Litecoin (LTC) Price Prediction: Close to Breakthrough 26%: City Telegraph

  • Litecoin price is crossing a head and shoulders pattern, indicating an imminent breakout.
  • A key close above the neckline at $ 191.20 will usher a 26% rise to $ 243.07.
  • A collapse of $ 165.28 will create a lower low, invalidating the bullish thesis.

Litecoin price is in the penultimate leg of a technical formation that will catalyze a rapid bullish rally. LTC has a critical hurdle to overcome to start a race at a level last seen over a month ago.

Litecoin price rises

Litecoin price has been following a slow but steady upward trend since October 13th and is approaching a tipping point. From September 7th to October 19th, LTC implemented three separate swing lows. The middle is deeper than that on either side and forms the head. In contrast, those on either side of comparable depths are called shoulders. Collectively, this price movement is known as the head and shoulders.

A trendline drawn through the highs of these swing lows will result in a neckline or horizontal resistance at $ 191.20. This technical training provides an increase of 26%, determined by adding the distance between the neckline and the lowest point of the head. Adding this metric to the breakpoint at $ 191.20 results in a target of $ 243.07.

While this theoretical target for Litecoin price is plausible after reaching a critical closing price above the cutout, it will encounter obstacles at $ 212.26 and $ 232.68, respectively, before reaching its target. . Hence, the Litecoin price has to break through these blockades to reach a 26% increase to $ 243.07.

9 hour LTC / USDT chart

On the flip side, the price of Litecoin could not break out above USD 191.20 from its current position. Investors should expect LTC to retest the support lows of $ 176.68 or $ 170.48 before breaking the neckline.

Unless Litecoin price rebounds to $ 165.28, the rebound will be jeopardized. A lower low below this barrier will place traders in a difficult position and invalidate the bullish thesis. In such a situation, LTC is likely to drop $ 158.14 or other support floors and test again.

Litecoin Price Predictions: How It Could Go In 2021 And Beyond

The Litecoin cryptocurrency rose more than 140% in 2020. In 2021, LTC showed very rapid growth through May; However, due to some external factors, the situation changed significantly. The Litecoin price has gone through a lot since its inception – up and down. The price started at around $ 3 per LTC and has gone through a series of bubble cycles, or “alt seasons”.

Finally, Litecoin closed 2020 at $ 124.69 (on CoinMarketCap). From December 31, 2020 to May 9 of this year, the price increased by 211%. After the coin hit the $ 400 mark, it began to fall. It decreased by 63.26% from the May 10-23 period. Similar to other cryptocurrencies, one of the main reasons behind such a decline is Bitcoin’s general weakness. In general, similar and close currencies have close correlations. It could have been seen that the coin would have been in decline due to the rapid growth of the LTC. Finally, concerns in the US about higher capital gains taxes played a role in the financial industry.

As for the long-term Litecoin forecast, the outlook suggests that Litecoin has potential. Will Litecoin Price Go Up This Year And In The Years To Come? Let’s find out!

A bit of Litecoin history

Litecoin (LTC) is what is known as a digital peer-to-peer currency that is integrated into open source software. Technically, the Litecoin project is very similar to the Bitcoin system. The production and transmission of Litecoin is based on an open source encryption protocol. There is no central control. With this in mind, all transactions, balances and expenses are managed by a peer-to-peer network. Litecoin is created on the basis of a cryptological hash function, which in turn generates blocks. Litecoin can be exchanged for bitcoin and fiat money. The respective processing usually takes place via online exchanges (crypto currency exchanges).

Litecoin was created in 2011 by a former Google employee, Charlie Lee. The cryptocurrency was created based on the Bitcoin protocol, but differs in terms of the hash algorithm used. In addition, it also differs in hard caps, block transaction times, and a few other factors. Litecoin was published on GitHub on October 7, 2011 via an open source client. On October 13, 2011, 5 days later, the Litecoin network went live.

Lee’s goal was to use Litecoin to create a light version of Bitcoin. Developers have always stated that Litecoin can be viewed as the silver version of Bitcoin. Litecoin differs from Bitcoin in the prioritization of the transaction confirmation rate, which is around 2.5 minutes per block. However, the reality is that due to network congestion, Litecoin users will have to wait up to around 30 minutes for their transaction to be processed.

Why is Litecoin an attractive asset?

Litecoin processes payments particularly faster than Bitcoin and is an excellent, proven complementary alternative. It’s a very cheap and super-safe highway to pay for – especially when it comes to microtransactions, such as paying for a cup of coffee. In addition, the Litecoin community is working on implementing all kinds of new fintech gadgets that are actually intended for Bitcoin. Litecoin is now working on the implementation of the Lightning network protocol and applications for smart contracts and data protection (including confidential transactions & MimbleWimble). Litecoin is certainly light and cheap, but above all with fantastic ambitions in good hands. Litecoin has a bright future as a classic and reliable altcoin.

Most investors see Bitcoin as gold and Litecoin as silver. Litecoin was created as an alternative to Bitcoin and designed as a lightweight that addresses some of Bitcoin’s shortcomings. It’s a classic altcoin with more than 6 years of experience and development behind it. Software updates and new technologies can easily be added to Litecoin.

As with Bitcoin, there is a built-in scarcity here too. In total, only 84 million Litecoin can be mined. Litecoin can be seen as a much cheaper and faster alternative. In fact, Litecoin is underrated compared to other cryptocurrencies. Bitcoin is slower and more expensive to use compared to Litecoin.

The fact that Litecoin is fast and cheap has advantages, especially since people in third world countries without a bank account can still get Litecoin cheaply and quickly.

Why is Litecoin rising?

Litecoin is a superior fiat money alternative when compared to Ethereum. Ethereum was not developed as money, but it can be used as such. One could think of Ethereum as more of a crypto gas.

In addition, Ethereum is a much more difficult concept to understand than Litecoin. Litecoin is just P2P digital money with a built-in scarcity that actually works faster as a transaction medium. This makes adoption a lot easier and doesn’t require much knowledge. Simply install the wallet app on your smartphone and you will have your own Swiss Litecoin bank account with which you can carry out transactions practically immediately. As the popularity and price of Bitcoin increase, and with it transaction costs increase, cheaper and faster alternatives are being sought. This is litecoin, baby.

Other interesting facts

Litecoin has come a long way and has even been included as a means of payment in Venezuela’s mainstream international payment system. Through the Remesas remittance platform, foreigners can send Litecoin to family members and friends in Venezuela who will receive bolivars into their local bank account through Remesas. There is a 15% commission, which means that the Venezuelan government is secretly collecting Litecoin.

It is also interesting that the Litecoin Foundation has a 9.9% stake in the German WEG bank. The Litecoin Foundation received this as a donation from the Swiss blockchain company TokenPay. Together they hold almost 20% of the shares in this conservative German bank, mainly for real estate investors. Can Litecoin be recognized as a possible cryptocurrency for buying real estate in Germany in the long term? But we digress, so let’s not dive too deeply into the matter, let’s look at the price development and see how the coin develops.

Litecoin price analysis

Although there isn’t an upward phase for cryptocurrencies until around October 2020, Litecoin has done quite well compared to its competitors. Charlie Lee is clearly doing very well; eventually he introduced confidential transactions (CT). Like the privacy coins ZCash and Monero, LTC’s confidential transactions prevent substitutability, scalability, and privacy issues.

The acceptance rate is also quite high. Just recently, the Litecoin logo was even advertised on the UFC mat during a famous fight. It was a real eye catcher. In addition, a new mall has been installed in Singapore with an ATM that accepts both Bitcoin and Litecoin. According to experts, the LTC price forecast is very optimistic.

Experts expect the Litecoin future to be rosy in 2021 due to all of the integrations and partnerships. In addition, the Litecoin community is very active in all upcoming developments. You will of course keep the enthusiasts informed. There is a clear potential that Litecoin will continue to rise and is certainly a tough competitor for the other cryptos.

However, the price of LTC will most likely stay below $ 300 and less likely to hit its all-time high of $ 412.96, which was set on May 10, 2021. What will Litecoin do in the next 5 years?

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