Blockchain protocol and a layer 2 solution that aids other blockchain projects to scale better by confirming their transactions without jeopardizing the project's security.)
This upgrade that has been added will make Litecoin scale more better hence giving it more advantage over Bitcoin.
Litecoin Metrics
| 1 | Metric | Value |
|---|---|---|
| 1 | Price | $111.60 |
| 2 | Trading volume | $773,631,893 |
| 3 | Market cap | $7,785,440,427 |
| 4 | Circulating/ Max supply | 69,759,068.98/ 84M |
| 5 | Explorer | blockchair.com, explorer.litecoin.net, LTC.tokenview.com, bscscan.com, chainz.cryptoid.info |
| 6 | Contract address | HECO: 0xecb56cf772b5c9a6907fb7d32387da2fcbfb63b40xecb56cf772b5c9a6907fb7d32387da2fcbfb63b4, Binance Smart Chain (bep20); 0x4338665cbb7b2485a8855a139b75d5e34ab0db94 |
| 7 | Link | litecoin.com |
| 8 | Rank | 21 |
| 9 | Consensus algorithm | Proof of Work (PoW) |
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Litecoin Market Place
Some Exchanges where litecoin can be acquired or traded include:
| sn | Exchange | Pair |
|---|---|---|
| 1 | Binance | LTC/USDT, LTC/BTC, LTC/BUSD, LTC/USD, LTC/EUR, LTC/ETH, LTC/BNB |
| 2 | Coinbase | LTC/USD, LTC/EUR, LTC/EUR, LTC/ETH, LTC/GBP |
| 3 | KUCOIN | LTC/USDC, LTC/BTC, LTC/ETH, LTC/KCS, LTC/USDT |
| 4 | Houbi Global | LTC/USDT, LTC/BTC, LTC/HUSD |
| 5 | KRAKEN | LTC/USD, LTC/EUR, LTC/XBT, LTC/USDT, LTC/GBP, LTC/ETH, LTC/AUD LTC/JPY |
| 6 | FTX | LTC/USD, LTC/USDT, |
| 7 | GATE.IO | LTC/USDT, LTC/USD, LTC/BTC |
| 8 | BYBIT | LTC/USDT, LTC/BTC, LTC/USDC |
| 9 | BITHUMB | LTC/KRW, LTC/BTC |
| 10 | BITSTAMP | LTC/USD, LTC/EUR, LTC/BTC, LTC/GBP |
Why are you optimistic on this token today, and how long do you think it can rise?
Today, I am optimistic about Litecoin because of;
1. Litecoin Privacy and Scarcity: Litecoin is a Blockchain project whose security is unquestionable and it's user privacy is highly maintained. For people looking for somewhere safe that they will invest their money without being noticed, well Litecoin is a safe spot. Also, Litecoin maximum and total supply is pegged at 84 million LTC. This is a good and well defined figure unlike some currencies whose supply run into trillions or more.
2. PayPal and Venmo Merchants: Paypal is investing in a new business unit focussed in crypto and digital currencies. Already, PayPal supports four coin namely Bitcoin, Ether, Bitcoin Cash and Litecoin. PayPal is likely to have about 29 million merchants and in these transactions, Litecoin must definitely be used given that it is the cheapest amongst the four coins supported by PayPal. This will this allow Litecoin to sky rocket to higher heights.
How to analyze the token? (Using the analysis knowledge learned from professors’ courses)
For the trading aspect today, I will use the multi-timeframe analysis and Parabolic SAR indicator to analyse. I will trade on LTC/USDT pair. I will be trading on Kucoin Exchange.
The multi-timeframe is a kind of technical analysis method that is used to monitor different timelines of a particular market and then be able to detect which particular trend the market is into.
Parabolic SAR is a technical indicator that is used to determine the direction which an asset moves. It is also known as Stop And Reverse System (SAR). Parabolic SAR mainly works in trending markets and can be used to determine the trend direction.
The parabolic sar is displayed as a series of dots when graphically represented. If it goes below the current price, then it can be seen as a bullish signal. Likewise, if it appears above the current price, then it can be interpreted as a bearish signal. These signals can then be used to set stop-loss and take profit levels.
I want to trade using the 15 minutes timeframe. So firstly, I check on the 1-hour timeframe of LTC/USDT pair and then I add the Parabolic SAR indicator. On the 1-hour chart, the market is generally in an uptrend. The parabolic SAR is below price to signal an uptrend.
Next, I go to the 15-minuites timeframe. Here the market has just started a bullish move and the parabolic SAR signals an uptrend.
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Next, I go to 4-hours timeframe. Here, the market is also in an upteend and the parabolic SAR is below price to signal an upteend.
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On the 15 minutes chart, I have spotted my support and resistance levels. In the 3 individual timeframes, the price has been bullish and so I open a buy/Long position.
| Entry | Stop-loss | Take Profit | Leverage |
|---|---|---|---|
| $111.4 | $110.8 | $111.87 | 15× |
When the trade had been filled, I then made a $2.08 trading PNL.
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Do you recommend everyone to buy and the reasons for recommending/not recommending?
Litecoin is a promising coin being among the top 20 coins and also very popular alongside Bitcoin, it has got potentials. There is no much function for which litecoin is known for as it is just a pure Cryptocurrency with core purpose of storing financial value but such coins like litecoin get adopted easily. If the use cases of Litecoin continue to increase, then I believe that it is a very nice coin that one may want to have in his wallet. Already, merchants like PayPal and Venmo have already adopted it. More and more adoption could have a significant impact on the value of the coin.
,
Summary
Litecoins longitivity amongst other top currencies is a proof that altcoins can remain relevant, and withstand the test of time while they continue to evolve. The major catalyst that has quickened the rate of Litecoin adoption is it's fast transaction capacity, low cost and it's growing community as well. Nevertheless, time show that Litecoin is the next Bitcoin and also a worthy Bitcoin supplement.
Hi @reminiscence01, it's been a day since my repost but my work has not been voted yet. Some other repost get voted in 12 to 20 hours. Please help.
Cc:
@steemcurator01
@steemcurator02
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