Litecoin Price Prediction: Can LTC Sustain its Bull Run?

Key Insights:

• LTC’s price has risen 25% in just five days. 
• The token ranks 21st in the list of cryptocurrencies worldwide by market capitalisation at $4.2 billion. 
• The daily simple and exponential moving averages are giving mostly buy signals.

LTC, the cryptocurrency that was created from a fork in the Bitcoin (BTC) blockchain and is based on BTC’s original source code, has been on somewhat of a bull run recently after rising from $46.95 on July 13 to $58.81 by July 18 – a 25% spike in just five days.

The token, which has stayed above the 50-day moving average (MA) for nearly ten days, is currently up over 11%.

Litecoin was initially designed to improve several of Bitcoin’s shortcomings, such as slow transaction processing speeds and mining monopolies. It uses a form of proof-of-work (PoW) mining to enable anyone who dedicates computing hardware to earn LTC by adding new blocks to its blockchain.

Price Action

LTC started its journey at $3.0449 on May 3, 2013. However, the token did not see much price action until 2017 when it surpassed the $50 level in August before rallying to $318.72 on December 17 that same year.

A strong correction followed and by early February 2018, the Litecoin crypto had dropped to a low of $138.2. Further lows came in July when LTC fell to the $70 level and it ended up closing the year at $31.57.

Despite reaching a high of $135.48 in mid-2019, the coin struggled to break through the $50 barrier in a meaningful way for most of 2020 and remained a long way off its previous year highs.

 

However, by late 2020, LTC witnessed a significant surge, climbing from $69.12 on November 27 to $129 by the end of that year, and then to $236.68 on February 19, 2021, with yet another rally taking place on April 16 to the $310 level.

By May 10, 2021, the Litecoin token had achieved its all-time high (ATH) price of $412.96, before crashing to $199.22 on May 26 – a 51% drop in just 17 days.

The coin opened this year at $151.26 on January 2 but had fallen below the $100 level by early March. Despite failing to regain its 2021 highs, LTC has seen some positive price action since July 18 when it started hovering around the $60 mark. By July 20, it had reached $60.97 but it stayed below this level until today when it regained momentum and hit the $60 level yet again.

LTC is currently trading at $59.69 and ranks 21st in the list of cryptocurrencies worldwide by market capitalisation at $4.2 billion.

 

Technical Indicators