MarketPredictionPrice Analysis

Litecoin Price Prediction 2021 – Will LTC Hit $600 Soon?

  • Bullish Litecoin price prediction ranges from $298.93 to $542.78.
  • Litecoin price might also reach $600 soon.
  • Litecoin bearish market price prediction for 2021 is $57.84.

This Litecoin (LTC) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our LTC price analysis and prediction.

Many cryptocurrencies have rallied in 2021, with some beating their ATH from the 2017 bull run. Perhaps the most impressive is Bitcoin, which is well on its way to approach $70,000 soon if it sustains its bull run.

Meanwhile, Litecoin (LTC), dubbed “Bitcoin’s silver”, has started to pick up its pace with the hopes of replicating BTC’s impressive performance. However, Litecoin’s ATH is $356, which was from roughly 3 years ago. At the moment, Litecoin is the ninth cryptocurrency in terms of market capitalization.

As part of the Litecoin vision, creator Charlie Lee said that they also aim to become available through PayPal. Additionally, they are looking to have high liquidity and to be available on every crypto exchange. Furthermore, they want to reach $104 million on Grayscale LTCN Trust.

If Litecoin attains all of these goals, it will surely exceed its ATH and more. But with its current statistics and performance, will Litecoin become one of the best cryptocurrencies to invest in 2021? We’ll find out in this Litecoin price prediction. But before we start our Litecoin price analysis, let us first answer the question, “What is Litecoin?”

What Is Litecoin?

Litecoin is one of the oldest cryptocurrencies to date. It started as a fork off of the Bitcoin blockchain in 2011 before creating an entire ecosystem in the succeeding years. Litecoin’s creator Charlie Lee, a former Google employee, created the said currency as an alternative to Bitcoin, which had grave scalability issues before.

Designed as a lighter alternative to Bitcoin, Litecoin aims to provide seamless peer-to-peer (P2P) transactions to its users globally. Consequently, there are a multitude of crypto exchanges and trading platforms that accept Litecoin.

Litecoin implements the Scrypt algorithm for mining. It also popularized Mimblewimble, a technology coined from the popular book series and movie franchise Harry Potter. This technology helps Litecoin provide its privacy solutions.

Now that we have answered the question “What is Litecoin?”, we can proceed to our Litecoin price analysis.

Litecoin Current Market Status

As of the time of writing this Litecoin price analysis, LTC trades at $252 with a 24-hour trading volume of $8.278 billion. The price of LTC has increased by 8.42% in the last 24 hours.

Furthermore, LTC has a current circulating supply of 66,752,415 LTC. Currently, the top cryptocurrency exchanges for LTC are Binance, Huobi Global, ZBG, OKEx, and Upbit.

Now, let’s proceed to the next part of this LTC technical analysis for 2021.

Litecoin Price Analysis 2021

Currently, Litecoin holds the 9th place on CoinGecko. But will the latest upgrades, developments, and changes in the LTC blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this LTC price prediction article.

LTC/USDT chart showing Symmetrical Triangle pattern (Source: TradingView)

In the chart above, which is set in a daily time frame, we can see the Symmetrical Triangle pattern. This pattern indicates a period of consolidation that may push to a price breakout or breakdown. A breakdown from the lower trendline indicates the starting of a new bearish trend. In contrast, a breakout from the upper trendline shows the start of a new bullish trend.

As shown above, at the beginning of this month, LTC turned from its bear to bull trend. This is the result of the high trade volume that happened in that period.

LTC Relative Strength Index (Source: TradingView)

The Relative Strength Index (RSI) is close to 70, which means that LTC is nearly overbought. Hence, this may lead to a price reversal at any given time. 

Therefore, traders must trade crypto carefully and must not be affected by the market hype. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of LTC.

LTC 30-day SMA and 50-day EMA (Source: TradingView)

Since the start of 2021, LTC’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, LTC has a competitive market this 2021.

Litecoin Price Prediction 2021

The chart below shows that Litecoin has performed great over the past few days. Moreover, the LTC price is over 35% in the last 7 days. If this trend continues, LTC might run along with the bulls, overtaking its $542.78 resistance level and climb higher.

LTC/USDT Price Chart (Source: TradingView

Conversely, if the investors turn against the crypto, the bears might take over and dethrone LTC from its uptrend position. In simpler terms, the price of LTC might plummet to almost $57.84, a bearish signal.

Meanwhile, our long-term LTC price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $375.29 this year. However, that will only happen if it breaks many previous psychological resistances.

Conclusion

Litecoin has a bright future ahead of it in 2021. With the ongoing developments happening within the LTC ecosystem, as well as in the overall crypto market, we may see LTC reach new heights.

Bullish LTC price prediction 2021 is $542.78. As said above, it may even reach $600 if investors have decided that LTC is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Can LTC reach $600 soon?

Yes, it’s very much possible that LTC might reach $600 in the near future as per the current bullish trend.

Will LTC surpass its current ATH?

LTC is a good investment in 2021. Moreover, LTC has a high possibility of surpassing its current ATH at about $375.29 this year.

What is LTC?

Litecoin (LTC) is a peer-to-peer cryptocurrency based on a decentralized, open source blockchain network.

How to buy LTC Coins?

Users can obtain LTC coins by purchasing them from cryptocurrency exchanges such as Binance, or Huobi Global.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.


Alyssa Wiselin

Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.

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