Litecoin Price Prediction 2024: LTC Price Analysis
What's next for Litecoin?
Key Takeaways
- The amount of Litecoin mined per block halved on August 2, 2023.
- Litecoin has struggled in both 2023 and 2024, underperforming the market.
- Our Litecoin price predictions suggest that the rest of 2024 will be bullish.
Litecoin, which was founded in 2011 as an alternative to Bitcoin (BTC), is one of the longest-serving altcoins. The crypto has earned itself a following. Although it rarely makes the headlines, it can be seen as a strong and reliable crypto performer.
Interest in Litecoin rose in 2023 as it built towards its latest halving. On August 2, the amount of LTC available to its miners went down by 50% in a bid to keep the price up. However, the price has not performed well in neither 2023 nor 2024.
Litecoin did not respond to a request for comment.
But what is Litecoin (LTC)? How does Litecoin work? Let’s take a look at our own Litecoin price prediction, made on July 5, 2024. We’ll also examine the Litecoin price history, and we will talk a little about what Litecoin is and what it does.
Litecoin Price Prediction
There are two methods used to create our Litecoin price predictions. More specifically predictions are created using fractals (mirroring movements and indicator readings) and the wave count.
The mean of the two predictions gives the average Litecoin price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.
It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.
| Minimum Litecoin Price Prediction | Average Litecoin Price Prediction | Maximum Litecoin Price Prediction | |
|---|---|---|---|
| 2024 | $75 | $148 | $220 |
| 2025 | $195 | $213 | $232 |
| 2030 | $200 | $250 | $300 |
Fractal Method
The Litecoin price has followed long-term ascending support lines of over 700 days in the two previous bullish cycles. The increase alongside the support trend line was combined with a RSI movement above and below 50 (red circle).
After breaking out from a long-term descending resistance trend line (dashed), the LTC price started its run toward the all-time high price. Both previous highs had much different magnitude but similar duration. An ascending resistance trend line (white) can connect these highs.
In the ongoing upward movement, LTC has increased alongside an ascending support trend line, and the RSI is moving freely above and below 50. So, if a similar increase follows, the Litecoin price can reach the ascending resistance trend line in March 2025. At the time, the trend line will be at $490.
Projecting a similarly shaped increase and ensuing correction leads to a Litecoin price of $ and $ at the end of 2024 and 2025, respectively.
Wave Count Method
The most likely wave count suggests that LTC started a long-term upward A-B-C corrective structure in March 2025. Wave B developed in a long-term symmetrical triangle. If this is the case, the sub-wave count implies the triangle is nearly complete.
If wave C has the same length as wave A and 0.618 times the duration, it will end at $458 in February 2026. Projecting a similar rate of increase as wave A leads to a Litecoin price prediction of $75 and $232 at the end of 2024 and 2025, respectively.
Finally, we use the rate of increase or decrease of the past ten years to make a Litecoin price prediction for the end of 2030. Since July 2014, the Litecoin price has increased by 562%, for a rate of increase of 15% per day.
Projecting this rate of increase until the end of 2030 gives a target of $250. Adding and removing 20% to this target leads to the minimum and maximum Litecoin price predictions.
Litecoin Price Prediction for 2024
The wave count and fractal methods give very different price predictions for the end of 2024. The reason for this is that in the wave count method, the Litecoin price will take much longer to break out from its pattern compared to the fractal one.
More specifically, the wave count and fractal Litecoin price predictions lead to a target of $75 and $220, respectively, for the end of 2024.
Litecoin Price Prediction for 2025
The wave count and fractal methods give more similar Litecoin price predictions for the end of 2025. While the fractal method suggests the price will be correcting after its all-time high, the wave count method instead implies LTC will reach its high in the first quarter of 2027. However, the actual targets are close to each other.
More specifically, the wave count and fractal Litecoin price predictions lead to a target of $195 and $232, respectively, for the end of 2025.
Litecoin Price Prediction for 2030
The Litecoin price prediction for the end of 2030 uses the current rate of increase. A price between $200 and $300 is likely if a similar rate of increase continues for the foreseeable future. The long-term Litecoin price prediction is similar to that for this bull run.
Litecoin Price Analysis
The weekly time frame Litecoin price chart is bearish. it shows that the price broke down from a long-term ascending support trend line that had existed since June 2022. Currently, the price trades at the $58 horizontal support area.
While it is possible the area will initiate a short-term bounce, which could lead to a retest of the trend line, weekly time frame technical indicators are bearish. More specifically, the MACD just crossed into negative territory while the RSI fell below 50.
So, it is likely the Litecoin price will eventually break down below this area and gradually fall to the next support at $48. Reclaiming the long-term ascending support trend line will invalidate this negative outlook.
Short-Term Litecoin Price Prediction
The Litecoin price prediction for the next 24 hours is based on the assumption that the Litecoin price is trading inside an A-B-C corrective structure. If the decline continues, the Litecoin price can be trading lower in the next 24 hours, possibly being slightly below the $58 area at $56. This is because giving waves A:C the same length leads to a target of $56. In turn, the Litecoin price prediction for this week is bearish.
Litecoin Average True Range (ATR)
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.
A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.
On July 4, 2024, Litecoin’s weekly ATR was 11, implying low volatility. The ATR has been declining since May 2021 when it was at 80 but has increased slightly in 2024 from its 8 lows. divided by the $57 Litecoin price, the ATR is 0.2.
Litecoin Relative Strength Index (RSI)
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and 30 show overbought and oversold conditions, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On July 5, 2024, the Litecoin weekly RSI was declining and at 33, a sign of a bearish trend.
Litecoin Price Performance Comparison
Litecoin is one of the oldest proof-of-work cryptocurrencies, so let’s compare it with other similar projects.
| Current Price | One Year Ago | Price Change | |
|---|---|---|---|
| Litecoin | $57.50 | $95.70 | -30% |
| Bitcoin | $54,000 | $30,315 | 75.8% |
| Bitcoin Cash | $289.85 | $280 | 6% |
| Monero | $136 | $165 | -16.8% |
Litecoin Price History
Let’s take a closer look at Litecoin’s price history. While past performance isn’t necessarily indicative of future results, understanding what Litecoin has done can help us contextualize future predictions.
2013-2016: For the first few years of its existence, Litecoin (LTC) hovered between $1 and $5.
2017: The crypto bubble of late 2017 and early 2018 gave LTC a boost, and it rocketed to more than $300 in December 2017.
2018-2020: It dropped after that as the market experienced a so-called crypto winter, but in early 2021 the market picked up again.
2021: LTC responded well and it reached its all-time high of $412.96 on May 10. After that, though, it slipped down and closed the year at $144.56.
2022: This was a bad year for crypto, and LTC fell significantly. In the wider context of the overall crypto market, though, it was one of the better performers. A series of market crashes saw it drop below $45 in the middle of June, and although there was a small recovery, it was worth $67.79 by December 31. This meant it fell by nearly 55% across the year. However, when we consider that the market dropped by almost 65% in 2022, LTC was an overperforming crypto.
2023-2024: The Litecoin price has not performed well in either 2023 or 2024. In 2023 it was neutral even though the cryptocurrency market increased, while it fell by 22% in 2024, breaking down from a long-term support level.
| Period | Litecoin price |
|---|---|
| Last Week (June 28, 2024) | $73.81 |
| Last Month (June 5, 2024) | $83.89 |
| Three Months Ago (April 5, 2024) | $100.12 |
| One Year Ago (July 5, 2023) | $95.73 |
| Launch Price (April 28, 2013) | $4.30 |
| All-Time High (May 10, 2021) | $410.26 |
| All-Time Low (January 14, 2015) | $1.15 |
Litecoin Market Cap
The market capitalization, or market cap, is the sum of the total number of LTC in circulation multiplied by its price. On July 5, 2024, Litecoin’s market cap was $4,289 billion, making it the 23rd largest crypto by that metric.
Who Owns the Most Litecoin (LTC)?
As of July 5, 2024, the five wallets with the most Litecoin were
- M8T1B2Z97gVdvmfkQcAtYbEepune1tzGua. This wallet held 2,504,667 LTC or 2.98% of the supply.
- ltc1qr07zu594qf63xm7l7x6pu3a2v39m2z6hh5pp4t. This wallet held 2,225,001 LTC or 2.65% of the supply.
- MQd1fJwqBJvwLuyhr17PhEFx1swiqDbPQS. This wallet held 2,276,043 LTC or 2.36% of the supply.
- ltc1q29hm7wn047c8vgqeth8d97nn7k5xrtgrek9dzg. This wallet held 911,050 LTC, or 1.05% of the supply
- ltc1qn9rs0j0d6dc6vtc7yw2h8qyzxy425m3tvlxlfl. This wallet held 783,381 LTC, or 0.89% of the supply.
Litecoin Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Maximum supply | 84,000,000 |
| Circulating supply as of July 5, 2024 | 74,710,281 (88.65% of maximum supply) |
| Holder distribution as of July 5, 2024 | Top 10 holders own 13.24% of maximum supply as of April 3, 2024 |
From the Litecoin Whitepaper
In its technical documentation or whitepaper , Litecoin describes itself as the “silver to Bitcoin’s gold” and as a “real alternative” to BTC.
It says: “Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open-source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their finances.
“Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume, and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.”
Litecoin (LTC) Explained
Bitcoin is the original cryptocurrency. However, Satoshi Nakamoto’s brainchild is not without its disadvantages. For instance, the Bitcoin blockchain can be slow and unwieldy. This means people not only have to wait longer for their transactions to be carried out, but it also costs them more money.
Litecoin aims to be a faster, easier, and cheaper, version of Bitcoin.
The platform exists primarily to support its native coin, which is known by the ticker handle LTC.
In May 2023, however, Litecoin launched its LTC-20 tokens, cryptocurrencies based on the Litecoin blockchain, as an experiment. LTC-20s could, potentially, be the system’s equivalent of non-fungible tokens (NFTs).
How Litecoin Works
Litecoin, like Bitcoin, uses a Proof-of-Work consensus mechanism. This means that people add blocks to the blockchain, verify transactions, and earn rewards, by solving increasingly complex mathematical equations.
What makes Litecoin a little different from Bitcoin is that Litecoin uses a mining protocol called Scrypt. This means that transactions are split into two parts. This makes them a bit easier – or lighter – and quicker.
As well as rewarding miners, holders can use their LTC to buy some real-world products. People can buy, sell, and trade it on exchanges.
Is Litecoin a Good Investment?
It is difficult to tell. While Litecoin has always seemed to perform comparatively consistently – and even outperformed the market in 2022 – it isn’t exactly a glamorous coin. It has not performed well since its halving, but overall market conditions will not have helped there.
More to the point, when the blockchain’s foundation’s MD admits LTC’s recent performance has been disappointing, its worth paying attention. Additionally, Litecoin has underperformed in both 2023 and 2024. We will also have to see if LTC can get some more real-world uses which could help bring it to the attention of a new generation of potential holders.
As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in LTC.
Will Litecoin go up or down?
No one can tell right now. While the Litecoin crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Litecoin?
Before you decide whether or not to invest in Litecoin, you will have to do your research, not only on LTC, but on other, related, coins and tokens such as Bitcoin Cash (BCH) and Bitcoin SV (BSV). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Our long-term price predictions suggest that Litecoin will not reach $1,000 in the near future. LTC is used to reward miners on the Litecoin blockchain. It has a number of real-world uses, and can also be bought, sold, and traded on exchanges. Will Litecoin reach $1,000?
What is Litecoin used for?
