In 2011, two years after Bitcoin‘s inception, rising transaction costs led to the search for alternatives, resulting in Litecoin’s creation as the first altcoin with lower transaction fees. Although Litecoin hasn’t held a top 10 market cap position consistently, analysts are optimistic about its potential price increase.
Prominent Analysts’ Views
In 2021, Litecoin surged to $412 before a significant decline. Currently, it is 84.5% below that peak. However, analysts foresee a potential rebound. A well-known analyst from World of Charts predicts that if Bitcoin rises, Litecoin could surpass $110, representing a 67.66% increase, with initial resistance at $73-75 and a short-term rise to $90.
The analyst emphasized that Litecoin is showing signs of a breakout, with a solid recovery expected soon. The immediate resistance lies at $73-75, aiming for a short-term target of $86-90 and a medium-term goal of $110.
Chart Insights and Predictions
Another analyst, Sashimi Nagasaki, concurs, suggesting Litecoin could surpass $100, supported by a chart indicating a likely breakout. These analysts’ predictions provide a positive outlook for Litecoin in the near future.
Notable Inferences
Based on the analysis, users can draw several valuable inferences:
- A rise in Bitcoin’s price could directly influence Litecoin’s surge.
- Initial resistance levels are crucial for short-term price movements.
- Chart analyses support potential breakouts, providing actionable trading insights.
- Monitoring trading volume changes can offer early signals of price trends.
Current Price Dynamics
Today, Litecoin’s price briefly exceeded $68 before falling. With Bitcoin dropping below $66,000, Litecoin also slipped below $66, currently trading at $65.76, indicating a neutral stance in the last 24 hours.
Despite a stable market cap of $4.93 billion, trading volume increased by 8.91% to $358 million. Following Ethereum mining’s decline, miners have shifted to Litecoin, but whether it can reclaim its previous highs remains uncertain in future bull markets.