Litecoin, the digital silver answer to Bitcoin, has seen a rise in activity over the past few weeks, as the new MimbleWimble update is due to be launched in September this year. On August 6, Litecoin Foundation Director David Schwartz said that the cryptocurrency, Litecoin, had over 92,278 active wallets in the past 24 hours, which was more than both Bitcoin Cash and BSV combined, at 90,446. It indicated that Litecoin was resurging in terms of investment, transaction and transfers. The significant reason behind the strong activity could be the upcoming launch of MimbleWimble, which will bring privacy features to Litecoin. The implementation will be made in September as directed by the lead developer, David Burkett, who confirmed this in a July project update. The new MimbleWimble will provide the benefit of privacy and enable faster transactions on the Litecoin Network. Therefore, MimbleWimble will have a different verification mechanism than Bitcoin.
Furthermore, the Creator of Cardano and the CEO of IOHK, Charles Hoskinson, revealed his intentions to establish cooperation with the creator of Litecoin, Charlie Lee. He sent his intentions via Twitter, stating that he loved the idea of a cross-chain communication between Litecoin and Cardano. He added that there were many possible ideas to be discussed. In response to this, the creator of Litecoin replied with the word “sure”, indicating that he approved of the idea of working together. Therefore, it is expected that the relevant persons from both foundations will get together to discuss the matter soon.
Current LTC/USD Price: $
Recent Changes in the Litecoin Price
| Period | Change ($) | Change % |
| 30 Days | -18.20 | -41.3% |
| 3 Months | -5.13 | -11.7% |
| 6 Months | +5.40 | +12.3% |
| 1 Year | -14.30 | -24.8% |
| 3 Years | -17.20 | -28.2% |
Litecoin posted losses this week, after posting gains for the previous two consecutive weeks. The value over the past two weeks was up by 45.13%. However, this week it declined by 5.18%. The LTC/USD apir reached a high of 65.098 in the previous week, for the first time after six months. At its highest, Litecoin’s market capital was $ 14.099 Billion.
In the current session, Litecoin was dropping, as it faced a massive resistance for a breakout. LTC printed a so-called bearish engulfing candle in the latest session, which indicated a downside risk for the cryptocurrency. Now the question arises, what is the Litecoin price forecast likely to be?
| Litecoin Forecast: Q4 2020 | Litecoin Forecast: 1 Year | Litecoin Forecast: 3 Years |
| Price: $ 84 – $ 100
Price drivers: Choppy Trading Range, Boosted safe-haven appeal in gold, Bullish Bitcoin (positive correlation). |
Price: $ 145.235
Price drivers: Bullish Breakout, Double Bottom Support |
Price: $ 221
Price drivers: Completion of W Pattern, ABCD Pattern completion, Bounce of Over Fibonacci 61.8% Support |
Litecoin Live Chart
LTC
LTC/USD – Factors Impacting Litecoin Prices
Litecoin is a cryptocurrency with an enormous long-term projected growth, just like Bitcoin. The first-ever cryptocurrency that sparked an entire industry of altcoins was the Bitcoin; however, the most common improvement over Bitcoin, attempted by Litecoin, was the transaction speed. Litecoin was the first crypto asset to do so successfully. This has placed Litecoin in the crypto market, as a strong financial asset with long-term growth potential. Let’s discuss the Litecoin price projections from different sources for 2020 – 2025 and beyond.
WalletInvestor – Litecoin Projection
WalletInvestor has given a negative long-term projection for Litecoin prices, saying that by the end of 2020, Litecoin would drop to $ 40 per coin. For 2021, they suggested that LTC would start falling gradually, and would reach $ 4 in August. However, for December 2021, LTC will start rising again towards $ 25, according to WalletInvestor.
For the end of 2022, they projected $ 10, and – $ 3 for 2023. Their projection for 2024 was – $2 and for 2025, it was – $2. From WalletInvestor’s projection, iIt can be clearly seen that they believe that LTC will not grow up in the future. However, the FXLeaders analysts think otherwise, and we will share our thoughts at the end of this update.
Digital Coin Price – Litecoin Projection
Digital Coin Price gave a moderate price forecast for Litecoin, saying that the coin would grow year by year into the future. Though in their projection, prices may drop severely, but the trend remained positive.
The following are the projections for Litecoin prices by Digital Coin Price for 2020-2025. In 2020 – $ 58, In 2021 – $ 59, In 2022 – $ 66, In 2023 – $ 62, In 2024 – $ 61, In 2025 – $ 69
Longforecast – Litecoin Projection for 2020-2023
Longforecast believes that the Litecoin will drop to $ 40 by the end of 2020, and it will fluctuate between $ 25 and $ 50 throughout the year. However, in 2021, LTC will continue to drop, ending the year at about $ 20. For 2022, LongForecast projects growth for the LTC, saying it will move within a range of $ 18 to $ 46. The bullish move of LTC will continue in 2023, according to LongForecast, achieving $ 58 in December 2023.
Trading Beasts – Litecoin Projection for 2020-2023
For the next four years, Trading Beasts see Litecoin as a good asset. However, for December 2020, they project that Litecoin prices will drop to $ 32. In 2021, LTC will grow to $ 52, and the positive momentum will continue over the next two years. Trading Beasts suggest that in 2022 and 2023, LTC prices will grow to $ 53 and $ 80 respectively.
CoinPrice – Litecoin Forecast
The long-term forecast for Litecoin provided by CoinPrice, over a period of 10 years, suggests that Litecoin will reach $ 136 by the end of the decade. They gave this projection according to the Bitcoin prices, which are also expected to rise in the future. In 2020 to $ 57, in 2025 to $ 100 and in 2030 to $ 136.
Crypto Research Report Group – Litecoin forecast
A cryptocurrency research firm by the name Crypto Research Report Group has given its projection for Litecoin for ten years. This firm has provided a strong bullish forecast for LTC, as it sees the digital currency exceeding $ 1,000 in just five years, and rising above $ 2,000 in 10 years. The projection for Litecoin prices, by Crypto Research Report Group, is as follows:
In 2020, $ 83, in 2025, $ 1,200 and in 2030, $ 2,250.
GovCapital – Litecoin Forecast
The future prices of the Litecoin after a year are predicted as $ 87.407 in 2021, and for 2025 they are expected to grow at a rapid pace, reaching $ 641.899, according to GovCapital’s predictions.
Bitcoin vs. Litecoin
For the past three consecutive weeks, Bitcoin has been rising, having surged to its 2020 high of $ 11,392. The trend is still positive for Bitcoin, as the global economies face the disruption caused by the COVID-19 pandemic, and investors are seeking safer investment assets, like gold or cryptocurrencies. On the other hand, Litecoin has also surged in the past three weeks, but the third week was not that bullish, as the prices began to decline. The LTC/USD surged above $ 60 last week, but after that, it retreated back to near $ 57, perhaps due to technical correction or profit-taking.
According to Coin Predictor, Bitcoin and Litecoin have a correlation of 0.83; this correlation was calculated on the basis of the price dynamics of both cryptocurrencies over the previous 100-days.
The Bloomberg team used the number of active BTC addresses to predict a value of $ 12,000. The project director at Litecoin Foundation, David Schwartz, used the same analysis, but with LTC transactions. He said that the number of daily Litecoin transactions had reached levels last seen in early December 2017. As per his analysis, the use of Litecoin will continue to increase with time, and the price of LTC should follow a similar upward path.
The upcoming update of Litecoin, MimbleWimble, which is named after a Harry Potter spell, will make the network more private, unlike Bitcoin, which is a publicly viewable blockchain. This factor has made the Litecoin more attractive, and investors have started taking it seriously. Litecoin founder Charlie Lee talked about these improvements to the network back in early 2019, and now it is due next month, in September 2020. The chances are that after this update – digital silver to Bitcoin – Litecoin will gain more traction in the market.
The founder of Litecoin, Charlie Lee, said that digital silver to Bitcoin once again served as a leading indicator of Bitcoin prices in the last week of July. This means that Litecoin was moving ahead of Bitcoin, instead of trailing behind the pioneer. He even posted a screenshot in his twitter account, proving that Litecoin has a habit of leading BTC.
Meanwhile, in previous weeks, Grayscale Investments, a New York firm that makes cryptocurrencies available in the form of stocks, declared that regulators have given a go-ahead for the sale of two new cryptocurrencies to the public.
The newly listed stocks represented the shares of Litecoin and Bitcoin Cash, a controversial spinoff of Bitcoin. According to Coinmarketcap, the Litecoin is in 9th position, and Bitcoin Cash is 5th – making it the biggest cryptocurrency, with a market cap of $ 3.71 B and $ 5.52 B. The stocks will trade under the symbols of LTCN and BCHG, and they will be available to the general public in 1-2 weeks.
Technical Analysis – Eyes on a Sideways Range Breakout – LTC/USD?
Regarding the technical side of the market, Litecoin is trading on a neutral bias, within a sideways trading range of 25 to 145. In the monthly time-frame, the Litecoin is facing double bottom support, at 25.33, and closing of Doji and bullish engulfing candles confirms further buying trends in the LTC/USD pair.
Taking a look at the long-term forecast for Litecoin, the leading crypto pair seems bullish, especially due to the W pattern, where a partial W is already complete. On the higher side, Litecoin may find its next resistance within the $ 85 range, while a bullish crossover of $ 85 could lead Litecoin prices towards $ 145. Below this, $ 85 is likely to work as the support level.
LTC/USD Sideways Pattern – Traders Eyes Watching for a Breakout
On the monthly chart, the MACD suggests a neutral bias among traders – in fact it’s exhibiting indecision, as traders are waiting for a bullish or bearish breakout in LTC/USD. Taking a closer look at the monthly chart, the pair seems likely to break out on the higher side. After completing the yearly forecast target at the $ 145 level, the prices may drop again, until $ 85 in order to achieve a 61.8% Fibonacci retracement, until $ 85. This is the same level that should have extended resistance to Litecoin beforehand, but later, after the breakout, this level is likely to work as a support.
LTC/USD Fibonacci Retracement
Speaking about the Litecoin price forecast until 2023, we can expect Litecoin prices to soar further until $ 145, where the bullish crossover of $ 145 could lead the LTC/USD pair further upwards, until $ 221, the level which is extended by the high of March 1, 2018. That’s where the LTC/USD is likely to complete the ABCD and W patterns. A lot of exciting aspects have been thrown into the pot by some of the famous specialists within the crypto space. Each team appears to have a strong argument in store, making it all the more fascinating to observe what’s about to unwind towards the end of 2020. Those who see a bullish event are currently playing tug of war with those who foresee a bearish development. Let’s brace for the second half of the year, keeping a closer eye on the fundamental side of the market, in order to capture any change in Litecoin sentiments. Good luck!