Litecoin has had a pretty decent and rather unexpected run since July 22nd. Since then, the altcoin has seen mostly green candles on its daily chart. However, LTC’s move north was hampered by a downturn, with the price depreciating more than 10% in three days alone.
Despite these losses, however, good news seemed to be knocking on the door in a recent report interviewing 42 fintech specialists. The same touched these specialists’ forecasts for the future price of the asset. According to the report, Litecoin will be worth more than $ 200 by the end of the year.
Litecoin is losing relevance?
Litecoin has got its share of notoriety as it was among the top ten coins on the market for almost a decade. However, this has not been the case lately as more and more crypto assets have appeared in the market.
Finder’s panelists were also not optimistic about Litecoin. In fact, 76% of them believe that Litecoin won’t make it back into the top ten as it becomes less relevant.
The report further highlighted that “the best days for Litecoin (LTC) are behind it”. For example, the technologist Joseph Raczynski said:
“Since it is one of the early names in cryptocurrency, it will likely be years, but its importance will diminish over time. Still, while all of these assets are growing, although they are reduced, I still see LTC rise with the tide, just not nearly as dramatically. “
The emergence of other cryptos is not just an important reason. Indeed, other reasons were given by the panelists. Some of them contain
Is there still hope for LTC?
The number of active addresses (30d MA) for Litecoin recently hit a low, last seen on May 8th. In a broader sense, this seemed to be a sign of the lower number of participants in the network. While this indicator looked bearish in conjunction with LTC’s larger pricing structure, the LTC / BTC pair showed some good uptrends for continuation and ran some retests.
Additionally, the aSOPR trended higher despite the Litecoin price drop. This implied that profits would be realized with the possibility that previously illiquid supplies could be returned to the liquid cycle.
Additionally, according to some like analyst Michaël van de Poppe, LTC could actually stay and take some significant steps north as it hit a slightly higher low this time around.
If it continues, LTC can make higher highs and the next level to look for would be $ 220. Needless to say, that level would be higher than Finder’s panelists’ year-end projections for the crypto asset