Recently, the price of cryptocurrencies has dropped massively. Bitcoin recently dropped below $30,000. Ethereum’s price crashed below $2,000. Almost all the altcoins displayed poor performance. What could the future of cryptos look like? In this article, we discuss the future of one altcoin called Litecoin. This post is all about LTC price analysis and can Litecoin reach the 500$ mark? Let’s take a look.
What is Litecoin (LTC)?
Litecoin is one of the oldest altcoins launched in the year 2011 by Charlie Lee. It has slight distinctions from Bitcoin but has proved itself with time as one of the top 20 cryptocurrencies by market capitalization. The current price of 1 Litecoin is $69.35 but was as high as $350 back in 2017.
Litecoin is a cryptocurrency developed by former Google engineer- Charlie Lee in 2011. It is considered one of the top heirs of Bitcoin and the first altcoin to be developed. It is a peer-to-peer (P2P) virtual currency whose network delivers fast, near-zero cost gains that can be used globally.
The cryptocurrency is also established on an open-source global payment network that is decentralized. According to researchers, Litecoin was built from Bitcoin’s initial open-source code. When Lee built it, he declared it Bitcoin Lite and stayed considered by many as a reply to Bitcoin. Due to the cryptocurrency replicating the prototype of Bitcoin, it still maintains enormous qualities as the foremost digital asset.
LTC Price Analysis: Is Litecoin Still Worth It In 2022?
The fanfare encircling Litecoin was huge when it was launched in 2011 and was traded in 2013 for approximately $4.30. In the same year, Bitcoin saw its price climb from a little $13 to almost $1,100. Such anticipations were presumed from LTC, but unfortunately, it has not lived up to the buildup. Apart from striking an all-time low of $1.15 in 2015, many still sense Litecoin as a steady digital asset. Around May 2021, LTC struck its ATH of $410. a feat which it is seemed to prevent this year. Unfortunately, the cryptocurrency has dropped from those highs and trades at about $70 today.
LTC/USD Weekly chart – TradingView
At the time of writing this, the LTC price is sitting at $69.35. In the last seven days, the price has increased by only 0.2%. LTC crypto started a descending trend line during the current move down. This trendline was stretched yesterday and has acted as resistance until now. Since the indicators are not yet in the overbought region, we believe that the Litecoin price will continue to rise but steadily or lazily. Thus, the present trend line would be broken. By splitting the trendline, an uptrend would create. This would slightly improve the Litecoin price.
Nevertheless, whether LTC is still worth it in 2022 is unanswerable. This is because there is a recent decline in the prices of the crypto market. Yet, viewing the bull run of 2021, which noticed it crashed ATH, 2022 might be another fantastic year for it. Crypto analysts also consider that the advancement of the Litecoin infrastructure scheduled for this year may comprehensively move the token. Yet, the investment should be done carefully.
LTC Price Analysis– Will Litecoin Reach $500?
LTC/USD Monthly chart – TradingView
LTC contrived to reach and touch the $200 price mark, the last time being in November 2021. It is noncontroversial to believe that Litecoin can recoup earlier losses and touch this level again but there are many other levels that Litecoin prices need to touch first.
If there is a bullish interval in the trend line, we believe that the price will slowly function through the resistance. The Litecoin price could first rise to $87. There is the first resistance. During the rise to $87, we do not anticipate a significant correction either. After the price touches the first mark, a little larger correction could happen. Yet, this correction could result in a recovery to $110, so corrections are not usually a bad thing. Mostly they are fine for the price.
A lot of people consider Litecoin as a straightforward replica of Bitcoin that doesn’t deliver anything else, yet, that is not completely accurate. Litecoin does have some absolute disparities compared to Bitcoin.
Mining is definitely the most significant distinction even though both coins use the Proof of Work consensus, Litecoin utilizes the ‘Scrypt’ algorithm rather than the traditional SHA-256. This permits people to mine Litecoins using easy memory cards rather than technical ASICs. The Scrypt algorithm is particularly created to make mining general for everyone.
How To Buy Litecoin LTC?
Litecoin is presently listed on nearly all the crypto exchanges. This is because it is one of the most aged tokens and stays high in demand. Should you want to purchase Litecoin, exchanges like Binance, Coinbase, Kraken, and Kucoin have the token listed. Yet, detailed below are the five steps to buy Litecoin on Kraken;
Conclusion
Litecoin, like any other altcoin, can go up or down hugely at any given moment but is someone even functioning on Litecoin anymore? Yes, the Litecoin Foundation is a non-profit association formed particularly to push Litecoin’s adoption as well as to enlighten people about it. No one understands if any cryptocurrency is worth it but one thing is sure, Litecoin is very much active, still one of the top cryptocurrencies after so many years with a foundation behind it keen to work hard to bring its adoption up. Now, it will be too early to say whether the LTC price will rise massively or not. But in the long term, the current LTC price trends are practical and invite people to invest. But investors may have to be patient until the investment bears off in the upcoming bullish cycle