(Updated November 21, 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 7th largest digital currency in the market with a market cap of over $4.9 billion. The coin was created in 2011 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.
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 2019. 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 2017 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 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 2012. While this may not affect our litecoin price prediction too much, it is 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 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.
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 a useful cryptocurrency, combining Litecoin with mimblewimble’s privacy protocol could easily improve Litecoin’s value, adoption and usefulness. Litecoin is showing increased usage alongside with Ethereum that is experiencing the DeFi expansion. Just a few days ago, the Litecoin MimbleWimble implementation has been re-launched in order for new users to test the platform.
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 price has many times behaved strangely. Indeed, it has broken all analysts’ price predictions and moved higher. Thus, we can expect this as well for LTC in the future once fungibility is deployed.
It is worth mentioning that Charlie Lee, the creator of Litecoin is also now an advisor of HTC Exodus. This could be very bullish for the virtual currency and its involvement in highly visible projects. In addition to it, Litecoin is now hosting one of the best role-play blockchain games on its blockchain.
Litecoin (LTC) Price Prediction TradingView Analysis Updated November 21, 2020
Litecoin (LTC) has experienced a fantastic run from $60 until it reached $84 per coin. According to the analyst, the LTC really has always anticipated Bitcoin’s run to new all-time highs. Now we are experiencing resistance for the LTC/USDT trading pair.
In addition to it, we are at a very bullish moment for the LTC/BTC trading pair and it could be possible to continue looking good. While Bitcoin moves to new all-time highs, Litecoin could also be trying to surpass $100, a very important psychological level for the 6th largest virtual currency in the world.
At the moment, resistance is at $86 and support at $76.
Litecoin is getting ready to go higher according to the analyst. We see that LTC is breaking out of a long-term wedge that could push LTC towards 144.63 USDT in the coming months. At the same time, LTC could go through the major resistance of the 0.236 fibonacci level at 61.72 USDT per coin.
It is worth taking into consideration that if Litecoin is able to close above the 0.236 fibonacci level on the daily candle, it has high chances of becoming support. Now, the analyst believes that the next targets are going to be 77.56, 103.17, 121.41 and 144.63, all related to different fib levels.
Litecoin was able to massively surge in recent days after Bitcoin’s impulse towards $13,000. Litecoin was able to reach 57 USDT per coin and traders expect the digital currency to now test the nearest support level of 53 USDT per coin before being able to continue growing.
Nevertheless, in recent hours, Litecoin continues to move higher. We have seen the digital currency surpass 58 USDT for a few minutes and now it is being traded around 57.88. Nevertheless, the analyst considers that it may be possible for LTC to experience a correction. If the correction is not to 53 USDT it may be up to 55 USDT.
The LTC/USDT trading pair was able to break out from a resistance level that has been in place since early September 2020. After a few touches of the support line in the last few weeks, Litecoin broke the key resistance level at 48 USDT and moved higher above 50 USDT for a short period of time.
The analyst considers that Litecoin is moving as planned and that it will be important to see how the support level will behave with the previous resistance level that now could become support. Currently, Litecoin is being traded around 49.27 USDT and we could see it bouncing to 48 USDT.
For the LTC/UDST trading pair, the analyst sees that we have broken weekly support and the price is testing it like a new resistance. Bitcoin has been in a downtrend for some months already and it couldn’t recover from March’s market sell-off.
Now LTC is experiencing in the 4-hour chart a bear flag that could break downwards. Although it tried breaking upwards, we see that it is currently at a zone of resistance and support. Thus, we will have to follow how this trade continues in the coming days and hours to understand whether Litecoin will continue falling or not.
Frequently Asked Questions (FAQ)
Who Created Litecoin?
Former Google engineer Charlie Lee created Litecoin. However, he sold and donated all his holding in 2017 to avoid conflict of interest as he led the platform.
When Was Litecoin Launched?
Litecoin was launched in October 2011 under the MIT/X11 license serving as an early Bitcoin spinoff. However, it decreased the block generation time to 2.5 minutes and increased the number of coins on the network to 84,000,000. It also uses a different hashing algorithm know as scrypt, whereas Bitcoin uses SHA-256.
Is Litecoin Decentralized?
Just like Bitcoin, Litecoin is fully decentralized with no single point of authority.
Is Litecoin Proof of Stake?
Litecoin uses Scrypt, a proof of work algorithm.
Is Litecoin a Good Investment?
We believe LTC is still a good investment, and in the short term, we don’t see the token losing its value. We can expect to see its price rise with time as cryptocurrencies gain popularity among masses.
Will Litecoin go up?
Our analysis shows that the price of LTC will go up soon based on technical fundamentals and the many positive developments going around the Litecoin platform.
Where to buy Litecoin?
Buy Litecoin using a credit card or debit card on Coinbase, BitPanda, Coinmama, and CEX.io. You can also buy LTC using a bank account or bank transfer on Coinbase, BitPanda, and CEX.io.
On Coinbase, Americans can use ACH transfer with 5-7 days wait while Europeans can use SEPA with 1-3 days wait.
There is no easy way to buy LTC using cash or PayPal, and one has first to buy a currency like Bitcoin and then exchange it for Litecoin. This can be done on Binance, Changelly, Poloniex, and many more.
Also, you can buy LTC using Skrill as BitPanda accepts Skrill payments.
It’s important to note that fees vary depending on the option you choose, so you might want to check that before you embark on buying Litecoin. Also, most importantly, have a wallet where you can store your coins after purchasing them since it’s not advisable to store coins on exchanges. Some of the best available wallets include Ledger Nano S and Trezor.
Is Litecoin Dead?
No, Litecoin is very alive and kicking. As we have seen in this article, the project is busy signing new partnerships and working on further improvements.
Is Litecoin Better Than Bitcoin?
Litecoin is known as the silver with Bitcoin being the Gold due to the many similarities and the fact that it’s a fork of Bitcoin. What Litecoin improved was the transaction time reducing it from ten minutes to around two and a half minutes.
Will Litecoin fail?
Litecoin has been around for a long time being one of the earliest cryptocurrencies, and over time has managed to maintain its status as one of the top ten cryptocurrencies by market cap. Given that its founder and the Litecoin Foundation is always hard at work to maintain the network and improve it, the likely hood of Litecoin failing is highly improbable.