Bitcoin
BTC$41 830.57

-4.04%

Ethereum
ETH$2 900.30

-5.79%

Tether
USDT$1.000560

0.05%

Cardano
ADA$2.12

-4.44%

Binance Coin
BNB$338.82

-2.63%

XRP
XRP$0.927879

-3.26%

Litecoin (LTC): Has Digital Silver Got Itself Out of the Gutter?


#Litecoin

It is sad to see one of the most popular altcoins completely losing the mojo and going down the ranks. Given the recent astounding success of Chainlink (LINK), Cardano (ADA), and a host of other altcoins, traders will soon see Litecoin (LTC) pushed out of the top 10 by Binance Coin (BNB) and possibly Tezos (XTZ). But the latest developments in the cryptocurrency market that saw Bitcoin (BTC) and many altcoins, most those that belong to the DeFi space, shoot to the upside, while Litecoin also caught some of the bullish drift.

Even though the LTC's yearly gains are still on the negative side: -34.31 against USD; -34.22% in the BTC market; -64.2% against ETH. As you can see, those that once were considered the main rivals of LTC are now leaving it biting the dust, so making a long-term investment in the coin that went from being ranked 4th down to the 9th position would be impractical, to say the least. Despite the 60% bull run during the past month, LTC still remains an inherently weak altcoin, suitable only for intraday trading, although we will also provide the LTC price analysis on the macro scale.

The bull run could be out already running out of steam


The weekly chart shows that Litecoin had reached the point of recovery from the hugely detrimental market crash only at the tail end of July, whereas most altcoins have done so weeks, if not months, ago.

1-week LTC/USDT chart

Some might say that it is a good sign because now LTC has a lot of upside potential that could translate to swift gains, but the reality is that Litecoin is severely lagging in terms of price action even in comparison to the inherently weaker coins. The chart above shows that even though LTC made it past the recovery point at $50.98, it is already being rejected aggressively upon testing the resistance levels at $57.46 and $65.33. Now we see how the trading volume is shrinking and turning bearish, a glaring sign that the bullish period of price action has run its course. The current weekly candle will most probably close below $57.46 and form a spinning top, which means that the bears are already trying to seize back the control over this market.    

Our Litecoin price prediction is that next week is going to be colored red in this market as the sellers will try to restrain the price appreciation and bring it down to the pre-crash level. In general, the cryptocurrency market will also experience a minor decline due to being already overheated, which will add weight to the LTC pullback.

Author: Alex Paulson for Crypto-Rating.com

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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 74.8% 41 $41 830.57 -4.04% -3.12% $787 608 951 535 $30 956 829 833
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 56 $2 900.30 -5.79% -4.28% $341 387 673 705 $16 948 397 599
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000560 0.05% 0.05% $68 581 448 843 $67 387 184 321
4 Cardano (ADA) ADA Cardano predictions 68% 70 $2.12 -4.44% -3.17% $67 752 619 605 $2 735 590 029
5 Binance Coin (BNB) BNB Binance Coin predictions 68% 59 $338.82 -2.63% -8.65% $56 968 565 730 $1 441 932 933
6 XRP (XRP) XRP XRP predictions 75.6% 50 $0.927879 -3.26% -1.97% $43 348 318 686 $2 723 347 351
7 Solana (SOL) SOL Solana predictions 66% 68 $133.61 -8.48% -4.91% $39 737 184 358 $2 505 852 045
8 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000582 0.07% 0.05% $31 278 878 412 $3 206 085 319
9 Polkadot (DOT) DOT Polkadot predictions 68% 68 $27.57 -4.79% -6.28% $27 229 665 528 $1 489 527 276
10 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 63 $0.200266 -2.61% -6.96% $26 329 699 638 $833 434 793
11 UniSwap (UNI) UNI UniSwap predictions 67.2% 68 $24.01 -1.04% 13.50% $14 682 674 805 $1 173 159 622
12 Avalanche (AVAX) AVAX Avalanche predictions 60.8% 84 $66.00 -7.99% 4.98% $14 539 183 357 $1 047 963 478
13 Terra (LUNA) LUNA Terra predictions 68.8% 61 $35.04 -4.51% 23.72% $14 012 646 384 $1 534 292 582
14 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000446 0.07% 0.02% $13 532 124 274 $4 668 219 259
15 Chainlink (LINK) LINK Chainlink predictions 67.6% 70 $23.36 -3.44% -2.07% $10 627 202 783 $1 044 812 386

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