Litecoin Price Prediction: Is LTC Forming a Bearish Trend?

Litecoin is a peer-to-peer cryptocurrency and open-source software project distributed under the MIT/X11 license. Litecoin, which was inspired by Bitcoin, was one of the first cryptocurrencies to emerge, debuting in October 2011. Technically, the Litecoin main chain is based on a slightly modified version of the Bitcoin software. Lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting are the practical impacts of coding variations. Because of its fundamental similarities to Bitcoin, Litecoin has been dubbed the “silver to Bitcoin’s gold.” Litecoin adds optional privacy features in 2022 through a soft fork via the MWEB update.

Litecoin is a well-known cryptocurrency since it was one of the first to acquire popularity when Bitcoin joined the market in 2009. Litecoin was created in 2011 by computer scientist Charlie Lee and has been one of the most important cryptocurrencies for the majority of its life. 

Litecoin was established as a fork of the Bitcoin Core client and retains many of Bitcoin’s distinguishing features. If Bitcoin symbolizes gold in the cryptocurrency world, Litecoin represents silver. 

Litecoin’s main characteristics are as follows:

• Charlie Lee created Bitcoin Cash as a fork in 2011.
• Many similarities with Bitcoin, but allows for speedier transactions.
• Scrypt-based POW is used instead of SHA256-based POW.

Prices:

Litecoin’s current price is $ 75.14, with a 24-hour trading volume of $ 2.00B, a market capitalization of $ 5.52B, and a market dominance of 0.48%. In the previous 24 hours, the price of LTC fell by -5.16%.

Litecoin’s greatest price was recorded on May 10, 2021, when it traded at an all-time high of $ 410.76, and its lowest price was recorded on January 14, 2015, when it traded at an all-time low of $ 1.113740. Since its ATH, the lowest price was $ 40.47 (cycle low). Since the last cycle low, the highest LTC price was $ 114.66 (cycle high). The current Litecoin price forecast mood is negative, with the Fear and Greed Index reading 50 (Neutral).

The current circulating supply of Litecoin is 73.47 million LTC, with a maximum supply of 84.00 million LTC. The current annual supply inflation rate is 3.54%, implying that 2.51 million LTC were generated in the last year. Litecoin is presently rated third in the Proof-of-Work Coins category and ninth in the Layer 1 sector by market capitalization.

Analysis:

The LTC coin has declined by 15.26% in the previous month and by 19.86% in the last six months. The Litecoin Network (BITSTAMP: LTC) coin has a year-to-date gain of 12.46% and a one-year gain of 29.57%.

According to CoinMarketCap, a cryptocurrency data research website, the market value of Litecoin Network crypto has dropped by 3.45% while trading volume has increased by 71.07% in the previous 24 hours. It has a market capitalization of $5,797,240,727 and a trading volume of $435,048,413. The total number of LTC in circulation is 73,547,189. The open interest in the Litecoin coin (LTC) is $446.01 million. According to Coinglass, another cryptocurrency monitoring website, it dropped by 5.38% in the previous session. For 24 hours, the long-to-short ratio is 0.8861.

The LTC coin price is currently trading at $78.80, having fallen from $114.57 to the previous closest resistance level of $82.79. If further selling volume is added, the price may be dragged to new lows.

As a result, if the present level is not maintained, the LTC coin price may continue to fall and hit the nearest supports at $71.37 and $63.26.

If the LTC coin price maintains its present level and climbs, it may reach the nearest resistance levels of $82.79 and $94.78.

The LTC coin price (LTC) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving averages), indicating that the LTC Coin price trend is being rejected. 

As a result, the LTC coin price forecast expects prices to fall, giving a negative view for its price on the daily time frame chart. 

The MACD line at 3.01 and the signal line at 2.66 are both below the zero line, and both lines have crossed down to each other, indicating a bearish crossover in the MACD oscillator, indicating negative signs. 

The RSI is currently at 31.29 points, and the 14-day SMA is below the median line at 36.45 points, indicating bearish views as the RSI rejected the 14-day SMA line.

Prediction:

According to our current Litecoin price forecast, the price of Litecoin will fall by -1.09% and hit $76.44 on August 21, 2023. Our technical indicators indicate that the present attitude is Bearish, with the Fear and Greed Index reading 50 (Neutral). Over the previous 30 days, Litecoin had 14/30 (47%) green days and 5.20% price volatility. According to our Litecoin forecast, now is not the time to buy Litecoin.

2025 Litecoin Price Prediction

The Litecoin price projection for 2025 is now between $58.24 and $263.18 on the low end. If LTC meets the highest price objective, Litecoin may gain 250.29% in value compared to today’s price by 2025.

Litecoin price forecast 2030

The Litecoin price projection for 2030 is now between $47.51 and $288.61 on the low end. If it meets the highest price objective, Litecoin may gain 284.14% in value compared to today’s price by 2030.