Litecoin Price Prediction: LTC To Drop Under $50 By January?
Litecoin was in the spotlight not too long ago when its creator Charlie Lee talked about privacy.
Lee addressed the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
Litecoin’s value not to be affected by transaction history
Lee said that the main focus is to make sure that the transaction history of a particular LTC doesn’t affect its value.
“From my point of view, I see it less about privacy and more about fungibility. So I think in order for Bitcoin and Litecoin to be usable money, it really has to be fungible in the sense that whichever Bitcoin or Litecoin you spend should be equal to every other coin you have,” Lee said.
Now, some optimistic predictions about the price of LTC surface.
LTC price prediction
The coin’s price has been moving through a descending channel since back in July, and this digital asset oscillated between the trend lines since then.
AMBCrypto writes, “As the 200-day moving average moves high above the price, there could be long-term bearish movement, but the 50-day moving average could push the price up in the short-term.”
The online publication also says that “LTC had also recently bounced off the top trend line, failing to breach the $64.62 resistance. A further move down to between $58 and $59 seems likely. If the price breaches $58, it could move down further, breaching the $53.44 support to test the pattern mid-line, possibly at its intersection with the $47.27 support.”
The online publication writes that it seems that some indicators are pointing towards the price, moving down in the long term, and this is happening even if the 50-day moving average pushes the price up in the near future.
They conclude the article by saying that the price of LTC could “continue down the channel to under $50 by early January.”
At the moment of writing this article, LTC is trading in the red and the digital asset is priced at $61.57.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.