In today’s article, we will be taking into discussing various factors and trading analysis to formulate a Litecoin price prediction for 2019.
What is Litecoin (LTC)?
Litecoin is a top crypto which was among the first altcoins that forked from Bitcoin. The coin was created in 2011, and since then it has risen to become one of the largest cryptocurrencies by market cap.
Litecoin is currently in 4th place with a market cap of $6,155,359,163 USD, with $3,002,853,279 USD being traded in the last 24 hours. Litecoin is currently priced at $97.81 USD, having a 1.24% increase in a 24-hour period.
Litecoin Price Prediction for 2019
From our analysis, Litecoin has had a pretty smooth evolution in 2019, with several signs of a recovery after the massive drop that hit the market.
Boosted by its February rally, Litecoin skyrocketed to #4 place on CoinMarketCap, surpassing EOS and Bitcoin Cash.
There have been many positive movements surrounding the coin, and there is also the impending Litecoin halving which is set to take place this August. Reward halvings usually impact the price of a coin, as it lowers the inflation rate and coin supply.
In the past, before a halving, there was a massive increase in price because the daily availability of Litecoin would have been limited. From this, we can expect that in August or before that, Litecoin’s price will see a sharp increase.
Litecoin got involved with Beam to collaborate on a Mimblewimble protocol for the coin, which has the potential to increase Litecoin’s global use. Mimblewimble is a privacy-dedicated protocol, and its adoption could also lead to a positive price movement.
Adoption wise, Litecoin has been doing quite well, as Surf Air, an operator from the West Coast of US has included support for Litecoin payments. In Latin America, people can use Litecoins to buy groceries at a supermarket called Oasis which is located in Rio De Janeiro in Brazil.
Market analysis for Litecoin price prediction 2019
There have been many crypto forecasting outlets and personalities from the crypto space that have conjured up their own Litecoin price prediction for 2019. By analyzing them, we can get a more accurate picture of what sentiments are on the market for the LTC coin.
Finder.com has analyzed the technical aspects of the coin and have predicted that by the end of 2019, LTC will be around $40 and also that the crypto is a good long term investment.
The Oracle Times website weighed in the advantages Litecoin has over Bitcoin, concluding that it has good investment value. Based on this, they made the Litecoin Price prediction that the coin will reach $1000 by the end of 2019.
The price forecast of investingpr.com for Litecoin is on par with that of Oracle Times, also expecting the coin to reach $1000 by the end of the year.
Crypto analyst George Tung predicted that Litecoin’s price might even go up to $1500 by the end of 2020.
The Coinswhitch crypto forecasting site expects LTC to keep its price between the $150 and $250 values.
The site anticipates that November will be the month in which the price will reach its maximum for the year, which will be $250, after which again it will correct itself to $230.
The crypto forecasting website TradingBeasts has made a Litecoin price prediction for each month for the year of 2019 as well as for some months in 2020. We will only be looking at those for 2019.
In September, the Litecoin price is expected to hit $83.73 at its start, with an expected maximum price of $106.37, and minimum price $72.33. The month is expected to end with a price of $85.09.
In October, the Litecoin price is expected to reach $85.09 at the start of October 2019, with an anticipated maximum price of $108.39, and minimum price $73.70. The month is expected to close with the price of $86.71.
In November, the Litecoin price is predicted to hit a value of $86.71 by the start of the month, with an anticipated maximum price of $110.85, and minimum price $75.38. The Litecoin price prediction for the month’s end is that the coin will be at $88.68.
Below is the forecast for the year’s end:
“The Litecoin price is forecasted to reach $88.68 by the beginning of December 2019. The expected maximum price is $113.57, minimum price $77.23. The Litecoin price prediction for the end of the month is $90.86.”
Profit Confidential & Kelly
Kelly, head of BK Capital Management (LLC) s and Walls Street Trader, stated that Litecoin price might hit $500, even $600, by the end of this year.
Even though this Litecoin price prediction was made in 2017 in December, there is still a chance that the coin might reach the forecasted amount. But this prediction is not quite suitable for this year, more likely for 2025.
Walletinvestor.com, a top price prediction platform that uses technical analysis, have forecasted that Litecoin will be trading around $400 when the year 2019 ends.
According to Monte Carlo simulation, Litecoin will reach a value of over $507 by the end of November this year.
CryptoNewz’s Litecoin price prediction states that “Litecoin might trade up to 200 USD by the end of 2019,” and that there is currently “an immediate resistance for the coin at $121.22 and a support level at $118.53.”
From the expert analysis and opinions from the crypto space, we can see that Litecoin is expected to continue its bullish trend and surpass the $100 mark. While some predictions are more optimistic than others, the general sentiment is that there will be a positive price movement for the altcoin.
The impending block halving which is scheduled to happen this month is also expected to drive the prices up.
While the signs look good now for Litecoin, keep in mind that no prediction is 100% accurate, and you shouldn’t base your trading decision just on a prediction.
Source From : Coindoo News