After $50, Litecoin (LTC) Can Easily Double and Soar to $110

Dalmas Ngetich

1 year ago

2 mins read

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Litecoin price up 18.3 percent in the last week
CoinBase Wallet now supports Litecoin (LTC)
Transactional volumes up

With CoinBase wallet, traders and investors can take advantage of this secure and Segwit supporting platform to store their stash including Litecoin (LTC). Meanwhile, it is after prices cross the $50 mark that risk-averse traders can ramp up with first targets at $70 and $110.

Litecoin Price Analysis

Fundamentals

Competition for dominance just got stiffer: CoinBase wallet, a hot wallet, that describes itself as the “world’s leading user-custodied crypto wallet” now supports Litecoin (LTC). Complete with a multi-coin feature, the inclusion of Litecoin is a step in the right direction and points to underlying demand from users. Litecoin complements Bitcoin and is the fifth most valuable coin in recent rankings thanks to their stellar performance in the last three weeks. At the time of press, the currency was up 19.9 percent in the previous week, and the new support is a reprieve for investors as well as traders seeking a safe abode against marauding hackers.

The wallet supports “newer Segwit address formats for lower miner fees, as well as Legacy addresses for backward compatibility in all applications.” Besides, they have top-notch security in place. Apart from encrypting private keys on the user phone, CoinBase wallet incorporates Secure Enclave meaning the exchange’s reputation will remain intact as they bring to use the best-in-class security feature to safeguard user funds.

In other news, Jack Dorsey—who together with Charlie Lee and other interested parties invested $2.5 million in the Lightning Network—is using the Tipping Browser Extension to receive LN tips. Increase usage of the new scaling solution will inevitably lead to demand in Litecoin as the network’s LN mirrors that of BTC and gain momentum.

Candlestick Arrangements

At spot rates, Litecoin (LTC) is up 18.3 percent and a few cents from breaching the $50 resistance level. Like in all our LTC/USD price analysis, the reaction at $50 will determine the medium to long term trend. It will be more so if buyers build enough momentum and close above $50 at the back of high trade volumes in a reflection of Feb 8 and Feb 18 upswings.

In line with our trade plans, every dip will technically be a buying opportunity, and as long as prices are above $35, bulls have the upper hand. Once there is a rally above $50, the bear breakout pattern of early Nov 2018 will be invalid as Litecoin (LTC) bulls take control, driving prices to $70, $90 and later $110.

Technical Indicators

After two weeks of bulls’ resilience, LTC is now retesting the $50 resistance mark. We are net bullish, and our reference bar is Feb 8—832k against 202k and Feb 18—522k versus 262k. Despite buyers, we need a solid breakout, and the only demonstration is if there is a high-volume bar breaking above $50 with above-average volumes ideally exceeding 522k on the lower side and 832k on the upper hand.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.