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Litecoin Price Prediction: LTC Could Rally If It Clears This Barrier

Litecoin price is recovering higher from the $75.00 zone against the US Dollar. LTC could continue to rise if it clears the $84.00 resistance zone.

  • Litecoin is showing positive signs from the $75 support zone against the US Dollar.
  • The price is now trading below $85 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could gain bullish momentum if it clears the $83-$84 resistance zone.

Litecoin Price Aims Higher

After a steady decline, Litecoin found support near the $75.00 resistance zone, like Bitcoin and Ethereum. LTC price started a recovery wave above the $78.00 and $80.00 resistance levels.

It even cleared the 50% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. The bulls even pumped the price above $82.00, but the bears were active near the 100 simple moving average (4 hours).

There is also a key bearish trend line forming with resistance at $83.00 on the 4-hour chart of the LTC/USD pair. Litecoin is now trading below $85 and the 100 simple moving average (4 hours).

On the upside, immediate resistance is near the $83.00 zone or the 61.8% Fib retracement level of the downward move from the $88.49 swing high to the $74.59 low. The next major resistance is near the $84 level. If there is a clear break above the $84 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $88.50 and $90.00 levels. Any more gains might send LTC’s price toward the $95.00 resistance zone.

Are Dips Supported in LTC?

If Litecoin price fails to clear the $84 resistance level, there could be a downside correction. Initial support on the downside is near the $80.00 level.

The next major support is forming near the $77.80 level, below which there is a risk of a move toward the $75.00 support. Any further losses may perhaps send the price toward the $70.00 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 65 level.

Major Support Levels – $80.00 followed by $77.80.

Major Resistance Levels – $83.00 and $84.00.

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Litecoin About To Explode And Outperform Bitcoin? Analyst Is Super Bullish

Litecoin, a cryptocurrency often referred to as the “silver to Bitcoin’s gold,” is gaining traction among analysts who predict its potential to outperform Bitcoin shortly. 

Tony “the Bull,” a certified chartist and the Head of Research at NewsBTC, took to X on January 12, laying out a bullish outlook for the 18th most valuable cryptocurrency. Citing its monthly candlestick formations, the analyst said what’s panning out are signs of an imminent breakout that could propel the coin higher in the coming weeks.

Litecoin About To Rip Higher?

Specifically, Tony “The Bull” said what’s printing out in the monthly chart is “insanely bullish” for Litecoin. This outlook is warming for Litecoin Bulls, considering its drab performance in 2023 when prices consolidated before tanking in the second half. 

LTC bullish in monthly chart | Source: Tony "The Bull" via X

The researcher also shared another chart, predicting that the crypto community is “close to witnessing something impressive.” The analyst’s enthusiasm echoes earlier assessment of Litecoin’s “SuperTrend” indicator, which seems to suggest significant price gains for Litecoin in the coming sessions.

LTC supertrend | Source: Tony "The Bull" via X

Litecoin remains within a bearish formation, consolidating, as evident in the monthly chart. Of note, prices are still trending inside the bear bar of August 2023. Despite general optimism, Litecoin bulls have yet to reverse those losses and remain within a tight, flat-lining range, as evident in the monthly chart. 

Still, Litecoin might set a fresh trend depending on the breakout direction. Any upswing above $115 might ignite demand that may lift the coin towards May 2021 highs of around $400.

Spot Bitcoin ETF Didn’t Push BTC Above $50,000

Tony “The Bull”‘s bullish sentiment on Litecoin comes as Bitcoin, the world’s largest cryptocurrency, is trending lower, looking at the performance in the daily chart. Despite the US Securities and Exchange Commission (SEC) approving 11 spot Bitcoin ETFs, Bitcoin prices have failed to break above the $50,000 resistance level. 

For now, the crypto community remains bullish. Bitcoin supporters earlier claimed the approval of spot Bitcoin ETFs would trigger billions into the coin and broadly the sphere. The derivative product provides a legal channel for institutions to invest in Bitcoin. Still, the SEC chair Gary Gensler maintained that Bitcoin is a speculative asset despite the agency’s approval.

LTCBTC chart trending upward on the daily chart | Source: LTCBTC on Binance, TradingView

In contrast to Bitcoin’s lackluster performance, Litecoin has shown resilience, maintaining a firm stance amidst market volatility. This development suggests that Litecoin may be poised to outperform Bitcoin in the coming months. The LTCBTC chart shows Litecoin is up 21% versus Bitcoin, rallying from January lows. 

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Litecoin Whales Are Back In The Game, Can Price Reach $100?

Litecoin (LTC) whales are making their way back into the market once more as the bull market establishes itself. A number of large transactions have been flagged which suggests that these millionaire accounts are coming out to play.

Litecoin On-Chain And Whale Activity Hit 4-Month High

The Litecoin on-chain and whale activity has been on the rise recently, as reported by the on-chain analytics platform Santiment. In the report posted to X (formerly Twitter), Santiment revealed that there had been a big spike in the Litecoin on-chain activity.

The chart shared by the tracker showed the spike taking place in line with the price recovery, which would be the reason why investors are awakening once more. Santiment noted that this recovery in on-chain activity saw address activity on the blockchain, as well as whale activity reaching levels not seen since June, representing a 4-month high in this metric.

Litecoin whales

A total of 319,000 daily addresses were active on the network after this metric dropped drastically in the last few months Additionally, weekly whale transactions, that is transactions carrying more than $100,000 rose and touched a new 4-month high of 7,418.

These are not the only metrics that saw a spike as the dormant LTC address started seeing movement again. These addresses which had previously not seen movement for a while began to move coins around, adding to the current number of coins in circulation.

LTC Ready For A Shoot To $100?

The revival of on-chain activity for Litecoin is a welcome development for the network but it is not exactly bullish. The reason for this is how the LTC price has reacted since this activity commenced, which is not very encouraging.

As the dormant LTC started to move once more, the price began to decline. This suggests that this subset of holders may be selling their coins after holding and waiting for better prices. In this case, the selling pressure has outweighed the demand for the coin.

A continuation of this will likely see the price continue to fall further, and a recovery to $100 is still far off on the horizon. So this recent bout of activity may just be investors choosing to sell rather than coming back to participate in buying.

The LTC price already fell from its $69 level on Thursday to as low as $67 on Friday before mounting a small recovery. Presently, the Litecoin price is sitting at $67.8, representing a 2.14% decrease in the last day.

Litecoin price chart from Tradingview.com

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Litecoin At 12: How Has Its 84 Million Supply Been Distributed Over Time?

Much has changed since Litecoin launched in 2011 with a maximum supply of 84 million LTC as a silver to Bitcoin’s gold. The crypto recently completed its third halving in August, finally reducing the number of LTC miners receive as a reward for mining a block from 12.5 LTC to 6.25 LTC. 

Over the past 12 years, much of this supply has been distributed to miners as block rewards for verifying Litecoin transactions. At the time of writing, there are 73.76 million LTC in circulation, with data showing this supply concentrated among large holders. 

Estimates from the crypto analysis platform IntoTheBlock show that over 49% of LTC is held by accounts with more than 0.1% of the circulating supply. BitInfoCharts also puts addresses with more than 100,000 LTC having 38.01% of the total supply.

Litecoin addresses

Source: IntoTheBlock

Who Are the Biggest Litecoin Wallet Holders Today?

Litecoin’s 84 million total supply has been distributed over the past 12 years through mining rewards and market trading. The biggest wallet addresses include large miners that have accumulated Litecoin from years of mining and crypto exchanges. Charlie Lee, its creator, claims to have sold or donated all LTC tokens in his collection.

The honor of the biggest Litecoin wallet address belongs to “M8T1B”, accounting for 3.34% of the entire supply in circulation. This wallet holds 2,504,667 LTC worth $158,105,141 at the current market price. 

Next is “ltc1qr” holding 2,225,000 LTC worth $140,451,374. Wallet addresses “MQd1f” and “ltc1qn” comes third and fourth in rankings, holding 1,344,464 LTC and 1,097,050 LTC worth $84,868,217 and $69,250,423 respectively. According to data from BitInfoCharts, these top four addresses hold 8.18% of the total coins in circulation.Litecoin 2

Other top-ranking whales include addresses “ltc1q2” and “MQSs1,” with 927,542 LTC ($58,550,373) and 745,000 LTC ($47,027,540), respectively. Looking through the data shows these six addresses are the Litecoin blockchain whales holding more than 1% of the circulating supply. Metrics from IntoTheBlock put the total concentration of these whales at 11.88% (8.84 million LTC).

Wallets “MB8nnF”, “MFULdM,” “MESruS,” and “LZEjck” complete the top 10 rankings with 513,259 LTC, 472,674 LTC, 416,688 LTC, and 394,044 LTC, respectively. 

What Does Litecoin’s Supply Distribution Mean for the Future?

There seems to be a dull market movement with the whales as sellers continue to maintain control over the market. As a result, the inflow to wallets holding at least 0.1% of the circulating supply has decreased by 91.07% in the past three months.

Litecoin whales

Source: IntoTheBlock

With 87% of LTC already mined, the rate of new supply will slow down over time. This could support price stability and sustainability. Litecoin is currently trading at $63.07, and like all cryptocurrencies, and pseudonymous crypto analyst P_S_trade predicts Litecoin can push up to $84 very soon. 

According to historical data compiled by crypto analyst Tony “The Bull”, Litecoin has always retraced 70% in the weeks following its past halvings. However, the recently concluded halving event may present a different narrative.

Litecoin is currently trading in a range since last week and is seeking to extend its gains of 2.35% over the past 24 hours. 

Litecoin price chart from Tradingview.com

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Crypto Analyst Puts Litecoin Price At $84, Here’s The Timeline

Since its third halving event was successfully completed in early August, the Litecoin price has fallen off the radar of crypto investors. This was mainly due to the price decline that LTC experienced after heavy profit-taking from investors who had invested leading up to the price surge triggered by the expectations around the halving. But it seems the tides are finally turning for the coin as one analyst predicts a more than 30% increase in price going forward.

Litecoin Price Shooting For The Stars

The current crypto market headwinds seem to be working in favor of the Litecoin price which one crypto analyst believes is gearing up for a run-up to $83. In the post, the pseudonymous analyst identified as P_S_trade points to the possibility of the crypto market continuing its growth trend. However, this would be null and void if the crypto market were to reverse back below $27,000.

For Litecoin, the analyst points out that the altcoin has usually been the first to start to see an upside in the crypto market. But this has not been the case, as previously mentioned since high levels of profit-taking have affected the LTC price.

Litecoin price chart from Tradingview.com

Even from the current level, the analyst’s chart points toward a possible retracement from here back down to $55. However, once this is completed, the bounce-off from there shows LTC reaching as high as $77 before succumbing to another correction.

This decline is also similar to the first instance where it falls to $55 in the fact that it signals another price surge. Following this second correction, the analyst puts the bottom somewhere around $67 before Litecoin continues its ascent once more.

The top of this second rally then lands just above $84 on the chart. Although there is no official timeline, the range of trades mentioned by the analyst is the medium term, which could see this run out for a couple of months.

Litecoin price chart from Tradingview.com (LTC prediction crypto analyst)

LTC Daily Transactions Continue To Decline

While the analyst foresees Litecoin price to surge, other metrics could be pointing in the opposite direction. For one, the daily transaction numbers for the altcoin have been steadily on the decline since the halving event in August.

According to data from BitInfoCharts, the number of daily LTC transactions has fallen from over 584,000 in May to just shy of 104,000 transactions by Tuesday, October 10. This points to a lack of interest from investors usually brought on by bear market headwinds.

Additionally, the daily transaction volumes, as shown by the token tracking website CoinMarketCap, show a 13.26% decline in the daily trading volume of Litecoin. These bearish metrics could thwart chances of reversal. However, they could also signal the bottom that triggers the start of another rally.

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Litecoin Price Prediction: LTC Could Retest $60 Before Fresh Surge

Litecoin price is struggling to gain pace above $66.40 against the US Dollar. LTC could revisit the $60 support before the bulls take a strong stand.

  • Litecoin is correcting losses from the $63 support zone against the US Dollar.
  • The price is now trading below $66 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $65.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could drop toward the $60 support before it starts a fresh increase.

Litecoin Price Signals Bearish Move

This past week, there was a fresh decline in Bitcoin, Ethereum, Litecoin, and other altcoins against the US Dollar. LTC price formed a top near $68.40 before it started a fresh decline.

The price traded below the $66.40 and $65.00 support levels. It retested the $63.00 support zone. A low was formed near $63.01 and the price is now attempting a fresh increase. There was a move above the $65.20 resistance.

The price spiked above the 50% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. Litecoin is now trading below $66 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $65.50 on the 4-hour chart of the LTC/USD pair.

On the upside, immediate resistance is near the $65.50 zone. The next major resistance is near the $6.40 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. If there is a clear break above the $66.40 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $68.40 and $70 levels. Any more gains might send LTC’s price toward the $75 resistance zone.

Downside Thrust in LTC?

If Litecoin price fails to clear the $66.40 resistance level, there could be a fresh decline. Initial support on the downside is near the $63.00 level.

The next major support is forming near the $60 level, below which there is a risk of a move toward the $58.00 support. Any further losses may perhaps send the price toward the $55 support.

Technical indicators:

4-hour MACD – The MACD is now losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.

Major Support Levels – $63.00 followed by $60.00.

Major Resistance Levels – $66.40 and $68.40.

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Litecoin Eliminates Pre-Halving Gains As Volume Drops, Is A Fall To $50 Coming?

In the months leading up to the Litecoin halving in August, the price of the blockchain’s native LTC token was continuously on the rise. This renewed interest in investors who rushed back into the token and eventually pushed its price above $100. That is until the actual halving event rolled around, turning it into a “buy the rumor, sell the news” scenario. Since then, it has been a downward spiral for the token and the pain may not be over.

Litecoin Volume Slumps Post-Halving

Litecoin volume since the halving was completed has been less than expected. While investors expected rising demand for the LTC token with the diminished supply rate, the opposite has been the case. Instead, the daily trading volume of the cryptocurrency continued to slump.

In the last day, the Litceoin daily trading volume fell another 23%. This brought its daily volume to $255 million, a significantly low figure compared to the $500 million daily volumes that the cryptocurrency was recording leading up to the halving.

Litecoin volume

Just like the trading volume, the price of LTC has also plunged significantly. From its pre-halving peak of $112, the altcoin has fallen over 50% to its current level just above $60. This means that the asset has lost all of its gains accumulated between June and July 2023, just one month after the halving was completed.

So rather than being a bullish event as initially expected, the halving has proven to be more bearish than most. It also did not help that it took place during the bear market and LTC has fallen rapidly alongside larger assets such as Bitcoin and Ethereum.

Litecoin price chart from Tradingview.com (Volume)

Will LTC Fall Continue To $50?

At the current rate, the forecast does not look too good for the LTC price. Litecoin has understandably seen a 3% increase in the past day as Bitcoin recovered above $26,000. But this does not look sustainable by its current metric.

The first indicator of this is that falling daily trading volume means that interest in the asset is waning. As investors move to other assets they believe provide better prospects, this will affect the LTC price and could trigger further downside from here. Add to this that the coin’s price is below its 50-day and 100-day moving averages and it spells a recipe for disaster.

If LTC bulls are unable to hold support above $60 and it falls once again as it did on September 11, then $50 becomes a very possible landing point. Such a decline would put it back at November 2022 levels and signal a prolonged bear trend for the digital asset.

At the time of writing, LTC price is still sitting above $62 but the tug-of-war for control between bulls and bears continues to rage on.

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Litecoin Price Prediction: LTC Faces Uphill Task Near $70

Litecoin price declined heavily below $80 and $70 against the US Dollar. LTC is attempting a recovery wave but upsides might be limited above $70.

  • Litecoin is correcting losses from the $56 support zone against the US Dollar.
  • The price is now trading below $70 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $66.00 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could recover above $66 but the bears might remain active near $70.

Litecoin Price Starts Recovery

This past week, there was a sharp decline in Bitcoin, Ethereum, Litecoin, and other altcoins against the US Dollar. LTC price formed a top near $85 before it started a fresh decline.

There was a sharp decline below $80 and $70. The price even declined below $60. It traded as low as $55.78 and recently started an upside correction. There was a minor increase above the $60 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $85.39 swing high to the $55.78 low.

Litecoin is now trading below $70 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $66.00 on the 4-hour chart of the LTC/USD pair.

On the upside, immediate resistance is near the $66 zone. The next major resistance is near the $70 level. It is close to the 50% Fib retracement level of the downward move from the $85.39 swing high to the $55.78 low. If there is a clear break above the $70 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $75 and $78 levels. Any more gains might send LTC’s price toward the $85 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $70 resistance level, there could be a fresh decline. Initial support on the downside is near the $63.50 level.

The next major support is forming near the $60 level, below which there is a risk of a move toward the $56.00 support. Any further losses may perhaps send the price toward the $52 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level.

Major Support Levels – $63.50 followed by $60.00.

Major Resistance Levels – $66.00 and $70.00.

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Litecoin Hashrate Taps New All-Time High, Will LTC Price Follow Suit?

The Litecoin hashrate has been going up steadily over the last year. This was mainly driven by the anticipation leading up to the Litecoin halving that was slated to take place in August. Now that the halving event has come and gone, the hashrate has risen to a new all-time high, but the question is, whether the price of LTC will follow suit.

Litecoin Hashrate Taps New ATH Of 1.03 PH/s

The steady rise in the Litecoin hashrate is a testament to the growing interest in the network. The hashrate points to the fact that there are more miners on the blockchain trying to guess the correct answers to each block. And this translates to better security overall for the Litecoin network.

Interestingly, this increase in hashrate has seen the network hit not only a new all-time high but a significant milestone. According to data from CoinWarz, the Litecoin hashrate rose as high as 1.03 pentahashes per second (PH/s) on August 4.

This means that for the first time, LTC’s hashrate has left the terahashes per second (TH/s) territory and crossed into the pentahashes per second (PH/s) territory. Although it is still a long way from Bitcoin’s exahashes per second (EH/s), it is a testament to how much the Litecoin network has grown.

The Litecoin hashrate has since retraced back into the TH/s territory, now sitting at 739.88 TH/s as of Monday, August 7. But a look over the last year’s hashrate chart shows that even this is a high level for the blockchain’s hashrate.

Litecoin hashrate

Will LTC’s Price Follow The Hashrate?

Since the Litecoin hashrate hit its new all-time high, the price of LTC has been more volatile than normal. This is not out of the ordinary though as the altcoin has been following the general market trend and LTC’s is a testament to that trend.

So far though, it doesn’t seem like LTC has made any effort to break out of this trend. If anything, it has suffered more declines than recoveries, even dipping to as low as $$80.65 on August 4. This decline shows that the new hashrate ATH has not moved investors to invest more in the coin.

For now, something that could lead to an uptrend for Litecoin’s price is if Bitcoin begins another rally and the crypto market starts to see improved sentiment. Otherwise, LTC will likely continue to toe the $82 line for the better part of the week.

At the time of writing, LTC price is trading at $82.80, down 0.47% in the last day and 11.67% in the last week.

Litecoin (LTC) price chart from Tradingview.com

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KuCoin Shuts Down Bitcoin And Litecoin Mining Pools Amid Market Turmoil

KuCoin, one of the world’s largest cryptocurrency exchanges, has temporarily halted its KuCoin Pool service, effective August 15, 2023, until further notice. The move is part of KuCoin’s business strategy and aims to ensure the security and integrity of users’ assets.

KuCoin Urges Users To Backup Mining Records

During the suspension, users will retain complete access and control over their assets, and all other KuCoin offerings will remain operational as usual. 

However, users who are involved in cryptocurrency mining are advised to transition their Bitcoin (BTC) and Litecoin (LTC) miners to alternative mining pools before the deadline to ensure uninterrupted earnings.

KuCoin has also advised users to back up and preserve their mining records and associated data before August 27, 2023, as failure to migrate to alternative mining pools within the specified timeline could affect their mining revenue. 

Nevertheless, KuCoin Pool will not be held accountable for any potential earnings lapses resulting from users’ failure to migrate to alternative pools.

The temporary suspension of KuCoin’s mining pools may cause some disruption in the crypto market, as mining plays an important role in the ecosystem. Despite this, it is worth noting that KuCoin is just one exchange, and its suspension may not have a significant impact on the overall market.

KuCoin has assured its users that the suspension is temporary, and the company is working on a new strategy for its mining pool service. The company has also emphasized that the security and integrity of users’ assets remain its top priority, and it will take all necessary steps to ensure the safety of users’ funds.

Litecoin Halving Triggers Price Drop

Litecoin, one of the oldest and most popular cryptocurrencies, has completed its third block reward halving at a block height of 2,520,000, as reported by Colin Wu. The halving event has cut the mining reward in half, from 12.5 LTC to 6.25 LTC, as part of the cryptocurrency’s deflationary monetary policy.

The halving is a regular event that occurs approximately every four years and is designed to control the rate at which new coins are minted. By reducing the reward for mining new blocks, the halving helps to prevent inflation and maintain the scarcity of the cryptocurrency.

The current price of Litecoin is $89.12, which represents a 3.8% decline over the past 24 hours and a 10% decline over the past six months. The price drop may be related to market uncertainty surrounding the halving event, as well as broader market conditions.

KuCoin

Despite the short-term price decline, many analysts remain optimistic about the long-term prospects for Litecoin and the cryptocurrency market as a whole. The halving event is seen as a positive development that highlights the ongoing maturation of the industry and the growing recognition of cryptocurrencies as a legitimate asset class.

Litecoin has a strong community and a dedicated development team, which continue to work on improving the technology and expanding the use cases for the cryptocurrency.

The halving event is expected to further strengthen Litecoin’s position as a leading cryptocurrency and contribute to its long-term growth and success.

Overall, the completion of Litecoin’s third block reward halving is a significant milestone for the cryptocurrency and the broader industry.

While short-term price volatility is to be expected, the long-term outlook for Litecoin and cryptocurrencies, in general, remains positive, with many experts predicting continued growth and adoption in the years to come.

Featured image from Unsplash, chart from TradingView.com

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Litecoin Sharks Buy More Than 200,000 LTC Ahead Of Wednesday’s Halving

Over the last few months, Litecoin has emerged as one of the top trending cryptocurrencies due to its halving event happening in August. As this event drew closer, crypto investors began filling up their LTC bags in preparation for what is expected to be a very bullish event. And now, with less than two days left to go before the halving, sharks have made remarkable moves to position themselves for possible upside.

Litecoin Sharks Load Up Their Bags

A report shared by the on-chain tracking platform Santiment revealed how Litecoin investors are currently looking at the digital asset. The chart showed an impressive accumulation trend from dolphin and shark wallets, which have increased their holdings significantly in the last month.

Santiment’s report shows that these wallets holding between $9,500 and $950,000 worth of LTC have added over 200,00 coins to their balances since June 14. On this date, the total holdings of these wallets were sitting just slightly below 18 million. However, in the next two weeks, their balances grew above 18.1 million coins.

Litecoin sharks and Dolphins

There has also been a semi-constant uptrend among these investors. Although there were dips here and there in their holdings, they remained committed to the accumulation over this last two weeks, each time buying more coins than they sold.

What Is Driving The LTC Accumulation?

The current accumulation from the dolphin and shark wallets are not isolated and just like the whale acquisitions, they are being driven by the same thing. The Litecoin halving is expected to take place on Wednesday and since this event has been historically bullish, it has triggered active participation from investors looking to capitalize on it.

If the LTC halving plays out as expected, then it is possible that the price of the altcoin will climb above $100 once more. This would put the majority of the LTC accumulated by the dolphin and shark addresses over the last two weeks back in profit territory.

However, the days leading up to the event haven’t been as bullish as expected. Even though LTC’s price is still trading above $90, it has seen only single-digit daily gains over this time. Naturally, with less than two days to go, there should have already been some rapid increases for the cryptocurrency but there has been none.

This current trend suggests that the halving may already be priced into LTC’s price, especially given the fact that the crypto bear market has continued.

At the time of writing, LTC is changing hands at a price of $93.80, down 0.98%, according to data from Coinmarketcap.

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Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close

Litecoin (LTC) is still trending low like the rest of the cryptocurrency market but one thing that separates the altcoin from the others is its obvious bullish case. Unlike the rest of the market, Litecoin looks set for another rally which will likely be propelled forward by the next halving.

Litecoin Halving Presents Bullish Scenario

Just like Bitcoin, the Litecoin halving happens every four years and cuts block rewards by 50%. The aim of this halving is to reduce the amount of new supply flowing into the market. And as demand rises, there is less supply to meet this demand, thus leading to scarcity and a surge in prices.

The next Litecoin halving is now around the corner with only about three months left to go. This halving, like the ones before it, carries the same promise of a rally for the digital asset. The last halving in 2019 saw LTC’s price bottom out around $62 and then rally to a local peak of $80 in the same month.

Litecoin halving

If this year’s halving stays true to this trend, then the digital asset should be seeing some upside in the coming months. This could result in LTC clearing the $100 level once more as investors prep for the next leg-up.

A 20% upside is attainable at this point, especially with the halving expected to happen in early August. So more than likely, the buyers will dominate the market for the next two months, leading to rising prices for Litecoin.

LTC Outlook For 2023

Presently, the crypto market is seeing muted momentum as investors remain indecisive. For Litecoin, the upcoming halving remains a bullish event but the prospects for the months following the halving event do not look good given historical performances.

Litecoin price chart from TradingView.com

After each halving, LTC has seen a reversal in sentiment following the initial surge and the subsequent crashes have been more brutal than the uptrends. For example in 2019, LTC’s price crashed almost 50% in the month of September, one month after the halving was completed. This was because the bull market was yet to begin and the cryptocurrency fell back into lockstep with the rest of the market again.

Going by this historical performance, it would seem the best time to take profits would be toward the end of August after the asset has rallied around 30%. The window of opportunity closes with the month of September which has historically been a bearish month for cryptocurrencies.

At the time of writing, LTC is trading at $87.11, up 3.22% in the last day.

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Litecoin Price Prediction: LTC Could Surge 10% If It Clears This Resistance

Litecoin price is attempting an upside break above $93 against the US Dollar. LTC could rally if it clears the $93 and $95 resistance levels.

  • Litecoin is slowly moving higher toward $95 against the US Dollar.
  • The price is now trading above $90 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could rally toward the $100 and $105 levels.

Litecoin Price Eyes Upside Break

After a steady increase, Litecoin’s price struggled near the $95 resistance against the US Dollar. LTC price started a downside correction and traded below the $92 level.

The price tested the 23.6% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high. However, the bulls seem to be protecting a downside break, unlike Bitcoin and Ethereum. Litecoin is now consolidating above the $90 level.

It is trading above $90 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $92.50 on the 4-hour chart of the LTC/USD pair.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

On the upside, immediate resistance is near the $93 zone. The next major resistance is near the $95 level. If there is a clear break above the $95 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $100 and $105 levels. Any more gains might send LTC’s price toward the $112 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $95 resistance level, there could be a fresh decline. Initial support on the downside is near the $91 level and the triangle lower trend line.

The next major support is forming near the $85 level or the 50% Fib retracement level of the upward move from the $5.26 swing low to the $95.00 high, below which there is a risk of a move toward the $80 support. Any further losses may perhaps send the price toward the $75 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Major Support Levels – $91.00 followed by $85.00.

Major Resistance Levels – $93.00 and $95.00.

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Litecoin Surpasses $90, But This Level Remains Crucial For The Altcoin

Despite the prevailing selling pressure in the cryptocurrency market, Litecoin has emerged as a standout performer. While the past 24 hours have not witnessed significant movement in the LTC price, the weekly chart reveals an appreciation of nearly 4%.

A significant breakthrough occurred as Litecoin surpassed the crucial $90 price level, signaling a positive shift in its price. Technical analysis suggests that the bulls hold sway over the price action, with demand and accumulation indicators displaying positive signals on the daily chart.

Most altcoins, including Litecoin, have exhibited similar price patterns influenced by the fluctuations of Bitcoin. Therefore, sustaining the LTC price above the $90 mark will depend on the overall strength of the broader market. Should Bitcoin reclaim the $27,000 zone, it could pave the way for Litecoin to overcome its significant overhead resistance in subsequent trading sessions.

While buyers of LTC currently maintain a favorable position, it is important to note that a slight push from the bears could potentially drive the price below $90, prompting bearish activity. However, the increased market capitalization of Litecoin in the recent session suggests that buyers are currently in control.

Litecoin Price Analysis: One-Day Chart

Litecoin

At the time of writing, Litecoin (LTC) was valued at $91.02. The altcoin’s successful move above the $90 threshold has strengthened the bulls, who are now pushing prices even higher.

However, a formidable barrier stands at $92.8. Surmounting this resistance level could potentially propel LTC toward the $97 mark.

Conversely, declining the current price level would push the altcoin below $90. Should this occur, support might be found at around $86. The recent session’s trading volume of LTC was positive (green), indicating a growing demand for the coin.

Technical Analysis

Litecoin

Buyers have displayed consistent confidence in Litecoin (LTC) as the asset’s price has improved. This positive sentiment is reflected in the Relative Strength Index (RSI), positioned above the half-line and just below the 60 mark.

This indicates more buyers than sellers, reinforcing the optimistic outlook. Moreover, LTC’s price remains above the 20-Simple Moving Average (SMA) line, indicating that buyers are driving the market’s momentum.

Additionally, LTC has managed to stay above the 50-SMA (yellow) and the 200-SMA (green) lines, pointing towards increased demand for the asset.

Litecoin

Litecoin (LTC) demonstrated buy signals alongside other technical indicators, suggesting favorable market conditions. The Moving Average Convergence Divergence (MACD) revealed the formation of green signal bars, indicating positive momentum and a bullish trend.

Furthermore, the Bollinger Bands, a volatility indicator, displayed wide bands, indicating increased price volatility and fluctuation. This implies that LTC is unlikely to trade within a narrow price range, as there is potential for significant price swings.

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Why Litecoin Is The Most Undervalued Asset in Crypto

Litecoin momentum is potentially changing, network usage is skyrocketing, and the cryptocurrency’s halving is ahead.

Yet the asset remains drastically undervalued relative to Bitcoin, Ethereum, and other factors. Here is a closer look at why Litecoin could be the most undervalued asset in crypto.

LTC Vs BTC Vs ETH Compared

Litecoin was once a top ten or higher cryptocurrency that has since fallen from that lofty pedestal. A nine-month-long up-only bull run and more than 10,000% ROI left the coin ranging for going on its fifth full year.

Unlike other top coins like Bitcoin and Ethereum, LTC never made dramatic new all-time highs in 2021. On some exchanges, the record high is still set for 2017. After the 2017 bull market peak, Litecoin has lagged behind the two largest coins by market cap.

But this is common in the final stages of a bull market, after which Litecoin wildly outperforms both BTC and ETH in a flash. That sort of situation could return, according to the charts below, starting with the below comparison of LTC versus Bitcoin and Ether.

litecoin LTCUSD_2023-05-16_07-26-44

Crypto Market Moment Ready To Change

Another sign that LTC is due to outperform the market can be found in the one-month LMACD crossing bullish. The signal is at least a two months ahead of Bitcoin and Ether and suggests a larger move in Litecoin first.

According to Investopedia, momentum “refers to the inertia of a price trend to continue either rising or falling for a particular length of time.” The LMACD is a momentum measuring tool, and it could be indicating that Litecoin’s inertia just made a major swing in the positive direction.

litecoin LTCUSD_2023-05-16_07-31-23

Litecoin Elliott Wave And The Final Advance

Litecoin technicals, according to Elliott Wave Principle, could also point to much higher prices. The current wave count and Fibonacci retracement levels are characteristic of an expanding diagonal pattern.

These patterns appear at the beginning or the end of a motive wave. Considering the larger wave count, this would suggest an ending expanding diagonal and perhaps the last major rally in Litecoin in some time.

LTCUSD_2023-05-16_07-37-24

LTC Fundamentals Support Soaring Higher

Finally, LTC transactions are currently skyrocketing. From a fundamental perspective, this is as bullish as it gets for any cryptocurrency. Litecoin is benefiting from an explosion of ordinals on the LTC-20 standard, congestion on Bitcoin and Ethereum, and more.

LTCUSD_2023-05-16_08-05-19

Essentially, the Litecoin ecosystem is booming again. When network usage skyrockets, LTCUSD spikes in price. We also have yet to mention Litecoin’s halving, which is less than 80 days away.

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Litecoin Price Prediction: LTC Recovery at Clear Risk on Two Factors

Litecoin price is attempting a recovery wave from $75 against the US Dollar. LTC could struggle to clear $82 or $85 and might start another decline.

  • Litecoin is slowly moving higher and correcting toward $82 against the US Dollar.
  • The price is now trading above $85 and the 100 simple moving average (4 hours).
  • There was a break below a key rising channel with support near $86 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
  • The price could face a strong resistance near $82 and $85 levels.

Litecoin Price Remains In Downtrend

This past week, Litecoin’s price struggled near the $90 resistance against the US Dollar. LTC price started a fresh decline and traded below the $85 support, similar to Bitcoin and Ethereum.

Besides, there was a break below a key rising channel with support near $86 on the 4-hour chart of the LTC/USD pair. The pair traded below the $80 support level. A low is formed near $75.26 and the price is now attempting a recovery wave.

LTC is now trading above $85 and the 100 simple moving average (4 hours). The price managed to climb above the 23.6% Fib retracement level of the downward move from the $89.13 swing high to the $75.26 low.

On the upside, immediate resistance is near the $82 zone. It is close to the 50% Fib retracement level of the downward move from the $89.13 swing high to the $75.26 low. The next major resistance is near the $85 level. If there is a clear break above the $85 resistance, the price could start another strong increase.

Litecoin Price Prediction

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $90 and $92 levels. Any more gains might send LTC’s price toward the $100 resistance zone.

Fresh Decline in LTC?

If Litecoin price fails to clear the $82 resistance level, there could be a fresh decline. Initial support on the downside is near the $78 level.

The next major support is forming near the $75 level, below which there is a risk of a move toward the $72 support. Any further losses may perhaps send the price toward the $65 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is below the 50 level.

Major Support Levels – $78.00 followed by $75.00.

Major Resistance Levels – $82.00 and $85.00.

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Litecoin (LTC) Price Falls After Bulls Fail To Maintain Momentum

Litecoin is shedding its gains in the market today as the bears take control of its price. At press time, its trading volume is down by over 15%, with a price decrease of 2.80% in the last 24 hours. Such a decline comes after major crypto assets like Bitcoin and Ethereum took a blow and entered bearish territory.

After its decline from $101.85 to $90.44 on April 19, 2023, the bears mounted more pressure pushing its price down to $81.11. 

What Next For Litecoin?

LTC is in a downtrend today, forming a bearish engulfing pattern on the daily charts as it descends to lower lows. 

It has dropped below its 50-day Simple Moving Average (SMA) and is trading below its 200-day SMA, with bearish sentiment in the short and long term. 

Related Reading: Shiba Inu: Whales Accumulate Yet Price Drops – What’s Going On?

Also, its Relative Strength Index (RSI) is at 34.74 and rapidly descending to the oversold region of 30. It implies that the bears are in control as more traders take short positions in the market. And the decreased trading activity is aiding the current price drop.

LTC’s Moving Average Convergence/Divergence (MACD) is below its signal line and displays a negative value. This is a bearish sentiment for the asset.

LTC Support And Resistance Levels 

LTC has dropped below $83.30, leading to speculations of further price decline. The bears at the $88.26 resistance level have resisted a potential break to the upside for the asset. Other critical resistance levels are $90.99, approximately the psychological resistance of $100, and $100.20.

LTC will likely rest on the $80.87 support in the coming days and might decline further to the next support of $78.85. The indicators are all bearish and point to a decline. However, LTC can rally again if the $80.87 support becomes a price pivot for an uptrend. 

Litecoin Halving Boost Hope For A Future Rally In 2023

Litecoin is a cryptocurrency from the original Bitcoin protocol. Litecoin halving is similar to that of Bitcoin which is an event where miners’ rewards are reduced significantly as a price control measure to increase scarcity and boost its value.

Since its creation, LTC has held two halving events in 2015 and 2019. The block rewards were reduced from 50 LTC to 25 LTC in 2015 and 25 LTC to 12.5 LTC in 2019. 

Litecoin (LTC) Price Falls After Bulls Fail To Maintain Momentum

The next halving is 86 days away and will decrease the miner’s rewards per block from 12.5 to 6.25 LTC. The projected halving date is August 3, 2023. 

Litecoin daily mining rewards stand at 7,200 LTC daily, equivalent to $588,600. Also, its hash rate is 625.39 TH/s which is still profitable for miners.  

The halving event occurs every four years, similar to Bitcoin’s, and might trigger a price increase, although this is not guaranteed.

Featured image from Pixabay and chart from Tradingview.com

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How Soon Will Litecoin Breach This Psychological Resistance Level?

In recent trading sessions, the price of Litecoin has remained stagnant below a significant resistance level while Bitcoin has experienced consistent fluctuations. Although Litecoin showed a slight increase of 2% in the last 24 hours, it lost 1% over the week, indicating consolidation.

The altcoin’s technical outlook suggests a potential bearish takeover, as demand and accumulation for the altcoin have both declined. The crucial overhead resistance level of Litecoin has been a barrier that the coin has failed to surpass previously. In the event of another rejection over the coming trading sessions, bears could successfully take over.

As Bitcoin approaches the $30,000 mark, major altcoins are following a similar price trend. If BTC successfully crosses this resistance level, Litecoin could experience a rally. However, the market capitalization of LTC has decreased in the last 24 hours, indicating a decline in buying strength.

Litecoin Price Analysis: One-Day Chart

Litecoin

At the time of writing, LTC was trading at $89.58, and the overhead resistance level was at $90, which the coin has attempted to break through over the past few weeks. If LTC manages to surpass this level, it could potentially trade near the $100 mark.

However, for a recovery on the chart to occur, selling pressure needs to decrease. On the flip side, if LTC falls from the $89 mark, it could reach $88. Failing to stay above that level could drag the price down to $84. The last trading session showed a red volume of LTC traded, indicating that sellers were dominating the market.

Technical Analysis

Litecoin

Following the formation of a tall bearish engulfing candlestick, the price of LTC has been steadily decreasing, and demand has also diminished. The Relative Strength Index (RSI) remains below the 50-mark, indicating that there is more selling pressure than buying strength.

Additionally, LTC has fallen below the 20-Simple Moving Average line, indicating that sellers are driving the price momentum. However, the price has moved above the 50-SMA line (yellow), suggesting that LTC might attempt to recover over the next trading session.

Litecoin

In line with other indicators, LTC has shown sell signals associated with negative price action. The Moving Average Convergence Divergence (MACD), which indicates price momentum and reversals, has continued to form red histograms, signaling sellers to the table.

The Directional Movement Index has also been negative, with the +DI line (blue) below the -DI line (orange). Furthermore, the Average Directional Index has fallen below the 20-mark, indicating that the current price trend lacks strength. However, with an increase in demand and broader market strength, LTC may be able to break through its overhead resistance level in the coming trading sessions.

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Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50% appreciation in January this year. Currently, however, the altcoin has witnessed a price pullback and is consolidating on its daily chart.

Over the last 24 hours, the Litecoin price moved down by 0.3%, which signified a range-bound movement. The altcoin also lost close to 3% of its market value. The technical outlook of Litecoin pointed towards bullish momentum as demand for the altcoin remained high on the daily chart.

Accumulation also reflected the same. Price noted a decline as LTC receded from the overbought zone. Buyers still have the upper hand on the chart.

A continued fall in accumulation will cause bears to secure Litecoin’s price action. That momentum would continue for the upcoming week, causing LTC to fall below its nearest support level. At the time of writing, LTC was trading 78% below its all-time high set in 2021.

Litecoin Price Analysis: One-Day Chart

Litecoin

LTC was trading at $88.11 at the time of writing. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC met with two rigid resistance levels before it started to move south again.

The two important resistance lines for the coin stood at $90 and $92. Immediate resistance stood at $90. If demand for the altcoin remains steady, then LTC might attempt to breach the $90 price mark.

On the flipside, the nearest support line for the Litecoin price stood at $86, and a continued price correction will force LTC to fall below the $86 price mark and settle at $82. The amount of LTC traded in the last session was red, indicating a fall in buyers.

Technical Analysis

Litecoin

The altcoin has been hovering in the overbought region for several weeks now, and at the moment there is a slight fall in demand for Litecoin. The Relative Strength Index stood a little below the 60-mark after it noted a recent downtick indicating that demand was shrinking.

A reading close to the 60-mark, however, signifies that buyers outnumbered sellers. In accordance with that, LTC price shot past the 20-Simple Moving Average (SMA) line as buyers were driving the price momentum in the market.

The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased bullishness.

Litecoin

Concerning the fall in buying pressure, the LTC chart displayed a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which depicts market momentum, underwent a bearish crossover and formed red signal bars tied to sell signals.

This could also imply that the price will fall in the coming trading sessions. The Parabolic SAR, the indicator that reads the trend and change in price momentum, was still positive. The dotted lines were below the candlesticks, suggesting that the LTC price was still positive.

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Is Litecoin (LTC) Expecting A Pullback Before Soaring Again?

The Litecoin price has shown bullish sentiment over the past week once it bounced off the $81 resistance zone. Over the last 24 hours, the altcoin jumped by 2%, and in the past week, the LTC price gained close to 6%.

As Bitcoin continues to trot upwards and is now eyeing the $23,000 price mark, other altcoins have reflected the same price sentiments. The technical outlook of the Litecoin price has depicted that accumulation shot past the overbought region just when Litecoin breached the $81 price region.

Demand for the coin remained steady between the $81 and $88 price levels, respectively. As Litecoin traveled above the $88 price zone, the coin started to display a price correction. Going by the indicators, Litecoin continues to remain heavily bullish on its chart, with another chance of a price retracement.

Bullish momentum has gained strength since it moved past the $86 price mark, which is why a move to the $90 mark was swift and easy for Litecoin. Historically, the $93 resistance mark has acted as a pullback region for the coin. LTC might reach the $93 level over the next trading session if Bitcoin continues to surge.

Litecoin Price Analysis: One-Day Chart

Litecoin

LTC was trading at $91 at the time of this writing. Over the past couple of weeks, Litecoin has pierced through several resistance levels. The coin faced stiff resistance at $81 and has been rallying since crossing that level.

Overhead resistance for the coin stood at $93; this will act as a crucial price mark because LTC can experience a pullback before it tries to breach the $106 resistance mark.

On the other hand, if Litecoin fails to remain above the $88 support line, it would lead to sellers exceeding buyers, causing the altcoin to fall to $80 and then $71. The amount of LTC traded in the last session was red, which signified that there was a fall in the number of buyers.

Technical Analysis

Litecoin

LTC hovered around the overvalued zone, which indicated that there would be another price correction before it started to trade upwards again. The Relative Strength Index (RSI) stood at the 70 mark, which indicated that the asset was overbought.

A fall from the overvalued zone can drag the price of the asset below $88. Litecoin continued to depict extreme bullishness as the price was above the 20-Simple Moving Average line.

This meant that buyers were driving the price momentum in the market. The coin was also above the 50-SMA and 200-SMA lines. However, the 50-SMA was above the 20-SMA, which is a sign of impending bearishness and indicates a price pullback.

Litecoin

Buy signals for the asset started to show a decline, which meant that buyers might start to exit the market over the next few trading sessions.

The Moving Average Convergence Divergence (MACD) indicates price momentum and reversal; it displayed receding green signal bars, which meant incoming bearish price action.

Bollinger Bands indicate price fluctuation and volatility; the bands were far apart, which implied forthcoming price instability.