Litecoin (LTC) has recently suffered a significant price decline, throwing investors into a state of uncertainty regarding its future trajectory.
Despite the much-anticipated halving event predicted to occur in 88 days, Litecoin has failed to hold up to its price levels. In its bid for a V-shaped recovery on April 26, Litecoin was striving to hit the pivotal resistance level of $100. However, the digital asset fell short of expectations and dropped to $85 after briefly peaking at $94.
Notably, the projections made by CoinPriceForecast, the finance prediction platform that uses machine self-learning technology, indicate a decrease in LTC price by the end of 2023 despite the halving event, as per data retrieved by Finbold on May 5.
LTC started 2023 at $70 and is currently trading at $88, so the price has increased by 25.7% from the beginning of the year. The forecasted artificial intelligence (AI) price prediction at the end of 2023 is $83.42, a 5.2% decrease from the price on May 5. Meanwhile, the mid-year price is set to be slightly higher than its current price at $89.01.
LTC 2023 price target. Source: CoinPriceForecast
LTC price analysis
The digital asset is currently trading at $88, reflecting a slight increase of 0.37% in the day’s trading session. Nevertheless, Litecoin has seen a 1.55% decline over the past week, indicating that the cryptocurrency market remains susceptible to market fluctuations.
Despite the price decline, Litecoin’s market capitalization remains significant at $6.4 billion, ranked 12th by its overall market worth. According to Finbold insight chart trading insights, the support level for Litecoin is presently set at $81.73.
On the other hand, Litecoin’s resistance level is currently set at $94.53. It is important to note that breaking through this resistance level could require a significant surge in demand.
Interestingly in the last week, Litecoin was ranked in the top 3 most trending coins on CoinGecko alongside Bitcoin (BTC) in first place, followed by Pepe (PEPE) in second.
Litecoin could surge 700% vs. BTC
Crypto analyst Captain Faibik thinks that the Litecoin halving event could trigger hype and ‘Fear Of Missing Out’ (FOMO) with the digital asset, which he believes could see a climb as high as $450.
Meanwhile, Charlie Lee, the creator of Litecoin, believes that the upcoming August halving event could potentially propel Litecoin to make significant gains versus Bitcoin. This belief is supported by Litecoin’s recent performance, having surged 85% since hitting record lows versus Bitcoin.
According to Lee, Litecoin’s potential gains versus Bitcoin are not limited to this recent surge. He predicts that the LTC/BTC pair could rally to 0.025 BTC, an increase of over 700%, in the next bull cycle. Lee attributes this potential surge to Litecoin having “higher throughput by design, scalability with extension blocks, better fungibility and privacy from MWEB [MimbleWimble].“
“I can see an upside target of 10% (0.025 LTC/BTC). In the next bull market, 5% (0.0125) shouldn’t be too hard to achieve. I honestly don’t see it going much below 1% (0.0025) on the downside. The next halving will be in ~92 days. This is going to be fun.“
Lee’s optimism regarding Litecoin’s potential gains versus Bitcoin underscores the cryptocurrency’s strength as an investment option for diversifying their portfolios.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
