Litecoin (LTC) Price Estimate November 2024 – Rise or Fall?

Litecoin (LTC) has advanced from $65.33 to $80.11 since November 06, 2024, and the current price stands at $79.61.

This bullish trend implies intense market purchasing pressure and suggests traders are currently bullish on LTC’s prospects.

Litecoin (LTC) remains supported after Bitcoin’s price advanced above $80,000 and crypto analysts link this positive trend to Donald Trump’s decisive victory in the U.S. presidential election. In the last three U.S. presidential election years—2012, 2016, and 2020—Bitcoin (BTC) saw significant gains, rising 22%, 37%, and 98%, respectively, from Election Day through the end of each year.

Today, Crypto Lists will discuss Litecoin (LTC) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Donald Trump’s victory has a positive impact

Litecoin is an open-source, global payment network that is fully decentralized without any central authorities. Litecoin features fast transaction confirmation times and improved storage efficiency and with substantial industry support, trade volume, and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

The Litecoin Network operates through an interconnected system of ‘nodes’ that exchange information with one another. When a transaction is detected by one node, it relays this transaction to another node. When a block is mined, the new block data is also shared between the nodes of the network. Each one of these nodes individually verifies and validates transactions and blocks, which is part of the fundamental design that makes Litecoin decentralized – without a single person being able to change or dictate ‘consensus’.

Trump leads the market

Litecoin (LTC) has been in a positive mood last several days and crypto analysts link this positive trend to Donald Trump’s decisive victory in the U.S. presidential election. Litecoin is often viewed as the “silver” to Bitcoin’s “gold,” meaning it attracts investors seeking stability within the crypto world. Trump’s win is seen by some as fostering a pro-business environment, which generally bolsters investor confidence and optimism in alternative assets like cryptocurrencies—and by analogy, Litecoin.

It is also important to say that cryptocurrencies have a history of reacting to major political events due to changes in market risk appetite. Trump’s previous time in office saw a surge in crypto interest, and some investors speculate that a return to those policies could lead to another wave of cryptocurrency adoption.

Donald Trump is critical on centralized financial systems

Donald Trump’s critical stance on centralized financial systems, coupled with his unpredictable approach to economic policy, may lead to renewed interest in decentralized assets. Litecoin benefits from this environment, as it’s known for faster transaction times and lower fees compared to Bitcoin, making it appealing for investors looking for alternatives within the crypto market.

Despite this, investors should keep in mind that Litecoin also carries its risks as an investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses. Some skeptical crypto analysts believe Bitcoin could face a downturn in the coming weeks. Since Bitcoin often sets the tone for the entire crypto market, a dip in its price would likely drag down Litecoin and other cryptocurrencies as well.

Risk tolerance applies

In the weeks to come, Litecoin (LTC) will remain significantly influenced by the general situation in the cryptocurrency and hence, engaging in investments related to LTC demands deliberate consideration.

Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere. At the same time, economists are warning that many central banks (especially the Fed) could hold interest rates at restrictive levels for longer, and because of this, they expect a recession that could hit financial markets.

Technical analysis for Litecoin (LTC)

Litecoin (LTC) has advanced from $65.33 to $80.11 since November 06, 2024, and the current price stands at $79.61. This upward trend indicates strong buying pressure in the market, showing that traders are feeling optimistic about LTC’s future. Donald Trump’s victory is seen by some as fostering a pro-business environment, which generally bolsters investor confidence in alternative assets like cryptocurrencies.

Important support & resistance levels for Litecoin (LTC)

On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. Litecoin (LTC) remains supported last several days, and if the price advances above the resistance that stands at $90, the next target could be an important resistance level at $100.

The current support level is $70, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $65. If the price drops below $60, which represents a very important support level, the next target could be located around $50.

What speaks for the rise in the Litecoin (LTC) price

Litecoin’s recent surge may be linked to Donald Trump’s decisive victory in the U.S. presidential election, thanks to its reputation as “digital silver” and its appeal among investor groups that resonate with Trump’s base. Increasing network activity could be a positive signal for LTC, potentially paving the way for future expansion but it’s crucial to consider that the broader sentiment prevailing in the cryptocurrency market can significantly impact LTC’s price direction.

Fluctuations are still expected to be a common occurrence in the cryptocurrency market but if the price of LTC advances above $90, the next target could be resistance at $100. A move above $100 would be beneficial for the bulls to remain in control of price movement.

What indicates the downfall of Litecoin (LTC)

The downfall of Litecoin can be influenced by a wide range of factors and the highly volatile nature of the cryptocurrencies may scare investors to sell LTC if some negative news happens in the cryptocurrency market.

The current support level for LTC stands at $70, and if the price falls below this level, the next target could be $65. The price of Litecoin is usually correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $70000 price level, that would certainly have a negative influence on the price of LTC.

What do analysts and experts say?

Crypto analysts are linking Litecoin’s recent positive trend to Donald Trump’s decisive victory in the U.S. presidential election and they speculate that a return of Trump’s policies could lead to another wave of cryptocurrency adoption.

Donald Trump’s critical stance on centralized financial systems, coupled with his unpredictable approach to economic policy, may lead to renewed interest in decentralized assets. Litecoin benefits from this environment, as it’s known for faster transaction times and lower fees compared to Bitcoin, making it appealing for investors looking for alternatives within the crypto market.

However, investors should remember that Litecoin comes with its own risks and its price history shows frequent, sharp fluctuations that can lead to significant gains but also steep losses. Some cautious analysts are warning that Bitcoin might be headed for a downturn in the coming weeks. Since Bitcoin often drives the overall crypto market, a drop in its price could easily pull down Litecoin and other cryptocurrencies with it.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.