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Litecoin (LTC) has had a bad time of it in the last few weeks, but it put in one of its strongest showings of the year last week. The push came on the back of rumors that the Litecoin Foundation had secured a partnership with a major U.S. bank, which was later denied. The rumor fomented a rally, but the ensuing selloff was more than expected, and it left Litecoin with a lot of ground to make up to bring the price back into the $200 range. The longer-term outlook for Litecoin isn’t all bad, though. According to a report from a few weeks ago, Litecoin is due for a pump by the end of this year
With the entire cryptocurrency market in a bear run, Litecoin is one of the few coins that are bucking the trend. In the last 24 hours, the coin has gained a remarkable 22%. This is a trend we hope continues as we inch closer to the halving. The halving is important, because it will decrease the coin’s inflation rate, increasing the demand for the coin and hence its price.
Summary of the situation
- Litecoin’s price forecast shows that the crypto asset has recently increased by more than 15%, reaching a new historic milestone.
- Judging by Litecoin’s 24-hour price movement, the crypto asset looks strong for further bullish momentum.
- The crypto asset is likely to experience a short-term price decline before it begins a new climb towards the $420 level.
- Key technical indicators show that Litecoin is currently enjoying increased interest from crypto-currency investors.
After Litecoin’s 24-hour price move, it seems that the crypto asset is currently treading water on its path to greatness, but is not at a dead end just yet. After crossing the all-time high, crypto investors seem to be showing more interest in crypto assets.
Litecoin Price Forecast: Price Overview
A look at the weekly Litecoin price chart shows that the crypto-currency has managed to break through the supply barrier, which hovered between $215 and $305. This supply barrier was established in 2018 and acts as a resistance zone for Litecoin. However, recent bullish momentum has made this zone a critical support level. Although Litecoin is currently experiencing a price decline that is pushing it towards the upper boundary of the former supply barrier, a larger bullish move is expected. Once Litecoin completes the correction, leading indicators could predict that it could reach a new all-time high around $430.
If this happens, the market should be ready for a FOMO-induced rally, similar to Ethereum’s climb to the 4 milestone. May. If a similar situation occurs with Ethereum, Litecoin could see another 55% increase that would push it towards the $660 price level. This coincides with the 161-fibo breakout level reached in 2018 when swing lows and swing highs were connected by trendlines.
Litecoin price movement in the last 24 hours
Another factor supporting Litecoin’s upward trend over the past 24 hours is the significant increase in the number of new addresses holding Litecoin tokens. According to the Litecoin infographic, the network has seen an increase from 124,000 holders to around 160,000 in recent weeks. This suggests that Litecoin is currently enjoying increased investor confidence, which will have a positive impact on the price.
Although Litecoin is currently experiencing a slight price drop, the number of whale transactions seems to be increasing. Since 2. In May, Litecoin saw an increase of more than 50% in whale transactions. This data tells us that several large investors are hoarding Litecoin tokens in hopes of cashing them in the future.
Litecoinchart 4 hours
Since the inception of the cryptocurrency market, bitcoin has led the way among other cryptocurrencies during rally periods. However, Litecoin is quickly becoming one of the few cryptocurrencies that can replace Bitcoin. According to the 4-hour chart, Litecoin seems to be indicating a short-term bear market before the start of a new uptrend. The blue MACD line is currently pointing below the signal line and the RSI is currently at 58.67. This confirms the bearish outlook for the crypto-currency.
Supplement
While Litecoin’s progress towards the expected $420 mark seems inevitable, a potential increase in overhead and selling pressure could spell the end of the crypto-currency. Indeed, such a move will likely collapse the lower bound of Litecoin’s weekly demand zone to around $215, which will automatically raise the bullish outlook. Such a move would quickly cause a 15-20% drop in price, sending the cryptocurrency towards the $185 area.
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Frequently Asked Questions
What will litecoin be worth in 2025?
What will Litecoin be worth in 2025? Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority.
Is litecoin a good investment 2020?
We’re just a few years away from the next wave of technological innovation — and the cryptocurrency industry is at the forefront of that innovation. If you are interested in investing in this growing market, finding a good cryptocurrency is key. One of the most popular is litecoin (LTC). Let’s look at the details of why it’s a good buy. Litecoin is one of the oldest cryptocurrencies out there, and has been around for so long because it is a solid choice. It is still trading at a relatively low value, which means that a surge in value is very likely. It has been around for a while now, but the fact that it is so low now makes it a good time to invest in litecoin.
Will litecoin reach 1000?
For the past 24 hours, litecoin has been capturing the cryptocurrency headlines. The price of litecoin has soared by around 40 percent after the arrival of an exchange traded fund on the Chicago Board Options Exchange (CBOE) earlier this week. While the surge has been credited to this, this is not the first time that litecoin has seen such a rise in popularity. In fact, it has been through quite a few price booms in the last few months. With such a recent price surge, the question is whether litecoin can reach 1000 dollars Litecoin is a cryptocurrency that enables instant payments to anyone in the world and that can be efficiently mined with consumer-grade hardware. Litecoin is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances.
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