- Bullish LTC price prediction for 2023 is $134.57 to $176.15.
- Litecoin (LTC) price might reach $177 soon.
- Bearish LTC price prediction for 2023 is $74.61.
In Litecoin (LTC) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about LTC to analyze the future movement of the cryptocurrency.
Litecoin (LTC) Current Market Status
| Current Price | $107.18 |
| 24 – Hour Trading Volume | $1,064,353,176 |
| 24 – Hour Price Change | 3.3% down |
| Circulating Supply | 73,286,489 |
| All – Time High | $410.26 (On May 10, 2021 ) |
LTC Current Market Status (Source: CoinMarketCap)
What is Litecoin (LTC)?
Litecoin (LTC) is one of the pioneer cryptocurrencies that debuted in the crypto space after Bitcoin. LTC was launched in 2011 as Bitcoin-inspired crypto. Litecoin’s creator Charlie Lee calls it a “coin that is silver to Bitcoin’s gold”. Just like Bitcoin, the Litecoin blockchain also operates on the proof-of-work (PoW) consensus
Bitcoin and Litecoin have key differences in their supply cap, hashing algorithm, and transaction speed. LTC has a fixed supply cap of 84 million which is greater than Bitcoin’s 21 million supply cap. Unlike Bitcoin’s SHA-26 hashing algorithm, Litecoin uses the Scrypt algorithm. It takes around 2.5 minutes for a block to be generated on the Litecoin blockchain whereas it would take 10 minutes on Bitcoin.
Litecoin (LTC) Price Prediction 2023
Litecoin (LTC) ranks 9th on CoinMarketCap in terms of its market capitalization. The overview of the Litecoin Price prediction for 2023 is explained below with a daily time frame.
LTC/USDT Inverse Head and Shoulder Pattern (Source: TradingView)
In the above chart, Litecoin (LTC) laid out an ascending channel pattern, also known as the rising channel. The upper and lower trend lines that connect the higher highs and higher lows respectively appear to move within a rising slope. This pattern is generally a characteristic of a bullish trend.
At the time of analysis, the price of Litecoin (LTC) was recorded at $112.91. If the pattern trend continues, the price of LTC might reach the resistance levels of $141.81, $293.91 and $417.34. If the trend reverses, then the price of LTC may fall to the support of $70.89.
Litecoin (LTC) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Litecoin (LTC) in 2023.
LTC/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Litecoin (LTC) for 2023.
| Resistance Level 1 | $134.57 |
| Resistance Level 2 | $176.15 |
| Support Level 1 | $97.54 |
| Support Level 2 | $74.61 |
As per the above analysis, if Litecoin’s (LTC) bulls take the lead, it might hit and break through its resistance level of $176.15.
Conversely, if Litecoin’s (LTC) bears dominate the trend, the price of LTC might plunge to $74.61.
Litecoin (LTC) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Litecoin (LTC) are shown in the chart below.
LTC/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. The resulting ratio is known as the “relative volume,” which can help traders identify unusual trading activity and changes in market sentiment.
High relative volume readings suggest that there is increased interest in the asset, which may indicate a potential trend reversal or breakout. Conversely, low relative volume readings may indicate a lack of interest or a consolidation period.
At the time of analysis, the RVOL of Litecoin (LTC) was below the cutoff line, denoting weak participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above its 50MA, it is considered to be in an uptrend (bullish), if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the LTC price lies above 50 MA (short-term), indicating its uptrend trend. Hence, it can be concluded that LTC is in a bullish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). This analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value is expressed as a number between 0 and 100, with readings above 70 indicating an overbought state and readings below 30 indicating an oversold state.
Traders often use the RSI to crucially identify potential trend reversals or to confirm the direction of a trend. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI reaches an oversold reading of 30, it may suggest that the asset could potentially reverse direction.
Markedly, during analysis, the RSI of LTC is at 75.16. Therefore, this indicates LTC is in an overbought state. However, it sends out buy signals.
Litecoin (LTC) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Litecoin (LTC) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
LTC/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of LTC lies in the range of 24.07, pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This is used to measure the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of LTC lies above 50, indicating high volatility.
Comparison of LTC with BTC, ETH
Let us now compare the price movements of Litecoin (LTC) with Bitcoin (BTC) and Ethereum (ETH).
LTC Vs ETH Vs BTC Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of LTC is in a similar trend with respect to BTC and ETH. This indicates that when the price of BTC and ETH increases or decreases, the price of LTC also increases or decreases respectively.
Litecoin (LTC) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, Let us predict the price of Litecoin (LTC) between 2024 and 2030.
Litecoin Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Litecoin (LTC) might successfully test and surpass its resistance levels to hit $200 by 2024.
Litecoin Price Prediction 2025
The significant upgrades in the Litecoin ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Litecoin (LTC) price to reach $250 by 2025.
Litecoin Price Prediction 2026
If Litecoin (LTC) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $300.
Litecoin Price Prediction 2027
Litecoin (LTC) might sustain major resistance levels and continue to be recognized as a good investment option. If it stands so in the market, LTC would rally to hit $400.
Litecoin Price Prediction 2028
If Litecoin (LTC) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, LTC would hit $500 by 2028.
Litecoin Price Prediction 2029
If investors flock in and continue to place their bets on Litecoin (LTC), then the crypto would witness major spikes. Hence, LTC might hit $600 by 2029.
Litecoin Price Prediction 2030
If the trend momentum aligns in favor of Litecoin, then the LTC price is expected to rally to $700 by 2030. Furthermore, LTC would hold a positive market sentiment and be recognized as a long-term investment with highly profitable ROI.
Conclusion
If Litecoin (LTC) establishes itself as a profitable investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Litecoin (LTC) price prediction for 2023 is $176.15. Relatively, the bearish Litecoin (LTC) price prediction for 2023 is $74.61.
If there is a positive elevation in the market momentum and investors’ sentiment, Litecoin (LTC) might hit $177. With future upgrades and advancements in the Litecoin ecosystem, LTC might surpass its current all-time high (ATH) of $412.96 and mark its new ATH.
FAQ
1. What is Litecoin (LTC)?
Litecoin (LTC) is one of the pioneer cryptocurrencies that was launched in 2011 after Bitcoin. It operates based on the proof-of-work (PoW) consensus model. Litecoin (LTC) is “silver to Bitcoin’s gold”.
2. Where can you purchase Litecoin (LTC)?
Litecoin (LTC) has been listed mostly on all crypto exchanges – from Binance, Coinbase Exchange, OKX, BKEX, and Bybit.
3. Will Litecoin (LTC) reach a new ATH soon?
With the ongoing developments and upgrades within the Litecoin platform, LTC has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Litecoin (LTC)?
On May 10, 2021, Litecoin (LTC) reached its new all-time high (ATH) of $412.96.
5. What is the lowest price of Litecoin (LTC)?
According to CoinMarketCap, LTC hit its all-time low (ATL) of $1.1137 on January 14, 2015.
6. Will Litecoin (LTC) reach $177?
If the bullish trend continues and if Litecoin (LTC) retests its resistance levels, it will hit $177 soon.
7. What will be Litecoin (LTC) price by 2024?
Litecoin (LTC) price is expected to reach $200 by 2024.
8. What will be Litecoin (LTC) price by 2025?
Litecoin (LTC) price is expected to reach $250 by 2025.
9. What will be Litecoin (LTC) price by 2026?
Litecoin (LTC) price is expected to reach $300 by 2026.
10. What will be Litecoin (LTC) price by 2027?
Litecoin (LTC) price is expected to reach $400 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
