- Litecoin will continue with the surge in the remaining months of the second half of the year.
- Litecoin is predicted to trade close to $250 by December 31, 2019
- Litecoin is predicted to range between $1,000 and $1,200 in five years.
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Litecoin Project Overview
Litecoin has been among the major players in the cryptocurrency industry since it was founded in 2011 as a hardfork Bitcoin. The official Litecoin website states that it “is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.” Like many other decentralized digital assets in the industry, Litecoin is open-source and works as a global payment protocol without the interference of central authorities.
As one of the earliest cryptocurrencies in the world, Litecoin has emerged as a competitor to other payment networks. It is backed by an experienced and active development team and has solid economics. However, emerging technologies and new cryptocurrencies over the years have seen competition get tougher.
Being a fork of Bitcoin, Litecoin still suffers from some of the inherent issues associated with Bitcoin. On the downside, LTC rivals are able to tap into the latest technology. There are more promising emerging blockchains across the industry that are highly scalable have the ability to process thousands of transactions per second while keeping the transactions fees at the minimum. Some competitors enjoy a vibrant community and merchant support network and have become a threat to Litecoin.
Rising Above Bitcoin’s Influence
Although Litecoin has established itself as a solid cryptocurrency over the years, lack of a clear roadmap and the community kept in the dark of the ongoing developments cloud its near and long-term future. Many cryptocurrency enthusiasts believe that Litecoin is still operating in Bitcoin’s shadow. Various users say that Litecoin is currently not developing on its own and waits for Bitcoin to release code for its developers to implement on Litecoin. This is of course, besides the Litepay saga that greatly affected Litecoin last year.
Litecoin is also losing in terms of marketing and is said not to have a particular team working on marketing. Building a vibrant community around the world would help increase awareness around the world which would culminate in greater and wider adoption of LTC.
Litecoin future could very well be tied to the development of a couple of areas; the Lightning Network (LN) and the Atomic Swaps. However, up to date information about these two areas is still an issue that has to be handled. Litecoin founder, Charlie Lee said in the first quarter that the network is working on introducing privacy and fungibility features. The two features would be attractive to the user but privacy could hurt Litecoin as merchants could start delisting the coin in order to comply with AML policies.
Litecoin Mining and Halving
Litecoin like Bitcoin is a minable cryptocurrency. At the moment, miners are awarded 25 LTC per block. However, every four years (840,000 blocks) this amount is halved. Litecoin is a Scrypt coin and mostly mining using equipment developed by application-specific integrated circuit (ASIC) miners like Bitmain. Litecoin functions on a consensus algorithm referred to as proof-of-work just like Bitcoin. One of the commonly used ASIC equipment for mining LTC is Bitmain’s Antminer L3+, although there is a competitor that is launching soon A4+ LTCMaster by Innosilicon.
Litecoin miners have an option of doing it on their own or joining a mining pool. Mining solo makes it difficult to find a block but allows the miner to keep all the 25 LTC reward including fees. However, a lot of hash power will require for any miner going solo. Pool mining allows a group of miners to contribute to the hash power and makes their earnings much more steady but in small amounts.
As mentioned every four years Litecoin goes through a halving event where the mining rewards are halved. Litecoin mining is halved after every 840,000 which means that after the 2019 halving, miners block reward will be cut by half to $12.5. The event is scheduled to take place on or around August 6, 2019. This will be the second halving event for Litecoin following the one on August 26, 2015.
The impact of the event is expected to dwell mostly with the profitability of the crypto’s mining. Consequently, if history is anything to go by, a price rally is expected. In 2015, Litecoin doubled in value following the having event from $1.5 to $3. A similar rise is expected after this year’s halving exercise.
Litecoin Mass Adoption
Mass adoption of cryptocurrencies is said to be the driving force for the value of digital assets. The bear trend last year was a negative impact on the adoption. However, experts predict that recovery from the downtrend will definitely spark mainstream adoption. Charlie Lee once said that it is during a bearish market that projects focus more on development:
“… I think in the future you will be using cryptocurrencies in your daily lives, and you may not even realize it,”
Lee told the Wharton School of the University of Pennsylvania.
Litecoin can be used to pay for goods and services on various online merchant platforms as well as physical locations around the world. Moreover, at the moment, LTC can be bought easily on exchanges and exchange with other coins and fiat currencies. There are businesses in the hotel and travel industry currently accepting LTC as a form of payment.
Litecoin Price Prediction 2019 & 2020
Litecoin is currently hovering around $115, although the digital asset touched highs around $122 in May. The retracement from the highs is highly connected to the bearish pressure affecting the major coins like Bitcoin which tested the support at $7,500 following rejection from highs above $9,000.
The $6.5 billion cryptocurrencies currently ranked at the fifth place on the market according to the data on CoinMarketCap. It has a 24-hour trading volume of $3.6 billion in the last 24 hours, a maximum supply of 84,000,000 LTC but only 62,097,626 LTC coins are currently in circulation.
The trend in the last two months has proven to the investor that recovery from the extreme declines seen in 2018 is not a mirage but a possibility. Since the beginning of 2019, Litecoin has more than quadrupled its value and this surge appears to be far from over especially with the halving event just around the corner.
Coingape predicts that Litecoin will continue with the surge in the remaining months of the second half of the year to trade close to $250 by December 31, 2019. This is because Litecoin has already gained the momentum to the upside and demand for the coin is set to rise to post the halving event this August.
In fact, the $250 prediction for Litecoin is quite conservative and the momentum will increase towards the beginning of 2020. The target for Litecoin in the first quarter of 2020 is to trade around $300. By December 31, 2020, Litecoin will be changing hands close to the all-time highs if not around $500. As cryptocurrency mainstream adoption increases, Litecoin is also going to gain momentum as demand on exchanges rises. As the fifth cryptocurrency, Litecoin is still correlated to Bitcoin value and could rise even higher post Bitcoin halving event where Bitcoin is prediction to hit highs above $30,000.
Litecoin Price Prediction 2025 and Beyond
Five years from now, we hope that Litecoin will have come out Bitcoin’s shadow. A situation that will allow the network to champion its own path going into the future in terms of developments, upgrades, and token value. As “the new global payment standard for consumers and business worldwide,” LTC is expected to gain traction across the board. It is already a plus for Litecoin as it has quicker confirmation times and lower transaction processing fees.
Litecoin is predicted to range between $1,000 and $1,200 in five years. With increasing adoption and cryptos becoming better alternatives for payment and investment, the value of LTC could hit higher highs between $1,500 and $2,000 five years. Looking at the 10-year bigger picture, Litecoin is likely to range between $5,000 and $8,000.
Experts Opinion on Litecoin price prediction
Most experts and analyst believe that Litecoin will correct higher towards the end of 2019. The momentum is set to increase in 2020. Some of the authoritative websites have also released their Litecoin predictions, some which will be featured in this section.
For instance, CoinSwitch.co, a leading cryptocurrency exchange aggregator believes that “As the currency is gaining more popularity, the acceptance ratio might also increase. It is already high as compared to the other newcomers. The price is going to soar pretty high in the year 2022 and 2023, where it can reach the 900-dollar mark.”
According to Kelly, the head of BK Capital Management (LLC) Litecoin will trade around $500 by the end of 2019. He adds that this prediction is still conservative and Litecoin might rise to reach $600 in the same period.
Steemit.com, a renowned cryptocurrency prediction website predicts that Litecoin will trade at $3,500 by the end of 2019. The site says that Litecoin will gain momentum in tandem with the rest of the cryptocurrency market.
Another popular crypto analyst, George Tung says that Litecoin is far from its absolute ceiling. He predicts that Litecoin will rise to a threshold of $1,500 by the end of next year.
Litecoin Technical Analysis
Litecoin will remain vulnerable to declines as long as the critical level at $120 remains unconquered. Recently, rising bearish pressure broke the uptrend that had formed a higher highs pattern since the beginning of May. However, looking at the daily chart, we see that in spite of the lower correction, LTC/USD remains above the six-months-long rising trendline.
LTC/USD daily chart
Besides, the declines in June did not dive below the historical support provided by the 30-day Exponential Moving Average (EMA). And as long as the price remains above this indicator, the bullish interest in LTC is bound to rise in the coming sessions.
Additional data from the daily chart shows a bullish momentum struggling to rise above the seller congestion above the current value at $114. It is essential that the buyers increase their entries to catapult Litecoin above $120 in the short-term. After all, the trends of the RSI suggest that Litecoin is still in a bullish phase. The RSI has been forming a higher high pattern despite the up and down movements since the beginning of May. The indicator is expected to continue with the same trend throughout the month of June and this is likely to increase the buyers’ confidence in the up trending market. Meanwhile, initial support is established at $100 although $80, $60 and $40 will come in handy in the event a reversal occurs.
Litecoin Price Frequently Asked Questions:
What is the current price of Litecoin (LTC)?
What will be the Litecoin’s price at the end of June?
Is it profitable to buy and hold Litecoin?
Will Litecoin halving cause a price surge?
Can Litecoin come out of Bitcoin’s shadow?
UPDATE: 02 July 2019
The 1-h chart for LTC/USD trading shows how Litecoin made an attempt to make headway above the 61.8% Fib retracement taken between the last swing high at $149.20 to a swing low $107.80. Correction towards $140 lost steam at $137.79 opening the Pandora box. The bearish pressure that took over from here caused a massive reversal in price with 100 Simple Moving Average (SMA) at $123.16 failed to offer support. Litecoin dropped further under $115 and formed a low at $112.48.
Technical levels are strongly bearish starting with the Relative Strength Index (RSI) at 37.61 and still in a downtrend after failing to stay above the average level. The Moving Average Convergence Divergence (MACD) 1-h chart is also sending bearish signals with the positive divergence sliding towards the negative.
UPDATE: 05 July 2019
Litecoin is trading above the key support area following the correction that began last week from the consolidation between $130 and $140 resistance zone. Litecoin ascended to new highs in June touching $150 to the upside according to the price data from Coinbase, however, diminishing buying power and rising selling pressure led to a gains-trimming exercise.
To come out of the bear range, Litecoin must find support between $130 and $140; a move that will allow the bulls to focus on $150 level in the coming weeks. Technically, has the potential to recover especially with the Moving Average Convergence Divergence (MACD) crossing into the positive side.
Litecoin Market Update: Short-term Target Now SET on $60 Level
Litecoin’s downtrend from last week is not unique as declines have been broad-based. The consolidation above filed to bear positive fruits. Instead, the sixth-largest cryptocurrency made a turn for the worst by diving towards $50. The flash drop hit a low around $50.27 (on Coinbase) before recovery shallowly.
Having formed a low marginally above $50, Litecoin bulls pushed for recovery. However, the upside continues to be limited at $56.00. On the contrary, the momentum is slightly bullish at press time with LTC having corrected above the trendline resistance. In addition to that, the price is above the 50 MA on the one-hour chart and the 21 EMA. The only hurdle is to clear $56 (range limit) and open the way for correction heading to $60. On the flipside, $52.00 is the new short-term support while $50 will come in handy in the event declines progress.