- LTC price is seeing a negative crossover in the Moving Average and can test the lower levels in upcoming days
- The stock to flow ratio for the LTC price is 22.5. Meanwhile, the technical indicators do not show any sign of a bullish move.
Litecoin is called “Digital Silver” due to the similar properties with BTC. LTC price forecast a gain of 2869% since its inception and is currently running for more.The difficulty level of LTC is around the value of 9.87M with a profitability of $4.86 with a hash rate of 1Ghash/sec. It is highly correlated with BTC and expects to grow further up to $4000 by the end of next year.
LTC is currently ranked at 9, with a market capitalization of $15,690,854,058.The volume ($$3,268,715,088) of the coin has seen a increase of 25% in the 24-hour time frame.
What Does The S2F Model Tell About The LTC Price Forecast
The S2F model is used for essential commodities like silver.It tells about how much time the commodity will take to dig up again if it suddenly vanishes. The S2F number for the silver is 48, and the BTC number is 51.2 after the halving. If we adjust the network’s correlation factor and difficulty level, we find that LTC S2F ratio would be 22.5. If we use the same formula as per the BTC with some twitch in the case of LTC, then one can find that it has potential for $4000.The exact date for it would be difficult to predict, but it can be said that the price can achieve these within a span of 2 years.
Technical Indicators Hints A Bearish Momentum In LTC Price Forecast
The weekly technical chart for LTC showcases a bearish momentum. On coming to the daily chart, the LTC price is not showing any sign of positive recovery. Litecoin price is trading below 50 and above 100 Moving Average. The 50MA price is at $193.74, making it a temporary resistance for the coin. The coin’s resistance on the upside will be at $225, and on the downside, it will see a bounce back from $150.
RSI(Bearish): It is currently trailing at 43.8, showcasing its presence in the bearish zone. There is a downward slope in the RSI, which suggests a bearish momentum. If it crosses above the threshold of 60, then a strong bullish momentum can be seen.
LTC price forecasts a downtrend for the short period of time. LTC price can reach up to $2000 up until the end of this bull season. LTC/BTC pair can also see a bullish move. An Investor should do their due diligence before investing.
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