*** ![cover ltc.png](https://cdn.steemitimages.com/DQmWwWvw6fsFWPfP7HkKpaw6FCjHXsuKz5hTCpDimkp5qEg/cover%20ltc.png) _{Designed on Canva} **** Hello steemians, I would love to join Prof. @shemul21 to welcome each and everyone of us to week one of the crypto academy trading competition. Today, I will be trading LTC/BUSD pairs on spots trading to make some good profits. If you reach the requirements, you could join me to do same by reading up the competition rules on this [link](https://steemit.com/hive-108451/@shemul21/steemit-crypto-academy-trading-competition-team-frontline-s6t3).
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) ### Introduction to LTC ![line2.jpg](https://cdn.steemitimages.com/DQmamoWwUKXG72UdCEbd7FqGkrsBNXdSomtYC88fny8YZcc/line2.jpg)
LTC is the native token of the Litecoin network. Litecoin is a fork of Bitcoin’s core client. The same way Hive is a fork of steem. This means just like BTC, LTC was created to be a decentralized, permissionless peer-to-peer payment system. LTC has done some branding to its name, with the slogan “**a silver to Bitcoin’s Gold**”. This was quite entertaining to its investors back in the day and still is today. Litecoin was founded by Charlie Lee and like the name implies, it was invented to be the lighter version of Bitcoin. Litecoin is quite different from Bitcoin, instead of using Bitcoin’s SHA-256 POW consensus model it uses an updated Scrypt POW consensus model which reduces the amount of power consumed when mining, reduces transaction fee rates and of course, increases transaction speeds. Litecoin has a total transaction speed of 56 transactions per second with a completion time of 2.5 mins. Charlie Lee, founder of Litecoin even proposed that LTC can be used as payment method between peers since it’s more scalable while BTC remains as a store of value. Since LTC is not as scalable as the current crypto projects we have seen today, over the years, they have considered seeking scaling solutions on the Lightning network. Litecoin is one of the oldest crypto projects and has been able to withstand the storm and keep a high standing in its coin ranking. *** ![LIT.png](https://cdn.steemitimages.com/DQmTQwrHhrt8D5xBXgjvHnJgoecgm6HpAwuZjSvAq8koTq1/LIT.png) _{Founder: Charlie Lee, [source](https://medium.com/@nicolesarah492/litecoin-ceo-charlie-lees-vision-about-litecoin-s-future-2facf9209671)} ***
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Tokenomics of LTC** *** ![LTC coinma.png](https://cdn.steemitimages.com/DQmZegRLJQvsHmArxxj2X19zvuKxXa8WdkMMjyirpZUcmEs/LTC%20coinma.png) _{[coinmarketcap](https://coinmarketcap.com/currencies/litecoin/)} *** LTC is ranked 21st with a market cap of **$8,700,806,129** and a circulating supply of **69,926,406.28 LTC**. It’s current price is $124.43 and if we look at the above image, in the last year, LTC has attained a high of $412.96 and a low of $92.61.
*** **Exchanges LTC can be traded on** *** Since XRP has been around for a long time now and is among the top ten coins in the world, it will be traded on a lot of exchanges. 1) Binance 2)OkeX 3) Coinbase 4) Gate.io 5) Huobi 6) Bitfinex 7) Kucoin 8) Kraken 9) CoinEX 10) BitMEX etc.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Why are you optimistic about this Token today, and how long do you think it can rise?** *** To be honest, over the time I've spent learning crypto currencies, I've always watched LTC because its price is always close to that of the miracle coin, SOL but I had no idea of what the project was all about. After doing some research on it yesterday, I figured it's a healthy project. I think it will rise for quite a long while.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **How to analyze the token?** *** ![LTC ANA.png](https://cdn.steemitimages.com/DQmc6scxgQGtvCWFuuQQKAQcsBqgTAfMZ7dBX45uqi8maXJ/LTC%20ANA.png) _{[LTC/USDT](https://www.tradingview.com/chart/zaJskMoT/?symbol=BINANCE%3ALTCUSDT)} *** From my analysis chart above, I used the support and resistance price action technique with the RSI and bollinger bands indicator on a 15 mins chart. I watched the chart for about an hour before taking this screenshot. I drew my support and resistance lines and once the price hit the support, I waited to see a reversal before making a decision. On the RSI, the price was close to the oversold area which signified a buy signal. Also, looking at the bollinger bands, price hit and stretched the lower band, normally, when this happens, we expect price to reversed back to the upper band. Using these analyse, I placed a buy trade. *** ![LTC buy.png](https://cdn.steemitimages.com/DQmWeHFJAdKHY5roWQYk7Va7D3NsWWcXvonTMZuXPh9mNwN/LTC%20buy.png) _{The Binance App} *** * First, I made a buy trade at the market price on spot trading LTC/BUSD. * I changed the trade type to an OCO trade in order to include my take profit price and stop loss. We should all note that, when using the OCO feature, for buy trades, you trade on the sell side and for sell trades, you trade on the buy side. ![LTC sell.png](https://cdn.steemitimages.com/DQmTzh8tsyyBkX88U3vPn1SiJqrXi44wXRtnCEHLbPMu4Mb/LTC%20sell.png) _{The Binance App} *** On the trade, Entry: $251.4 Take profit: $127 Stop loss: $124 *** ![LTC ANA2.png](https://cdn.steemitimages.com/DQmQFheGP7owJRTw5r1HzyAeUuGY3hyFWqwwuv6E6mtiEEK/LTC%20ANA2.png) _{[LTC/BUSD](https://www.tradingview.com/chart/zaJskMoT/?symbol=BINANCE%3ALTCUSDT)} *** ![LTC sell con.png](https://cdn.steemitimages.com/DQmTAU8WKX3RZUf5JfL5VhTWRG9dmiexE2Gno7gS8vFUoTf/LTC%20sell%20con.png) _{The Binance App} *** If you look at the chart above, price hit my take profit level and I made some profits. The receipt for the trade is above.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Do you recommend everyone to buy and the reasons for recommending/not recommending** *** I don't hold LTC at the moment but its still a good investment to does who find interest in it. **Halving**: Just like bitcoin, LTC halves every four years. Halving is a systematic and programmed process, where the mining rewards for a block is slashed by 2. This measures are taken on the Litecoin network to reduce the inflation rate of the LTC token hereby preserving and sustaining its value. **LTC-DOGE coin merge**: There was a merge between the consensus mechanism popular DOGE coin and the LTC coin. This makes sure that miners use the same amount of power to validate both coins at the same time. DOGE basically survives on LTC and this has introduced holders of DOGE to the LItecoin project. They ought to patronize the project and help sustain it. I think, this is the reason LTC had such a bull run to $412.96 in the last year.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Conclusion** *** Today, I made a buy trade on LTC/BUSD trading pairs and I made some profits after all. I so much thank all the Profs for teaching me all I know CC: @shemul21