After a stellar rally that saw the Blockchain based protocol enter into the triple-digit price range, some experts are now saying the current movement of the price of Litecoin shows its ascendancy may have run its course. With the price of LTC likely to come to a halt in coming days. The next resistance should be at $90.
It is no secret that there has been a crypt bull run in the last two weeks. But today majority of the top assets are in the red. It is noteworthy to point out that the movement of the Price of Litecoin has shown that it is among the best performing cryptos of the year. The Price of Litecoin has reportedly climbed by an impressive 162% since 2019 began.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction: The Price of Litecoin (LTC)
The Charlie Lee founded Blockchain solution, Litecoin, is based on Bitcoin’s protocol. The project is a peer-to-peer crypto and uses the hashing algorithm. Bitcoin typically takes 10 minutes for processing, while Litecoin takes 2.5 minutes for the same purpose. LTC uses scrypt to push its proof-of-work algorithm. This paves way for consumer-grade hardware to be used for mining coins. The algorithm is described as a sequential memory-hard solution. Litecoin needs more memory than a non-memory hard protocol.
According to data given by CoinMarketCap, the price of Litecoin was at $81.43 as of the time this report was published.
Litecoin Price Prediction: Comparing Litecoin (LTC) Against the USD Since the Start of 2019
The price of Litecoin started the year at $30. However, the value has consistently increased during the last 90 days. The price of Litecoin hasn’t shown any abrupt change in a 24 hour period. The 150% growth attained by LTC was achieved in a slow and steady manner. Now, along with the global market, Litecoin (LTC) grew after April 2. The price of LTC increased by 50% in 3 days at the time.
The digital asset is now on its way to gain a stable route. With a market capitalization of $3,693,953,841 as off March 19, now $5,000,652,052. On the same date, the value of each coin was $60.61 now $81.43. From March 19 LTC market cap gained 34.8% from what it was 30 days earlier. The value of each coin gained 33.80% from what it was 30 days earlier.
Litecoin Price Prediction For The Short-term, Medium-term and Long-term
When you analyze the growth level of the Price of Litecoin, we can see that the coin has the potential to move further. However, this can only occur after the coin has gotten back to its stable pattern. Litecoin is expected to return to $70 before going stable. In the medium-term LTC could reach $90 by the end of the next quarter. For the long-term, LTC appears bullish. The coin should grow as high as $150 by year-end. The 2020 or long term prediction should reach $250.
Short term investors are advised to wait for the price of Litecoin to get to $70 before investing because that will be the ideal buying position. For medium and long-term holders should benefit by moving patiently.