TL;DR Breakdown
- Litecoin price prediction expects a rise towards $200.
- Litecoin must hold the crucial support found at the $100 mark.
- Strong resistance currently lies at the $147 mark.
- Strong support currently lies at the $129 mark.
Following the cryptocurrency market, Litecoin price has continued in a descending channel since the 14th of January. The sharp downward trajectory however appears to have slowed down lately. The cryptocurrency’s 24-hour price actions show high volatility even though previously the cryptocurrency had been dubbed as relatively stable.
Litecoin started on a positive note and attained the 24-hour high at $147 at the beginning of the day; however, it quickly spiraled downwards to the 24-hour low of $136. At the time of writing, the cryptocurrency was priced at $141. Litecoin price saw a decrease of 2.38 percent in the past 24 hours, while the market capitalization amounts to $9.296 billion, and the trading volume stands at $5.623 billion.
There are 10 buy signals of the 28 technical indicators, whereas neutral and sell signals are nine each. Eight of the total oscillators are neutral, with two buy indications and one sell indication. The moving averages stand at eight indications of buy and sell, each with one neutral indication.
Litecoin price prediction: What to expect?
In his Litecoin price prediction analyst, Jaguar Chaman is suggesting a short position for the cryptocurrency. Per the analyst, the current technical analysis indicates major retracements of the cryptocurrency. However, the long-term Litecoin price prediction is optimistic. The analyst has identified various trend lines for Litecoin.
Per Chaman’s Litecoin price prediction, if Litecoin breaks out of the current red trend line to the downside, strong corrections can be expected as the cryptocurrency will only stabilize at the dotted yellow ascending trend line, which has been acting as strong support for Litecoin.
In that scenario, Litecoin can have a potential value of $50, it can also go as low as $22 to the life support of the cryptocurrency. The Moving Average Convergence/Divergence (MACD) has also shown a downward trend towards the zero axis while the Relative Strength Index (RSI) appears to be moving downwards.
Litecoin Incognito mode can sway popularity
Litecoin has announced complete privacy of transactions to its users with its incognito network. The network will utilize an incognito wallet to allow anonymous Litecoin purchases. The anonymous transactions will take place with the pLTC token rather than the LTC, guaranteeing complete privacy and anonymity. Moving from pLTC to LTC results in the destruction of the pLTC tokens, so the anonymous transactions cannot be traced back to the user. Users operating on the incognito network will be provided with temporary addresses through a complex shielding procedure.
Although users prefer private transactions and the incognito network can definitely result in increased adoption of Litecoin, it could also lead the cryptocurrency downhill. Governments all over the world are skeptical of cryptocurrencies and their lack of regulation.
Couple the already-present dislike with anonymous transactions, it will result in a mix – one the US regulatory authorities are not fond of. The US is clamping down on anonymous cryptocurrencies already, and the incognito mode will make Litecoin shine like an alarmingly bright star on their radar.
