Litecoin

<a href="https://finbold.com/guide/how-to-buy-litecoin/" rel="noopener noreferrer nofollow">Litecoin</a> (<a href="https://finbold.com/cryptocurrency/litecoin/" rel="noopener noreferrer nofollow">LTC</a>) has recently suffered a significant price decline, throwing investors into a state of uncertainty regarding its future trajectory.Despite the much-anticipated halving event predicted to occur in <a href="https://www.litecoinhalving.com/#:~:text&#61;The%20next%20Litecoin%20halving%20date,12.5%20LTC%20to%206.25%20LTC.&amp;text&#61;*%20Litecoin%20halving%202023%20countdown%20prediction,the%20next%20Litecoin%20Halving%20Event." rel="noopener noreferrer nofollow">88 days</a>, Litecoin has failed to hold up to its price levels. In its bid for a V-shaped recovery on April 26, Litecoin was striving to hit the pivotal resistance level of $100. However, the digital asset fell short of expectations and dropped to $85 after briefly peaking at $94.Notably, the projections made by CoinPriceForecast, the <a href="https://finbold.com/category/finance-news/" rel="noopener noreferrer nofollow">finance</a> prediction platform that uses machine self-learning <a href="https://finbold.com/category/technology-news/" rel="noopener noreferrer nofollow">technology</a>, indicate a decrease in LTC price by the end of 2023 despite the halving event, as per data retrieved by Finbold on May 5.LTC started 2023 at $70 and is currently trading at $88, so the price has increased by 25.7% from the beginning of the year. The forecasted artificial intelligence (<a href="https://finbold.com/topic/artificial-intelligence/" rel="noopener noreferrer nofollow">AI</a>) price prediction at the end of 2023 is $83.42, a 5.2% decrease from the price on May 5. Meanwhile, the mid-year price is set to be slightly higher than its current price at $89.01.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/57992a838dac417e9838bcbba0d3c5c5.png" />LTC 2023 price target. Source: CoinPriceForecast<h2 id="header-0">LTC price analysis</h2>The digital asset is currently trading at $88, reflecting a slight increase of 0.37% in the day’s trading session. Nevertheless, Litecoin has seen a 1.55% decline over the past week, indicating that the cryptocurrency market remains susceptible to market fluctuations.Despite the price decline, Litecoin’s market capitalization remains significant at $6.4 billion, ranked 12th by its overall market worth. According to Finbold insight chart trading insights, the <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support level</a> for Litecoin is presently set at $81.73.On the other hand, Litecoin’s resistance level is currently set at $94.53. It is important to note that breaking through this resistance level could require a significant surge in demand.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d5614ed1ecdd4064b493312142f6b2eb.jpg" />LTC 1-week price chart. Source: FinboldInterestingly in the last week, Litecoin was ranked in the top 3 most trending coins on CoinGecko alongside Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) in first place, followed by Pepe (PEPE) in second.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/0b5122da86f94eddb3896f1eb8834cdd.PNG" /><h2 id="header-1">Litecoin could surge 700% vs. BTC</h2>Crypto analyst Captain Faibik thinks that the Litecoin halving event could trigger hype and ‘Fear Of Missing Out’ (<a href="https://finbold.com/guide/what-is-hodl/#FOMO" rel="noopener noreferrer nofollow">FOMO</a>) with the digital asset, which he believes could see a climb as high as $450.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/23d45974297e4222882340f3597d6d50.PNG" />Meanwhile, Charlie Lee, the creator of Litecoin, <a href="https://twitter.com/SatoshiLite/status/1653298455354413057" rel="noopener noreferrer nofollow">believes</a> that the upcoming August halving event could potentially propel Litecoin to make significant gains versus Bitcoin. This belief is supported by Litecoin’s recent performance, having surged 85% since hitting record lows versus Bitcoin.According to Lee, Litecoin’s potential gains versus Bitcoin are not limited to this recent surge. He predicts that the LTC/BTC pair could rally to 0.025 BTC, an increase of over 700%, in the next bull cycle. Lee attributes this potential surge to Litecoin having “higher throughput by design, scalability with extension blocks, better fungibility and privacy from MWEB [MimbleWimble].“<blockquote>“I can see an upside target of 10% (0.025 LTC/BTC). In the next bull market, 5% (0.0125) shouldn’t be too hard to achieve. I honestly don’t see it going much below 1% (0.0025) on the downside. The next halving will be in ~92 days. This is going to be fun.“</blockquote>Lee’s optimism regarding Litecoin’s potential gains versus Bitcoin underscores the cryptocurrency’s strength as an investment option for diversifying their portfolios.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

AI sets Litecoin price for the end of 2023

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