Litecoin Price Prediction – Will It Claim New Highs?

Litecoin (LTC) is a decentralized currency created in 2011 by a former Google engineer, Charlie Lee. 

It was designed as a peer-to-peer cryptocurrency offering faster transaction confirmation times and a different hashing algorithm than Bitcoin. 

The coin has consistently held the position of the ninth largest market capitalization for a long time on CoinMarketCap. 

Having existed for over nine years, it has demonstrated remarkable resilience in preserving its community. Even now, it maintains its position within the top 10 coins in the crypto market.

Although lately, there have been rumors of the coin’s price falling due to market sentiments. However, the case is not so, as Litecoin is increasing in value even today, June 30, with more expectations for the future. 

A look into LTC through the recent price action, technical analysis, factors, and predictions would be helpful in making decisions of whether it is a prospective long-term investment option. 

Recent Price Actions as Litecoin Continues Bullish Momentum

Based on the latest data, Litecoin (LTC) is priced at $101.58 and holds the 9th position in the cryptocurrency market. Its trading volume is up by 247.32%, signifying more buyers in the coin’s market. 

The circulating supply of Litecoin is about 87% at 73,252,327 LTC, with a market capitalization of over $6 billion. 

Over the past 24 hours, the value of LTC has increased by 18.99%. Also, in the last seven days, LTC has shown a positive trend, experiencing a growth rate of over 1.66%. 

Despite fluctuations, LTC has surged by 8.02% in the past month alone, adding an average value of $6.81. 

The coin’s market opened trading at $90.54 on June 1, added a few pips, and closed at $93.97 the same day. It gained value within two days, closing at $95.42 on June 2 and $95.99 on June 3. 

However, the coin’s price quickly dropped, and at the close of the day, June 5, the asset was trading at $87.83. 

The value of Litecoin fluctuated for days till it hit its lowest since May 2023. LTC traded at $72.02 on June 14 before settling at $73.16 for the day. The coin entered the $70 mark some days later and gradually continued dropping. 

A new rise was noticed on June 20, when the coin’s price value returned to $80.31. It finally exceeded its resistance level and climbed to $91.21 on June 23. 

Although its significant rise started in the early hours of June 30, there has been a progressive movement since June 24. This recent upward movement indicates the strong potential of Litecoin as an investment opportunity.

Such significant growth suggests that Litecoin has the potential to establish itself as a valuable asset if this trend continues. However, compared to the coin’s all-time high (ATH) some years ago, there is still a long way to go. 

Technical Analysis of Litecoin (LTC)

Firstly, the bullish trendline suggests a consistent upward movement in price, indicating positive market sentiment and potential buying pressure. 

As the coin approaches the fair value gap, representing the equilibrium between supply and demand, market participants may perceive the currency as reaching a reasonable valuation.

If the coin reaches the fair value gap, it could lead to a period of consolidation or a temporary pause in the upward trend as supply and demand find a balance.

However, if the bears manage to seize control of the market, the price of Litecoin might drop to the first trendline support.

It’s important to note that the market is dynamic, and various factors, such as market news and investor sentiment, can influence the behavior of the coin even when it’s approaching the fair value gap.

According to the chart above, LTC/USDT trading pair is trading above both the 200-day and 50-day Simple Moving Averages (SMA), indicating a strong bullish signal. 

This suggests that Litecoin’s price is performing well above its long-term and intermediate-term average prices, signaling positive market sentiment and potentially attracting more buyers.

Also, the Moving Average Convergence Divergence (MACD) is currently above its signal line, suggesting a strong bullish momentum. The histogram bars above zero and green validate the bullish sentiment in the Litecoin market.

Traders and investors should exercise caution and consider multiple indicators and fundamental factors before trading.

Experts’ Short and Long-Term Predictions On Litecoin (LTC)

It is worth noting that making predictions on the future prices of digital currencies can be highly speculative and yet subject to volatility. Here are short and long-term predictions by famous experts in the crypto industry. 

According to the Coincodex current data, the LTC’s value could reach a stable $101.16 mark in the next few days. The coin is bullish and has experienced 57% green days in the last 30 days. 

In the short term, LTC may likely trade between $96.88 and $290.93 in 2024. The expert prediction goes further to collate opinions from the internet, Facebook, and mobile growth of the currency. 

If the coin should follow the Facebook growth prediction, the price will hit $1,431.61 by 2026. However, if the internet prediction plays out, the value of Litecoin is estimated to fall around $164.23 in the same year.

Following Changellyblog’s technical analysis of the Litecoin prices, the minimum price expected in 2023 will be $66.85. The maximum level may likely reach $92.54, with the average cost around $79.70. 

By 2024, the minimum price may likely fall around $153.38, the average price at $157.77, and the maximum at $181.95. 

However, the price expected in 2030 will skyrocket from previous figures as the maximum price may likely reach $1,772.92. The minimum drop rate will be around $1,476.87, and the average trading price will be $1,527.95. 

For the remainder of 2023, LTC may likely trade at a maximum price of $189.286. Its minimum value is also expected to stay above $77.915. 

CryptoNewsZ predicted price by 2025 will see the coin trading at a maximum of $305.675 and as low as $212.339. 

In the long term, the LTC market price will likely reach a maximum of $1,053.044, while its minimum will fall around $731.504 by 2030.  On average, there will probably be fluctuations around the $500 mark. 

Factors Responsible for Litecoin (LTC) Price Changes

Certain factors contribute to the rise or fall of currencies. They could be regulatory-based, market sentiments, or investor activities. 

Here are some actions that have affected the price changes in the LTC ecosystem.   

1. Updates in the Ecosystem

It is worth noting that the first price surge of Litecoin (LTC) started due to a halving event that occurred in its network.  

At the time, in January 2015, LTC was at its all-time low value of $1.11. But the price gradually climbed to its all-time of $412.96 on May 10, 2021, during the bull market. 

Although the price of Litecoin hovered for a while, it is now more stable. Hopefully, with the new update of the upcoming block-halving event, the dynamics of things could also change again. 

2. Supply and Demand

LTC price action is determined by the supply and demand factor, just like other assets. Litecoin has a supply volume cap of 84 million coins. 

When more coins are mined, the volume is almost complete, raising the fear of scarcity among investors. This fear increases demand for the coin and subsequently raises the prices. 

However, the coin’s price may likely reduce if the demand is slow. Currently, more activities are going on in the network resulting in an urgent demand for the coin in the crypto market. 

This urgency is the reason for the increased trading volume in the last 24 hours as more people prepare for the upcoming halving event slated to take place on August 2, 2023.

3. Governmental Regulations

Usually, news, regulations, and company adoption policies affect the price action of cryptocurrencies. However, the market is bound to be overthrown when the regulations are as severe as the recent SEC vs. Exchange firms case. 

During the regulation war, where the SEC listed some tokens as securities on Binance and Coinbase, most coins dwindled in price. At this point, Litecoin (LTC) dropped a few pips in its selling price and saw increased fluctuations. 

4. LTC Whales

Whales are entities or individuals who possess significant amounts of a particular currency. Based on their wallet activities, they significantly influence how the market price of that currency moves. 

In the case of Litecoin (LTC), where the market is smaller compared to others, the traders are advised to watch the activities of these whales before they make forecasts.