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Litecoin might just be one of the few, if not the only, cryptocurrency that ends its week on a great note. It was one of the few currencies which rose on Friday by up to 8% in 24 hours.
The price prediction for Litecoin seems bullish, above the $60 mark. This has become a cornerstone as this makes LTC one of the few coins that are unfazed by the FTX collapse.
With most of the numbers and technical indicators in Litecoin’s favor, the long-term prediction also looks good for the crypto. So, should crypto investors take the recent Litecoin rally into consideration when planning their following portfolio? Here’s the complete scenario.
What’s Happening With Litecoin?
Litecoin rallied to a one-week high on Friday, with the token rising for two consecutive sessions. The price action which Litecoin is carrying can be a positive sign for many crypto investors as many of the cryptos in the current market suffer through the aftermath of the FTX collapse.
The price rise of Litecoin comes amidst most of the bigwigs facing the brunt of the FTX collapse, whereas altcoins were the ones that saw most of the rallying.
I scroll through the altcoins in my list and all I see is death and destruction
And then there is LTC, just moving along upwards for whatever reason
— DonAlt (@CryptoDonAlt) November 19, 2022
Due to the Friday rally, Litecoin was able to move closer to a key resistance level, hitting its highest levels.
The rise in the price of Litecoin can be a sign that since the FTX collapse might’ve affected investors across the markets, Litecoin must have faced increased outflows from other centralized exchanges. When looking at the on-chain sentiment analysis, it can be noticed that there were a lot of dormant LTC tokens which were on the move after November 14th.
At the time of writing, Litecoin is trading at $61.80. On Friday, Litecoin was trading at $63.18 which helped the crypto break the rising triangle resistance at $63.00. After seeing the weekly price analysis, the amount of turbulence in the crypto space can be seen affecting the altcoins as they struggle to show strength after losing their key support holding off the price decline.
Litecoin: What’s in Store For Investors?
In order to understand all the price trends, it becomes imperative to learn about the history and price of crypto.
Litecoin launched in 2011 with a unique value offering for its users, which was to offer faster transactions quickly and cheaply. Interestingly, Litecoin was made using Bitcoin’s source code and is also considered to be one of the first altcoins. Back when it was launched, it was listed as the second-largest cryptocurrency for many years.
Due to its similarity to Bitcoin, it was also considered to be a more affordable option for the ones who wanted to invest in BTC. Litecoin is a decentralized digital currency that does not operate on any central exchange and claims to be completely decentralized.
Being a modification of the Bitcoin source code and the only crypto to be launched alongside BTC, Litecoin does hold a lot of similar differences with it.
Litecoin uses cryptography to enable ownership and exchange of its cryptocurrency. Moreover, there’s a hard stop on LTC’s total supply that is embedded into its software which limits it to a total of 84 million and periodically reduces the amount of LTC tokens that are introduced into the economy.
It also uses proof-of-work mining to allow anyone who contributes to their computer systems to add new blocks to its blockchain and earn the new Litecoin that it creates. Every new block is added to the blockchain roughly every 2.5 minutes, which is faster than Bitcoin’s 10 minutes.
To summarize, one of the few things that differentiate Litecoin is- that it aims to finalize transactions faster and uses a different mining algorithm.
Litecoin Price Prediction
Litecoin’s current price is $61.80, with a 24h trading volume of $565 million. In the last 24 hours, Litecoin has dropped by 2% and has a market cap of $4.2 billion.
Litecoin price moved sideways before Friday as investors were looking around for the FTX collapse’s after-effects.
According to the technical analysis of the Litecoin prices, it is expected that the crypto’s prices in 2022 will be at a minimum of $59.91. The maximum price that LTC might reach will be $65.20, with the average trading price around $62.24.
The next month’s forecast for Litecoin can be expected to be around $59.91, while the maximum price might reach $65.20, and the average for December might be around $62.24.
Moving on to the next year, in 2023, after analyzing the prices it seems like the minimum price of Litecoin might be $87.06. The maximum price of Litecoin for 2023 will be $106.55, with an expected average price of $89.55 in 2023.
Conclusion: Investing in the Right Crypto With The Right Information
The price movement witnessed by Litecoin can be an effect of the FTX collapse directly or indirectly.
With cryptos like Bitcoin and Ethereum struggling to provide their investors with the sort of return they expected it is only viable for the investors to look elsewhere as they diversify their portfolios.
Although, diversifying your portfolio becomes much easier when there’s a lot of information and relevant data that enables you to make an informed decision. One such platform that investors can rely upon for the same is Dash 2 Trade. The Dash 2 Trade Platform is the perfect platform for crypto newbies and veterans alike.
The team behind Dash 2 Trade has been creating a platform that provides individuals with the same degree of data and freedom as institutional investors. With platform features like trading signals, backtesting, and independent technical analysis indicators, it is a platform that every crypto investor should be on.
Apart from the numbers and technical factors, the social sentiment and on-chain analysis indicators look for sociocultural influence for any cryptocurrency and how it might impact its price in the coming days.
While the current crypto markets are facing volatility, there lies hope for the crypto markets and investors. Conducting the right due diligence before making their investments and reading all the terms can go a long way.
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