The world is going through a paradigm shift as cryptocurrencies stand at a decisive phase that will define their future. The same holds for Litecoin, which has been tumultuous as world politics are transforming the markets. Litecoin’s blockchain system came to the market as the facilitator of payments via the internet. Others like Bitcoin served the same purpose, but this one had some additional pros. It reduced the confirmation time, increased the transaction speed, and brought other additional features to make the transactions easier to handle.
Litecoin recovery looks short-lived when looked at from a broader perspective, where the general trend of the cryptocurrency is still aggressively bearish. What happens in the next few trading sessions depends on the general trend of the cryptocurrency industry. LTC is positively correlated with other cryptos such as Bitcoin, which is currently pushing downwards, one of the largest altcoins in the market.
A safe prognosis would be: If the cryptocurrency industry continues to be aggressively bearish, there is a very high likelihood that the prices will also trade below the $40 support level. However, my analysis will be invalidated if prices move past the $55 price level, which is the price high of the past three trading sessions. At that point, the bullish trend will have been established.
Today’s live Litecoin price is $56.98, with a 24-hour trading volume of $497,181,681. Litecoin has been up 0.45% in the last 24 hours. The current CoinMarketCap ranking is #21, with a live market cap of $4,046,438,977. It has a circulating supply of 71,015,394 LTC coins and a max. supply of 84,000,000 LTC coins.
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How about MWEB?
Mimblewimble’s integration into Litecoin came from the Mimblewimble Extension Block, also known as MWEB, which allows the network’s users to opt-in to confidential transactions. MWEB lead developer David Burkett, who the Litecoin Foundation has sponsored, said the upgrade improves Litecoin’s viability as a fungible currency that can be used for everyday transactions, pay employee salaries and even purchase real estate.
How will MWEB affect Litecoin’s price? Let’s observe as this scenario develops.
Is Litecoin silver to Bitcoin’s gold? There are many sides to this controversy, so let’s look at the tapestry of Litecoin developments and its potential for inclusion in your crypto portfolio.
What is Litecoin?
Dubbed “the cryptocurrency for payments,” Litecoin is a virtual currency that seeks to facilitate online payments. Forked from the bitcoin blockchain in 2011, Litecoin was born to enable instant payments, something that Bitcoin could not do due to its slow transaction confirmation times.
Litecoin has been through considerable fluctuations that impacted its market. 2018 to 2022 shows that it went through several challenging phases. This time, as the issue of the Ukraine-Russia conflict is at its peak, the future of crypto seems to be a question. If there are no restrictions on the crypto market and its transactions, crypto will grow faster than expected. In contrast, if the opposite happens, it will affect the market because the main motive of this market is decentralization.
Litecoin’s bearish reversal pattern emerged when inflation in the United States surged to a three-decade high, prompting investors to seek a hedge across various financial instruments.
For instance, the most actively traded gold futures lately posted to their best week in six months, jumping 2.9% to $1,868.50 per troy ounce, after the U.S. Labor Department reported an increase in the consumer price index (CPI) by 6.2% year-over-year. That marked the fifth-straight month of inflation above 5%.
Litecoin has been one of the beneficiaries of the Bitcoin rally in past months, with its one-year correlation efficiency with Bitcoin standing at 0.71 above zero.
Dubbed a bull pennant, the bullish continuation pattern appears when the price consolidates sideways inside a triangular structure after a strong rally upward. Traders confirm a bullish breakout when the price breaks above the triangle’s upper trendline with strong volumes.
Litecoin Founder
Charlie Lee developed Litecoin in 2011 as a lightweight alternative for Bitcoin. His vision was to create an altcoin with lightning transaction speeds and one favorable for miners.
Lee, an ex-Google engineer, announced the coin’s launch via the Bitcoin Forum.
He and other developers claimed their main intention was to build the Silver for Bitcoin. Both BTC and LTC coins share the underlying concept of Proof of Work.
Note: The proof of work ecosystem means that a digital coin is mined for creation, authentication, and verification. Upon which the coin is added into a blockchain or a decentralized public ledger.
Both Litecoin and Bitcoin share a few similarities. These include how the coin is created, stored, and mined. All the processes are similar but differ on the grounds of efficiency. Litecoin was created from a soft fork; rather than a hard fork. So what’s the difference between a hard fork and a soft fork?
A hard fork is a complete transformation of a blockchain’s protocols and rules, making old rules invalid and unworthy. A soft fork upgrades with new protocols that make software robust and backward compatible.
Benefits of Litecoin
Solve scalability – Charlie Lee and his team of developers thought BTC would face long-term performance problems if its blockchain technology would grow in traffic. And as a result, it introduces a plague of scalability issues, bottlenecks, and increased network fees. Litecoin is focused on delivering a highly sophisticated and scalable blockchain.
Boost performance speed – Litecoin is designed to be lightweight and fast. Its development challenged Bitcoin’s block size and the 10-minute block confirmation time. The developers wanted to change how scalability affects performance and solve such problems.
Relatively low transaction fees – we’ve seen the scalability issues affect both Bitcoin and Ethereum. Lately, both blockchains have been bleeding users due to high transaction fees. The high fees result from network congestion caused by increasing traffic. One of Litecoin’s core visions was to introduce lightning-fast transactions that were also cheap. The cost of transactions on the Litecoin network depends on block size as well as the size of the transaction.
Confidential transaction to boost network privacy – Litecoin’s developers are betting on building core privacy features to strengthen anonymity. The developers are planning to implement MimbleWimble to create single-chain transactions that are entirely obfuscated from third parties.
Cross-industry integration – Litecoin aims to increase its network and native coin adoption through the open software concept. Various merchants have already implemented the blockchain. Various merchants have already implemented the blockchain, accepting the currency for payment, gambling, or art.
Litecoin Technical Analysis and Price History
Let’s go down in history and look at what entails the coin’s history to make a reasonable litecoin price forecast.
Litecoin price 2013 – 2016
Litecoin was trading at a daily price of $4.34 against the USD on its launch date. The price change was a downward correction towards $1.50 and remained within that price level until the wake of the initial Bitcoin bull run.
More and more people began to join the cryptocurrency market. The price of Litecoin and other altcoins followed in the bull run and spiked upwards. In 2014, Litecoin managed to hit a market price of $44 per piece.
Their stay above $40 was short-lived, and the coin came crashing downwards by 50% to $20 within a month. Throughout 2014, the cash crushed further and began trading within the single dollar range.
The coin created a lower bottom at $1.28 and then corrected to $4. A price range that it traded until Q1 of 2017.
Litecoin price 2017 and the bull cycle
There was newfound energy all around the cryptocurrency market at the beginning of 2017. Significant Price surges and BTC hit an all-time high of $20,000.
Litecoin, on the other hand, started from $4 and skyrocketed to $375 by the end of 2017. The key driving factors for crypto markets were injections by retail investors and congestion of newbies driven by FOMO during the bull market.
The price surge was spectacular. And most LTC price prediction analyses indicated all green.
In December of that year, Charlie Lee Twitter his decision to leave Litecoin. He said he would continue making network improvements and that his exit would not affect the market.
In the tweet, he explained he need not tie Litecoin to financial success. From hence, LTC was going to survive on its own.
Litecoin price 2018 – 2022
The bull run began to fade through the start of 2018. It wasn’t a good year for Litecoin, BTC, or other altcoins. The cryptocurrency platform became saturated with hacks, then ICO scams, and Litecoin (LTC) price drop below $200 was inevitable. It hit $74 by the end of June.
In December, Litecoin declined further and hit $23. After which, it ushered 2019 with a gradual uptrend that lasted until mid-July, when LTC was trading at $141.
The first half of 2019 saw a positive bullish performance for Litecoin. But heading into the third and fourth quarters, the altcoin slumped into a descending channel that formed lows between $35 – $42.
Finalizing 2019, Litecoin began an upward trend between October and November. This uptrend hit $59 by the 1st of 2020.
In the wake of the Covid-19 pandemic, the cryptocurrency market was trading sideways, and there were heavy plummets across all coins.
Litecoin traded below $70 for the better part of 2020 since March, until around December where it ended at a maximum price of $136.
So far, the number of Litecoin addresses has grown by a 6-8X rate since 2020.
This number of Litecoin addresses might keep growing in the future due to the cheap transaction fees of the network. Also, the numbers indicate the likelihood of a growing trading volume.
Litecoin Use Cases
PayPal and other large institutions might adopt Litecoin as the payment processing/transactions infrastructure.
In the long run, the dollar is going to the trash. Stores won’t accept cash. Soon banks won’t either. Your bank balance will be based on crypto in the back-end while it will say it’s in USD. There is a lot of noise here.
Litecoin moves into these main supports established and initially bounced a little within as we go to press. Now, these levels are critical to holding and, if they have, will determine the further destiny of Litecoin.
In this case, when Litecoin manages to hold the supports and stabilize above to build up with bullishness, further stabilizations with the proper continuations can be expected above the descending-resistance-line marked in my chart in black.
Litecoin will close in the bullish stabilization zone and continue with further bullishness when it approaches this line.
Grayscale currently holds over 1.44 million Litecoin ($248.33 million), making it the firm’s third-largest crypto holding after Bitcoin and Ethereum. The firm is one of few services in the US that allows accredited and institutional investors to purchase cryptocurrencies.
The latest development is Litecoin has been approved to be used as a means of payment in the OTR service stations. LTC is Now accepted at over 170 locations across Australia. The move comes as Litecoin looks to increase its merchant adoption.
This is a very positive development for Litecoin because it shows that businesses are starting to accept Litecoin as a form of payment. This is one of the critical things that need to happen for Litecoin to become more mainstream.
Where and how to buy Litecoin (LTC)
The first step is signing up on a cryptocurrency exchange. There are three types of cryptocurrencies exchanges, significant exchanges, decentralized exchanges, and peer-to-peer exchanges.
So many trading exchanges exist in the crypto market. Examples of significant exchanges are Binance, Coinbase, Kraken, among others. These exchanges allow you to purchase cryptocurrencies using either fiat or other cryptocurrencies.
Standard payment methods include PayPal, debit/credit cards, etc. Sign up at either of these and purchase your first Litecoin (s).
Decentralized exchanges allow users to purchase and trade digital tokens. We wouldn’t recommend a DEX when buying Litecoin.
Using local payment methods, you can trade digital coins with other traders within the Peer Peer cryptocurrency exchanges platform. An excellent P2P exchange that supports Litecoin is LocalCrypto.com.
Like most P2P exchanges, the platform supports only a few types of coins. Local crypto supports Litecoin, Dash, BTC, and Ethereum. You can exchange coins with other platform users such as BCH, BTC, ETH, or XRP holders.
Litecoin Technical Analysis
Recent technical analysis has shown that Litecoin’s price is in a consolidation phase after a sharp decline in mid-August. Litecoin’s current price is $55.18 after facing a firm resistance at $60.Litecoin has been unable to recover to its previous level of above $100 since the mid-June market crash. The key support levels are $53, $51, and $50. The key resistance levels are $57, $59, and $61.The technical indicators show a positive bias as the MACD slowly moves towards bullish territory.LTC has not made significant price movements in the past few days, and it looks like the price is consolidating in a narrow range.Out of the 26 major technical indicators, 12 give a bullish signal, 8 give a bearish signal, and 6 remain neutral.The bias is currently positive, but the price action is choppy, so that we can expect some volatility soon.The 50-day moving average line is currently at $54.38, and the 200-day moving average line is at $50.75, indicating the market might be slightly uptrend.The RSI is currently at 58, heading to the positive territory, indicating that the market has more room to move up.Overall, the technical indicators point to a slight uptrend in the market. However, there is still a lot of volatility in the market, which can be attributed to the recent market crash.
Litecoin Price Predictions by Authority sites
Wallet Investor
According to Wallet Investor, Litecoin is an outstanding profitable investment option. The LTC price will start a new growth phase, and it is expected to trade at around $78 by August 2023. The term Litecoin is a profitable long-term investment. The site gives a price prediction of $145 by 2027.
Technewsleader
Technewsleader is giving a more conservative Litecoin price forecast. They expect the LTC price to reach $$119.32 by December 2022. They also say Litecoin could reach a trading price of $322.53 in 5 years, and by 2030 it might be trading at $1,989.02.
Digitalcoinprice
Digitalcoinprice has given reasonably bullish Litecoin price projections. They are expecting the price of Litecoin could end the year 2022 with a maximum price of $78.52.Their long-term predictions are that Litecoin will be trading at $130.45 in 2027, and by 2030 it might reach a maximum of $252.86.
Cryptopolitan
Litecoin Price Prediction 2022
According to historical data, Litecoin has always been volatile, and future prices are expected to remain. By the end of 2022, the prices are expected to hit a maximum price of $75.60, an average price of $70.42, and a minimum price of $67.35.
Litecoin Price Prediction 2023
In 2023, the prices are expected to hit a maximum price of $124.15, an average price of $104.52, and a minimum price of $101.64.
Litecoin Price Prediction 2024
Litecoin’s price might potentially reach a maximum of $177.78.The average price forecast is $157.87, while the minimum value could be $152.65.
Litecoin Price Prediction 2025
In 2025, the prices are expected to hit a maximum price of $271.61, an average price of $240.80, and a minimum price of $232.90.
Litecoin Price Prediction 2026
According to the Litecoin price analysis, it is expected that in 2026, the Litecoin prices will be volatile. The minimum Litecoin price might be around $331.08, and the maximum LTC price could be around $405.55. On average, the Litecoin trading price might be around $343.12.
Litecoin Price Prediction 2027
For long-term Litecoin price forecasts, fundamental analysis is required. In terms of industry advantages, the native currency has several drawbacks. Nevertheless, the market cap is expected to increase, resulting in each token reaching a maximum trading price of $572.80.The average price forecast is $488.98, while the least expected price in 2037 is $475.26.
Litecoin Price Prediction 2028
LTC might potentially reach a maximum price value of $805.47.Crypto experts are constantly analyzing the fluctuations of Litecoin. Litecoin’s price could attain an average value of $690.08 and a minimum price of $665.63.
Litecoin Price Prediction 2029
In the year 2029, Litecoin might gain massively and touch new levels. Litecoin might potentially reach a price of $1,163.23.The average price forecast is $1,022.47, and the most negligible expected value is $994.86.
Litecoin Price Prediction 2030
In 2030, Litecoin might hit new all-time highs and cross $1,693.64. The average price is expected to be around $1,485.54, while the minimum value could be around $1,434.41.
Litecoin Price Prediction 2031
In 2031, crypto adoption will be on the rise, and Litecoin might be one of the leaders in the cryptocurrency industry. Litecoin could potentially reach a maximum price level of $2,489.91.The average price value might be $2,200.66, while the minimum value could be around $2,141.23.
Litecoin is a new project in the cryptocurrency space and has a lot of potentials. The price predictions for Litecoin are all over the place, but most people believe that Litecoin will be worth more in the future.
Litecoin Price Prediction by Market Experts
“Hone Crypto,” a youtube market expert, gives the fundamental analysis of Litecoin and states that LTC will perform well in the future and the features that make it better than other cryptos.
Conclusion
Litecoin has had a bad start this year, but this has been the outlook on the entire cryptocurrency market. Litecoin operates in a highly competitive space with new blockchains emerging with near-zero cost payments. To make it in this space there is a need for innovation and scaling of the Litecoin foundation.
Litecoin has been trading since 2011 and is an established top 10 coin. Meaning that it is a popular choice for investors. If a cryptocurrency has a high trading volume, it means you will have no problems finding buyers to sell to. If there are low trading volumes, it means you could find it difficult to find a buyer!
Litecoin is one of the most established cryptocurrencies, with more than 7 years of trading. In fact, it was the first-ever alt-coin! This makes Litecoin investing less risky than some of the newer coins. Litecoin might never regain the glory it once had as one of the top altcoins on the market. However, that doesn’t mean that it doesn’t have a place in the crypto world. For those who are looking to invest in Litecoin for the long haul, it might be a good idea to HODL on to your LTC and see how the market develops over the next few years.
The long-term Litecoin price predictions are very optimistic, and the cryptocurrency is expected to reach new all-time highs. However, the short-term price movements are very volatile, and it is hard to predict where the price will go. The best thing to do is to keep an eye on the market and watch for any significant news developments that could impact the price of Litecoin.
As always, do your diligence in studying the crypto market and look for ways to get in and get out with a profit. However, if you like the project, why don’t you try other ways of earning, like staking?
