Litecoin (LTC) Price Prediction and Analysis in February 2021
If you want to invest in LTC successfully, then you should pay more attention to the Litecoin price prediction. That’s why we have prepared for you a detailed price analysis of one of the well-known altcoins on the market.
Litecoin (LTC) Overview
Litecoin is the 8th largest cryptocurrency according to Coin Market Cap. It is one of Bitcoin’s several forks and is designed to provide faster and cheaper transactions than Bitcoin. The Founder, Charlie Lee, is an early crypto adapter and also a strong voice in the cryptocurrency industry. He heads the Litecoin Foundation, which is the primary overseer of Litecoin.
Litecoin has grown to become very popular for micro transactions because of its low fees and small block time of 2.5 minutes, which is one-quarter of Bitcoin’s 10 minutes. There are currently thousands of merchants who accept Litecoin as payment because of these characteristics, which are improvements on Bitcoin’s features.
At the moment, Litecoin has a market cap of $11,113,146,970 and a circulating supply of 66,449,067 LTC. $10,182,833,242 worth of LTC have been traded in the last 24 hours.
Litecoin (LTC) Price Prediction: Analysis
The year 2021 has been good for Litecoin. After entering January at $124, the cryptocurrency started rising almost immediately and got to a yearly high of over $175 on 10 January. It, however, dipped to $119 the next day and has been trading below $160 since then. This served as consolidation with a tightening range until a slight breakout occurred that may be unsustainable.
The daily LTC/USD chart shows that a death cross may be underway between the 20 MA and the 50MA. If this happens, there may be a trend reversal to the downward side, marking the beginning of a bear market in the short-term. The trading volume also shows that the breakout was quite weak, which makes it possible for the trend to easily reverse.
The RSI has also shown weakness as it was rejected at 60 and fell back down. It is currently at 57.63 and attempting to go up again, but the moving averages seem to suggest that the possibility of a higher level is slim, especially because of the low volume.
Walletinvestor has calculated key resistance and support levels for traders on LTC to watch when making trading decisions as follows:
- Resistance Level (R3): 170.154;
- Resistance Level (R2): 164.122;
- Resistance Level (R1): 154.821;
- Pivot Point: 148.789;
- Support Level (S1): 139.488;
- Support Level (S2): 133.456;
- Support Level (S3): 124.155.
There are no recent developments on Litecoin, but you can follow some cryptocurrency price prediction sites to keep up to date with the evolution of this digital asset.
Litecoin (LTC) Price Prediction: Market Opinion for February 2021
The following are Litecoin price predictions from various price prediction websites. You can use them to guide your decision on investing in Litecoin in February.
The minimum expected price for Litecoin for the next 14 days, according to Walletinvestor, is $124.383, while the maximum price expected during this period is $163.051. Below are the daily predictions for the next 14 days:
|Date||Price||Min Price||Max Price|
Longforecast‘s LTC price prediction is that it will have a minimum price of $127 and a maximum price of $185 for February.
This website predicts that the average price of Litecoin in February will be $261.66.
Litecoin (LTC) Price Prediction: Verdict
This Litecoin price prediction and analysis suggests that some analysts are bullish on the cryptocurrency. However, there is a tendency that the price may enter a bearish trend unless buyers step in. If you want to invest for profits, you may need to wait and see what happens in the next couple of days before decoding.
Featured image: cryptonomist.ch