The crypto market continues to go through a volatile time, with bitcoin prices still hovering around the $2,1000 mark while Etherium is priced at the 1200 mark. Bitcoin has lost 7% over the last week but is showing signs of recovery. But litecoins has defied odds and is currently trading at $45.36, but there are signs that the prices might head towards the $50 mark.
Litecoin appears to be showing momentum in the market. It has found support at around the $40 level, but there are indications that the price may rise to $50.36 in the future. Also, the volume of litecoin traded is up at $945,452,917, making Litecoin feature among the 30 most popular digital currencies. It is ranked 19 with a market capitalization of $3,175,632,020. This suggests that the coin is showing momentum and is expected to continue with its upward trend. Read on to see litecoin predictions and find out if it is possible for litecoin to continue with its upward momentum.
Litecoin’s Prediction
The crypto world continues to attract investors from all walks of life. So far, the number of traders in the crypto market is in excess of $12tn in September this year. This is tenfold the number of traders that had invested in cryptos in 2020. So each of the leading cryptocurrencies is expected to continue attracting new investors as days go by. Note that crypto is attracting clients of all ages.
But lately, it is attracting more millennials, according to a study carried out at the University of Chicago. About 24% increase in investors aged between 18-24 years have a take in bitcoin. Therefore, it merits to conclude that the current turbulent times in the crypto market will come to an end soon, and digital assets like litecoin is likely to grow in value.
Will This Momentum Continue?
Although the crypto market has been experiencing a downturn, litecoin is one of the currencies that seem to be going in the right direction if the current momentum is something to go by. Experts opine that its price is likely to hit $600 come 2030.
Currently, litecoin is priced at $51.22 and traded a volume of $601,883,474 on Thursday. It means that the currency designed to secure but low-cost payments are in an upward trend. Its circulating supply stands at 70,674,256 LTC coins out of the possible 84,000,000 LTC coins. The currency appears to be going against the market expectations because it was designed with unique blockchain technology properties. The extremely low transaction fee makes it ideal for micro-transactions.
According to available data, Litecoin is already experiencing a bullish trend that is expected to hit the $117.6 barrier in the coming few days. If the prices break these levels, we expect it to accelerate and hit the $120.4 mark or even the $130 mark. But if it cannot sustain the bullish trend and fails to break through the resistance that has built up slightly below $114.1, then it will imply that the market is in the negative trend, and so the prices may come tumbling down to $109.0 in the near future.
There is enough data that show that the price has hovered around $111.8. They have found strong support at $114.1, which is also its 200-day SMA. It implies that the bullish momentum is likely to continue and break through the resistance level of $117.6. Also, looking at the trading volume, one feels that the coin is headed in the right direction. In recent days, the volume has continued to increase, which points to bulls taking strategic positions to exert more pressure on the prices.
Outlook
Although it is too early to say that the current momentum exhibited by Litecoin will continue, pressure is building up, and if the recent price gains made by Bitcoin and ETH are anything to go by, we can conclude that litecoin momentum will continue.
