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Litecoin price forecast: what do you need to know
Litecoin (LTC.X) is trading at $84, up 1.3% from yesterday. Litecoin price has been somewhat less volatile in the past week, and it seems like the deep bearish trend is coming to an end.
What is Litecoin's price forecast? What news should investors be aware of?
Litecoin is becoming an alternative for Bitcoin, as it increasingly serves as a transaction medium for many businesses. The Litecoin Foundation has succeeded in convincing various high-level merchants to accept LTC as a payment method.
The development of Flexa can further accelerate this. Flexa is a one-tap payment method for execution of microtransactions, so users won't have to route payments through banks or card providers. It has good security features and thus users won't have to worry about protecting their private keys.
The transaction speed of Litecoin is faster than that of Bitcoin. However, Litecoin's future depends on its mass adoption. Critics argue that Litecoin doesn't show an impressive run on the commercial adoption front, and point to the 75% price drop since the beginning of the year.
But Charlie Lee, Litecoin founder, is quick at responding to critics on Twitter who are disappointed by LTC's value drop since its glory days. He argues that LTC price spike in January occurred because traders realized that LTC was the fastest means of transferring funds across exchanges during the peak trading season (between December 2017 and February 2018).
Now, let's talk about LTC price prediction. Here are the major technical indicators:
- MACD has a recent upside momentum. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) approaching 50, which means the coin is still oversold, but approaching the neutral territory. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $82.30;
- A new major resistance level is forming at $89.00.
Litecoin has a market capitalization of about $5 billion and is the 7th largest cryptocurrency. Over the last 30 days, LTC.X gained 6.99%, which is 23.37 percentage points lower than the 30-day return of Bitcoin (BTC.X).
Are hacking issues alone responsible for cryptocurrency price drop today?
The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.
The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?
It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.
Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically. However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.
Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies. What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions.
The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.
To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).
Litecoin (LTC.X): what to expect
Litecoin (LTC.X) is down 10% at the time of this writing. The price struggled to move much above $160. Litecoin is trading in the $130-140 range now, but still above the March $115 minimum.
What can you expect from Litecoin? What is the price forecast? When will be a good time to jump in?
Here is the bigger picture. The last 24 hours have not been very favorable for cryptocurrencies. Many cryptos have lost double-digit in the past 24 hours.
Some of that can be blamed on the criticism from famous investors and entrepreneurs, such as Warren Buffett, Charlie Munger, and Bill Gates. Gates even opined that he would short Bitcoin if he could.
However, looking at the long-term, there are many analysts who believe strongly in a well-cemented future for cryptocurrencies, the technology behind them, and eventually higher prices.
About a year ago, Segwit (or Segregated Witness), a soft fork update was activated after endorsements by Litecoin. Segwit refers to the implementation of a soft fork change in the transaction format of Bitcoin. This was considered a memorable moment for the Litecoin as well as the Bitcoin community.
Since then, Litecoin achieved its peak at $358 in December.
The biggest hope about Litecoin is its commercial viability:
RE/MAX is listed on the Litecoin store as a place where you can buy and sell real estate using LTC.
You can buy pet toys, treats, accessories, and more from CryptoPet using LTC.
- You can buy tea straight from the people who make it on Tealet with Litecoin.
The falling knife pattern of Litecoin's price is concerning to traders. For the latest price and news on Litecoin, please check Finstead and search for "LTC.X price" or "LTC.X news".
Litecoin price prediction: ready for new highs?
Litecoin is an open source software project with peer-to-peer characteristics. This altcoin has been the industry leader since 2009 and has the reputation as the most secure cryptocurrency with unexplored potential.
Litecoin creator Charlie Lee sold all of his holdings in December last year. He’s now regretful about his decision but thinks this was the right long-term move as he tried to make Litecoin a truly decentralized cryptocurrency.
Litecoin has lost more than half of its value since its peak times, but here are some indicators that this cryptocurrency is poised to reach new highs:
- Coinbase is a cryptocurrency brokerage that supports only three cryptocurrencies, one of which is Litecoin. Coinbase is still witnessing a significant influx of users, which is a positive sign for the top 3 cryptos (Litecoin included).
- As an open source project, Litecoin has the flexibility to incorporate tech enhancements such as SegWit and the lightning network.
- It takes 2.5 minutes to execute transactions on Litecoin, whereas Bitcoin needs 10 minutes to do the same.
- Compared to Bitcoin, Litecoin transaction fees are negligible.
- Unlike Bitcoin, Litecoin reach is not as widespread—and there is some potential to reach additional masses.
- The presence of a platform known as lightning network helps with fast transactions.
On the negative side, you should be aware that Litecoin market development will be somewhat limited until scaling issues are fully resolved.
Regardless of what your position on Litecoin is, and whether you think this cryptocurrency is poised for new highs, exercise caution before making any speculative bets!
To get the latest price and news about Litecoin, please visit Finstead and type “LTC.X price” and “LTC.X news”.