- Litecoin is headed for some interesting fundamentals
- The Litecoin halving is expected to happen sometime around 5th, August, 2023
- Price predictions from several; sources put Litecoin between $80 and $107 for 2023
- Longer-term price predictions include $181, $246, $258, and $271
Litecoin (LTC) being one of the oldest and most popular cryptocurrencies in the world has always has a lot of anticipation around its price. LTC has often been included in the OG cryptos owing to the time it has been around.
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Litecoin was created as a fork of Bitcoin which is why it shares many features with Bitcoin.
However, you can also say that LTC has some better features because it is faster, cheaper and more accessible than the latter.
What Is Litecoin and Why Should You Care?
If Bitcoin is digital Gold, then Litecoin is digital silver.
Did you also know that just like Bitcoin, LTC is on its way to its next halving?
Even better, the LTC Halving is only a few months away ( around 5 August 2023), and Litecoin is expected to explode in price before and after then.
Why should you care about Litecoin’s price action?
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This is why.
In the rest of this article, we will look at some of the factors that affect Litecoin’s price, such as supply, demand, halving events and market sentiment.
We will also compare some of the price predictions made by different experts, platforms, tweets and AI algorithms. Finally, we will analyze Litecoin’s current price action and future trajectory based on technical indicators and trends.
Are you ready?
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Litecoin’s Price Action So Far
Litecoin’s price has been on a roller coaster ride in the past year, after reaching an all-time high of $412.96 on 10 May 2021.
And right after the bear market hit, LTC plummeted heavily to a low of $104.47 on 20 July 2021.
Since then, the cryptocurrency has recovered some of its losses and has been trading in a range between $60 and $105 for the better part of this year.
As of the time of writing, LTC is trading at $89.3 according to data from TradingView.
CoinMarketCap calculates this as a +1.7% move to the upside over the last day, a -2.5% dip over the last seven (7) days, and a -5% drop over the last 30.
LTC’s market cap is about $6.7 billion, making it the 11th largest cryptocurrency by market cap.
Litecoin’s Halving, and What We Can Expect (A Short Illustration)
We all know what halvings are.
And for the ones who don’t, halvings are basically a phenomenon in Proof of Work blockchains, in which the mining rewards get cut in half, every few years.
When this happens, the general price of that crypto simply skyrockets.
Think of it like this:
Imagine 12 thirsty travellers are in a desert, with 12 bottles of water. We can all agree that each of those bottles is valuable to the travellers, to an extent.
What happens if someone mishandles the crate, and six of those bottles fall off the wagon and get popped? The value of the remaining six bottles goes up.
The same will happen if three out of the remaining six get popped. Before long, the water will become so valuable, that the travellers will begin to fight for it.
This is what we can expect from LTC sometime around 5th August this year, when the reward for mining a new Litecoin block will be cut in half from 12.5 LTC to 6.25 LTC.
Litecoin will go parabolic from here. It is almost guaranteed that the cryptocurrency breaches the $100 zone completely. And LTC may even inch closer to its former all-time high.
Some Interesting Litecoin Predictions For 2023
In this section, we will compare some of the price predictions made by different sources for LTC for the year 2023 and beyond.
Stick with us.
For example, Changelly predicts that Litecoin’s price might fluctuate between $80.20 and $89.06 throughout 2023, and may end the year at a maximum of $106.
However, they also predict that in 2024, the minimum price of Litecoin will be around $157.11, and the maximum expected LTC price might be around $186.48.
CoinPriceForecast’s AI predictive model also says that Litecoin’s price at the end of 2023 will be $84.73 and in the middle of 2023, we can expect to see $90.40 per LTC.
What We Think
Truth be told, the crypto market is showing signs of indecisiveness on the part of traders.
Historically, LTC’s price is usually very volatile after each halving.
And so far, the drops have been far worse than the rises. For example in 2019, LTC’s price fell by more than half in September, one month after the halving. And in the current bear market, LTC has fallen from more than $400 to where it now sits below $90.
So far as illustrated above, Litecoin appears to be in an ascending triangle. This means that the buyers may be gaining on the sellers.
Bad news for the bears.
As illustrated above, the price of the cryptocurrency will squeeze up against the upper support of the formation as the bulls buy the dips higher and higher.
This will happen until a squeeze occurs inside the triangle, and Litecoin’s price bursts out in either direction (likely upwards).
Overall, tradingView analytics show a strong buy on the cryptocurrency.
And as far as predictions go, if LTC breaks through the $106 resistance, the next fairly strong resistance level would be the $181 – $120 zone.
Litecoin’s Price Targets
The long-term price targets for LTC, however, would be
- The 23.6% Fibonacci level at $181.82
- The 38.2% level at $246.01
- The 50% level at $258.72
- The 61.8% level at $271.42
Keep in mind that these price levels are long-term targets, and may take some time to reach.
And good luck with your trading!
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.