Will Litecoin (LTC) Rally Back to ATH? – Price Prediction
Litecoin has seen massive volatility since the start of 2021, losing 74% from the highest point at $413.6 on May 10 to $104.11 lows on July 20. For now, the asset has not recovered its plunges to reclaim the May highs.
However, the coin seems to regain strength, increasing by 79% from the July crash to stand at $187.32. What’s the reason behind the latest Litecoin actions? Let us find out the altcoin’s recent and anticipated price actions.
Litecoin has been in the crypto space since 2011. Former Coinbase and Google engineer Charlie Lee created the crypto as a result of BTC’s fork. The altcoin targets to upgrade the performance of Bitcoin through cheaper and faster transactions.
With its roots, LTC shares lots of features with BTC. For example, a fixed number of coins circulating in the market. Meanwhile, as BTC has 21 million tokens available to miners, Litecoin has its limit at 86 million. While writing this, users can access about 67 million Litecoins in the market.
Both Litecoin and Bitcoin utilize the proof-of-work consensus. Despite the shared origin, the two cryptocurrencies utilize different cryptographic – While LTC uses the Scrypt algorithm, Bitcoin utilizes SHA-256.
LTC Price History – 2021
Litecoin started this year trading near $124.67. Similar to other digital currencies, LTC has battled with volatility as multiple factors drove its performance. Though the crypto seems far to achieve day-to-day usage, two payments platforms started highlighting crypto use.
On March 30, PayPal added Litecoin to its network, contributing to its upticks. The asset surged to $310.61 on April 16 from $194.47 on March 30. Such actions led to a 60% surge in 17 days. On May 10, LTC overpowered the $400 obstacle, attaining an ATH at $413.6. However, the market crash that followed had LTC plummeting.
LTC Price Prediction – What Next
LTC indicates positivity as far as near-term price actions are concerned. The recent CoinCodex data depicts 22 indicators suggesting bullishness. The asset has its support at $183.82 – $180.74 and the massive one at $177.16.
On the other side, LTC has resistances at $190.48, $194.06, and the $197.14 price level. According to Finder, a product comparison platform, Litecoin would trade at $266.43 by the end of this year. However, no one knows if it will meet the target.