- Litecoin’s market cap could increase by over 10 times by 2025.
- LTC’s current market cap is $6.136 billion, with a slight decline.
- LTC faces tough competition from Bitcoin and Ethereum in the market.
In a recent tweet, crypto enthusiast Shan Belew made a bold prediction about the future of Litecoin (LTC). According to Belew, the market cap of this cryptocurrency has the potential to skyrocket by over 10 times in the next five years, specifically by 2025. Belew’s forecast suggests Litecoin could reach a market cap in the hundreds of billions. This optimistic outlook highlights the growing confidence in the long-term prospects of Litecoin within the crypto community.
LTC’s market cap is poised to experience a remarkable surge, surpassing its current value of $6.136 billion, as reported by CoinMarketCap. LTC is being traded at $83.94, having witnessed a slight decline of over 3% within the last 24 hours. Unfortunately, this downward trend has caused LTC’s weekly performance to dip further into negative territory, at -3.29%.
Despite its recent decline against the US Dollar, LTC has also faced tough competition from the market giants Bitcoin (BTC) and Ethereum (ETH) in the last 24 hours. Consequently, LTC experienced a 3.18% decrease compared to BTC and a 2.19% decrease compared to ETH.
Upon analyzing the daily chart of LTC, it is evident that the price of this altcoin has experienced a significant decline, breaching the crucial support level of $77.51 within the last 24 hours. Additionally, it is worth noting that the support provided by the 9-day and 20-day EMA lines has also been lost.
LTC’s daily chart has revealed a noteworthy bearish flag, accompanied by the recent crossing of the daily RSI line below the daily RSI SMA line. Should this bearish flag be confirmed within the next 48 hours, LTC may experience a decline to $71.19 within the subsequent few days.
In a potential turn of events, should LTC successfully surpass the significant threshold of $77.51 and maintain this achievement for a full day, it could pave the way for a promising ascent towards the next crucial resistance level at $91. Traders and investors should closely monitor the 9-day and 20-day EMA lines, as they currently exhibit a bearish inclination, potentially indicating a shift in market dynamics.
In technical analysis, a noteworthy event occurs when the 9-day EMA line gracefully descends beneath the 20-day EMA line. This occurrence indicates that the price of LTC has embarked upon a short-term bearish journey, with a high probability of a further decline in the coming days. In such a scenario, the optimistic outlook loses its validity, and the price of LTC may plummet to a value above $71.19 within 48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
