Cryptocurrency Price Prediction; Litecoin, Leading The Rebound

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Litecoin Price Prediction for 2020- Expert Predictions And Technical Analysis

[Updated February 15, 2020]Last August, we saw Litecoin go through halving where its block reward reduced from 25 LTC to 12.5 LTC. Before the highly anticipated event, the price of LTC managed to stage a rally of sorts as investors bought in since they expected the price to rise once the halving event took place.

However, the opposite happened. Litecoin managed to peak at around $140 in June and since then has been in a steady decline.

But lately, LTC has been working on several initiatives that are bound to push its price higher in 2020. These include the introduction of confidential transactions that will help wear off the fungibility problem. It’s a move that will help LTC step out of the shadow of BTC by creating its own identity.

Also, recently the platform stepped into philanthropy, and by teaming up with UNICEF kid power, a program that shows children they have the potential to make a difference. We know it’s not price-related, but it’s positive for the image of LTC.

In this piece, we are going to review a few expert predictions, news events, and analysis of the charts to see why 2020 seems promising for LTC.

Litecoin Price Prediction – What Experts Believe About the Litecoin Price?

Litecoin is the 6 th largest digital currency in the market with a market cap of over $4.9 billion. The coin was created in 2020 and was built on the same blockchain as BTC. Additionally, LTC can be used to make payments.

The biggest advantage of LTC over BTC is speed. It is referred to as “Lite” because it’s four times faster than BTC.

Crypto price prediction isn’t that easy, given the volatile nature of the market. However, this doesn’t stop people from trying to predict what the price will be using different metrics.

According to the technical analysis done by TradingBeasts, they see the coin in two or three years, as a good investment that will bear handsome returns.

Crypto prediction website Coin Price believes 2020 will be a bull market for all cryptocurrencies, and based on this, they see the price of LTC going to the $124 level.

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The positive prediction is supported by DigitalCoinPrice, which sees LTC trading at around $106 by the end of this year.

Not everyone is very optimistic about the price of LTC as Wallet Investor sees a reverse in fortunes for LTC. They predict the coin would end the year at $22, which would mean a loss of more than 50% on its current price. But we believe this is highly unlikely given that Litecoin is working on several initiatives that are likely to boost its price.

George Tung, LTC prediction of $1500 by the end of the year was backed by John McAfee, who stated that the coin could rise just as much, if not more, than BTC.

After Charlie Lee, the CEO of Litecoin platform left LTC for Coinbase, then went back to LTC again, many believe that the digital currency’s price has a bright future.

Additionally, technical analysis has captured several opportunities wherein Litecoin price could be among the top gainers by the end of 2020. Other charts show LTC price gains expected to spread over to 2020 and beyond.

Profit Confidential & Kelly

A while ago, there was a litecoin price prediction that caught our eyes. The price prediction was from Kelly, a manager of BK Capital Management LLC, which claimed Litecoin could hit $500. The price prediction was posted in 2020 in December, but we’re still on track to reach that amount. However, we need to do it step by step with a steady growth. This is a good litecoin price prediction for 2025, but not for this year.

Litecoin Technical Analysis Price Prediction

LTC is breaking up to a previous high and looking to push above the high. A break and hold above 7050 sats would clear the 200ma and make a new high. This would make LTC very bullish on an outlook for daily resistance above 8000 sats . Look too long if this crucial point breaks and holds. Volume is holding strong, while RSI is pushing to overbought. The overall trend looks strong though, look for T1 at 7380 sats . T2 placed at 7650, and finally, T3 at 8330 sats . Expect a struggle above T3 and recommend closing at the given take profit points.

Possible Entries: 7050

The analyst says that he found a good trade setup for LTC/BTC trading pair

He offers the following reasons for trade;

1. Previous resistance around (5993sats-6462sats) price broke out it will turn to support hopefully

2. MACD is in a good by zone. We don’t want to go short now.

3. You can place a buy order around 6500sats and take short term profits at the next resistance around (7075sats)9% profit insight.

4. You can exit this trade if the price drops below 5975sats

LTC/BTC has been moving under a channel for a very long time.

Currently, the 200 MA, along with the upper trend line resistance, is acting as a point of resistance. If we manage to break the resistance, then the green dotted lines will be the possible target areas we will be looking for. We can long the retest of the channel breakout. If we get the right Volume and momentum, it’s highly likely that we will break out of the channel soon.

The analyst promises to inform us if the idea gets invalidated, and as soon as we break the trend line where he will offer us the exact entries and SL for this trade setup.

The analyst advises that we should avoid taking this trade without using a stop loss. The chart represents the trader merging with the analyst to take a “MANAGED” Risk. How is it managed? By placing a stop loss, a tad higher than the previous low on the last Daily Candle in anticipation of a HIGHER LOW on the next pullback. It’s possible it could really take off from here. This is our way of avoiding missing out if it were to take off from here to the upside. If it ends up dropping down low enough to trigger your stop loss, at least your stop loss was tight and less than 2 percent. You should also have an alarm set for the stop loss price and be prepared to get in on a potential dip if we were to fall to a LOWER low instead of a higher low on the Daily TF.

The analyst says that Litecoin has seen a small price rebound after finding support at $57.64. And the cryptocurrency is now ranked in the 7th position as it holds a market cap value of $3.77 billion.

Litecoin saw a 23% price drop over the past 7-days of trading as the cryptocurrency drops into support at $57.64, provided by a short term .786 Fibonacci Retracement level. The latest price decline brought Litecoin beneath the February 2020 opening price as it created a fresh lower low.

Litecoin is now ranked in the 7th position as it holds a $3.77 billion market cap value. If it can rebound from the current $57.64 support, it should be able to rise higher to claim the 6th position ahead of BSV.

Litecoin Partnerships in 2020

In a bid to boost the adoption of Litecoin as a payment method around the world, the fifth largest cryptocurrency has partnered with two influential organizations. The partnerships were announced on February 27 within 24 hours leading to excitement within the LTC community. The first partnership was with Glory, an international kickboxing promotion company which was founded in 2020. While this may not affect our litecoin price prediction too much, its nice to see that LTC is gaining more and more visibility.

The collaboration will see Litecoin become the first official cryptocurrency of the premier stand-up combat league. According to the agreement, fans of Glory kickboxing will now have access to Litecoin as a payment option on the company’s online merchandising platform GLORYshop.com

The other partnership was with C&U Entertainment a K-Pop production company. The collaboration will see LTC promoted in the upcoming “Feel the K-Pop Concert” which is scheduled to take place on April 6 at the George Manson University.

According to the announcement, there will be ULTRA VIP tickets that will be purchased in LTC. The tickets will offer the best seating and experience. The Litecoin Foundation will also have a team on site that will be educating concertgoers on the power of LTC.

Both partnerships are enormous and are set to influence the price of LTC positively over the next few months.

Litecoin Technology

Litecoin is designed to solve problems that hinder the Bitcoin Network. Therefore, it’s made to not inherit the scalability issues of Bitcoin. Litecoin is said to be four times faster than Bitcoin during transactions based on block design.

Such qualities make it the envy of merchants who are keen on adding a crypto payment option for their customers. Eventually, this advantage will lead to massive adoption that will push the price of Litecoin even higher.

Being an open-source project, Litecoin has enough room to introduce fresh ideas into the platform allowing it to occupy a higher position as the coin of choice.

Litecoin uses an improved Proof-of-Work (PoW) algorithm which in turn simplifies the mining operation.

Additionally, its technology has also seen Litecoin charge meager transaction fees compared to its rival, bitcoin. It endears Litecoin to more people looking to save on transaction fees.

A reason of why Litecoin’s price increased in 2020 was because of Litecoin’s cooperation with Beam. As they stated in the article:

We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.

Litecoin is already an useful cryptocurrency, combining Litecoin with mimblewimble’s privacy protocol could easily improve Litecoin’s value, adoption and usefulness.

Confidential Transactions and Fungibility On Litecoin

Litecoin is also going to be introducing Confidential Transactions during this year. At least this is what the team behind Litecoin wants to do. With this implementation, the Litecoin community will have the possibility to protect its privacy and have a fungible digital asset to make transactions.

The announcement was made by Charlie Lee, the Founder of Litecoin, earlier this year on Twitter. He said that fungibility is the only property of sound money that is missing from Bitcoin and Litecoin.

It is possible to exchange fiat currencies with different individuals without having to be worried about whether the funds will be accepted or not. However, this is something that is currently not possible in different digital assets because all the transactions are registered on the blockchain. If there are digital assets that were used by money launderers or drug dealers, these would not be accepted by many exchanges and other users.

When the announcement was made official by Charlie Lee, a few days after, Litecoin skyrocketed from $32 to $45 in just a few hours. Since then, the virtual currency surged to $140 before declining again.

Litecoin News Today – Litecoin LTC Price Facing a Possible Technical Rebound, March 4th, 2020

Litecoin news today – The price of Litecoin is starting the new trading month on a more positive note. We can tell this after the number six largest virtual currency by market cap posted its biggest weekly loss in a while. The last time the digital asset had such a loss was in July 2020. This loss was posted last week. Since then, particularly March 1, the price of LTC has entered a positive trend. Litecoin price prediction shows that the digital currency is set to stage a rebound to the $73.00 position before it can comfortably decide its next major move on the daily chart.

Litecoin (LTC) Price Today – LTC / USD

Litecoin
Name Price
$39.78

Litecoin Prediction – The Price of Litecoin Could Rebound in the Medium-term

The charts show that the price of Litecoin suffered its biggest weekly loss in eight months last week after tumbling below the $60.00 position. The LTC/USD trading pair also slumped under its key 200-day MA at the weekend. This price action is happening for first-time in one month. LTC technical analysis indicates that the digital asset could post a technical rebound to the $73.00 price point. Particularly now that LTC has gotten to its near-term bearish position. Per the daily time frame, LTC price is consolidating at 200-day MA and the 50% Fib retracement position via the current trading high to last year’s low. The coin managed to sustain its strength above $60.00. This action could initiate a recovery to the $65.00 and $73.00 area.

The Short-term Outlook for LTC/USD is Bearish

Litecoin price prediction – Litecoin technical analysis indicates that the coin is will be bearish in the short-term trading below the $70.00 position. Meanwhile, the lower time frames indicates that a bearish head and shoulders trend line will sprout if the price of LTC slumps to $50.00. A continued weakness under the $58.00 area could activate a deeper decline to the $55.00 and $50.00 area. A look at the downside pattern implies that a drop to the $20.00 region for LTC/USD could happen if the $50.00 position is breached. Note that the overall market cap of the crypto market is technically bullish currently. This, in turn, implies that the past bearish short-term situation may not continue or reoccur at this point.

Another look at Litecoin’s technical analysis indicates that the virtual currency could stage a recovery to the $73.00 area before any major direction move can occur. The $58.00 point is potentially going to act as a major pivot position.

Is Litecoin Leading the Crypto Market Back Toward 2020 Prices?

Litecoin is known for often being among the first altcoins to begin to see growth or decline after a period of sideways trading.

Following the recent crash that shocked the crypto market, Litecoin has started to move once again and may be leading the market toward a devastating crash back to prices not traded at since 2020 – long before the epic bull run that put crypto on the map first began.

Litecoin Leads the Path Toward Return to 2020 Prices

Litecoin often leads the way. Which way that is, depends on the current market structure, sentiment, and a number of other factors.

In early 2020, Litecoin led the market toward a recovery, fueled by the asset’s halving. In 2020, once again, Litecoin was among the first altcoins to rebound from lows and go on to set new local highs.

However, after those highs were tapped, Litecoin and the rest of the cryptocurrency market experienced a bloodbath alongside the stock market, precious metals, and more, as investors cashed out liquid assets into cash to prepare to weather a coming economic storm.

Litecoin may now be leading the path for the rest of the crypto market toward prices that haven’t been trading at since prior to the 2020 cryptocurrency bull run and hype bubble.

Prior to the crypto bubble, Litecoin traded at prices under $10. The level could be the final target of the coming Litecoin drop, according to one crypto analyst.

Elliott Wave Theory Points to Deeper Correction Before Incredible Upside

According to one crypto analyst’s take on Elliott Wave Theory and how it applies to LTC/USD price charts, the cryptocurrency is currently mid-way through wave B in an ABC corrective pattern.

The target for wave B puts Litecoin back under $10, or prices that the asset traded at back in 2020.

Litecoin often leads the way for the crypto market, which suggests that Bitcoin and the rest of the altcoin market will be headed back to 2020 prices.

After the target is reached, however, cryptocurrencies will begin the C wave of the ABC correction, taking the price of Litecoin to over $3,000 per LTC token.

Elliott Wave Theory is based on investors’ emotional impulses that often drive the price action in speculative assets. Few investor classes are as emotional or impulsive as crypto investors, making the practice especially accurate in predicting future price movements.

Most other financial assets have fallen back to prices from years ago. Will Elliott Wave Theory holds true and will Litecoin and the rest of the crypto market take a trip down memory lane and return to prices from 2020?

Tony Spilotro

I’m Tony Spilotro. I’m an avid Bitcoin supporter and maximalist due to my distrust in society and concerns over privacy, but also a strong believer that XRP could end up being the most disruptive altcoin on the market. I’m an.

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