[Updated March 4, 2019]At $48.46, Litecoin price is more than slowly fading away from its glory. Investors seem to be shying away from what was once considered the “silver” to Bitcoin’s “new gold”. However, there does seem to be potential for Litecoin price to recover.
Of course, Litecoin’s price, and the ability for Charlie Lee and company to help the coin revisit the kind of price it recorded during its peak days depends on the entire market recovering. However, there is little doubt that Litecoin cannot break away from both Bitcoin and the market at large. Its price is dependent on it.
As such, we can predict price in relative terms to the market. For instance, as of mid-October, Litecoin is sitting at less than 1/100th of the price of Bitcoin. Though LTC has 4 times as many coins as BTC, so a ratio is more appropriate looking at “market cap”. Bitcoin’s market cap is now 36x what Litecoin’s is. This will likely not change much in 2018, as any market movement starts and ends with Bitcoin.
Still, there is an opportunity within that number. Litecoin can start to create momentum on the adoption front before Bitcoin (or Bitcoin Cash). If, and as, it starts to be accepted by commercial enterprises, demand for LTC could grow, pushing Litecoin price back toward the $70 mark and eventually up to $100 again.
Below, we’ll share three reasons why Litecoin could be on its way up in the coming months. Also, we will share some technical analysis supporting a price increase of that magnitude.
Two New Partnerships
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.
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.
Bullish Litecoin Analysis
Technical analysis has captured several opportunities wherein Litecoin price could be among the top gainers by the end of 2018. Other charts show LTC price gains expected to spread over to 2019 and beyond.
Some of the leading platforms that concentrate on price predictions based on technical analysis, like Walletinvestor.com, have taken the price of Litecoin on a one-year road test. The findings? In one year, Litecoin will be trading at around $400. Also, their five-year forecast puts the price of Litecoin just above $1000. Quite bullish, of course, but interesting.
Also, Monte Carlo, a type of technical analysis, has recorded that Litecoin will be worth slightly more than $507 by the end of November this year. Though this may seem highly unlikely, though anything is possible in the crypto space.
While these are on the extreme side, there is evidence in the charts of Litecoin support below where it’s at now and room to rise, especially if the macro market can help push Litecoin price upward.
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.
Here is a LONG Litecoin chart by TradingView user ForecastCity. The chart indicates that LTC/BTC is range bound and we should expect a resumption of the uptrend. Already the price is above the 21-Day WEMA has always been dynamic support. Also, the RSI is at 57.
According to ForecastCity, the traders that missed the first hunt have a second chance to buy the new suggested support zone. However, there is a slight possibility of a temporary retracement to the suggested support zone (0.01000000 to 0.00845000). So if this turns out to be the case, traders can set orders based on Price Action, and they can expect to reach short-term targets. The beginning of entry will be at (0.01000000), and the end of the entry will be at (0.00845000).
As for the entry signal, it will occur when the price comes to the “Buy Zone” and then forms one of the reversal patterns which could be “Bullish Engulfing”, “Hammer” or “Valley.”
As for taking profits
New Take Profits:
TP1= @ 0.01135000
TP2= @ 0.01315000
TP3= @ 0.01430000
TP4= @ 0.01530000
TP5= @ 0.01730000
TP6= @ 0.02015000
TP7= @ 0.02380000
Litecoin has a long way to go and the analysis here is only with positive momentum infused through the investors and trading channels interested in Litecoin. You can buy Litecoin on Binance, where you can now use a credit card to buy crypto.