Litecoin could recover and exceed $300 in June
Litecoin is a fork of Bitcoin. Its creator, Charlie Lee, envisioned a version of Bitcoin optimized for faster, lower-energy transactions — essentially a “lighter” Bitcoin. Because of this, Litecoin is well suited for microtransactions, such as paying for a cup of coffee.
Over time, Litecoin has established itself as a useful complement to Bitcoin. It sits at the center of several fintech initiatives initially designed for Bitcoin, and its role in the global crypto economy strengthened when developers began integrating Lightning Network protocols. For many, these developments highlighted Litecoin’s ambitions and suggested a bright future for reliable, established altcoins.
What is Litecoin’s current price?
The price of Litecoin was $177.58 according to CoinMarketCap at the time of writing, reflecting a 24-hour increase of 2.36%. In the past 24 hours, Litecoin (LTC) traded as low as $172.52 and as high as $180.02.
Although LTC is trading higher on the day, it remains well below its all-time high of $387.23 reached on May 10, 2021. The current price, however, represents a notable recovery from the recent low of $141.49 on May 24, 2021.
Litecoin price chart. Source: CoinMarketCap
Where can I buy Litecoin today?
Litecoin price outlook
June is an important month for the Litecoin ecosystem due to a set of critical developments that could strongly influence market sentiment and price action. Before examining those events, it helps to understand current support and resistance levels affecting Litecoin’s price.
Starting with resistance: the most significant level is the year’s high near $388, which represents the primary upside barrier. If the current upward momentum continues, the next critical resistance is around $240 — February’s high — which matters because it was the annual peak before May’s surge. The early April level near $200 is also notable, as it marked the breakout that began the rally into mid-May’s highs.
On the downside, we will monitor the year’s low around $118 established on May 23, 2021. In addition, the 200-day moving average near $170 is an important support level. If Litecoin holds above the 200-day MA, the token is more likely to break back above $200 in the coming days.
Litecoin/USD price chart. Source: TradingView
Pushing to $300 in June is a realistic possibility if the price moves above both the 21-day and 50-day moving averages. Over the past two weeks, selling pressure has eased as bullish sentiment strengthened. The RSI has turned noticeably higher — from around 30 to 42.20 at the time of writing — and the MACD is signaling the start of a trend following the sharp correction in mid-May.
Litecoin/USD price chart. Source: TradingView
Events that could affect Litecoin’s price in June
MWEB privacy protocol
One of the biggest catalysts for Litecoin surpassing this year’s highs would be the upcoming privacy upgrade known as MimbleWimble or the MimbleWimble Extension Block (MWEB). MWEB enhances transaction confidentiality on the Litecoin network by obscuring payment details from outside observers.
MWEB will operate alongside the existing Litecoin protocol and is not expected to negatively affect transaction speeds. The ability to offer both confidentiality and verifiability in transactions is a significant milestone for blockchains, as combining privacy and transparency has been a longstanding challenge for developers.
MWEB could attract a sizable influx of new users to Litecoin, and the resulting positive market sentiment may push the price to new levels. Charlie Lee and his team anticipate a full MWEB rollout later in the year — potentially in September — and some optimistic projections envision Litecoin surpassing $500 after activation.
Investors will monitor updates to MWEB’s roadmap closely. Lead developer David Burkett has stated the project is “on track for activation by the end of the year, without major surprises from auditors,” noting that coding and testing phases are nearly complete.
Bitcoin’s recovery
Litecoin often acts as an indicator for Bitcoin, meaning price movements in one tend to be reflected in the other.
Bitcoin declined by roughly 41% from its $60,799.77 peak on April 12, 2021, falling sharply by May 31, 2021. This drop is the latest in a series of major market corrections. Historically, Bitcoin has frequently produced V-shaped recoveries after significant declines, particularly throughout 2021.
The chart below illustrates Bitcoin’s price swings over recent months, showing repeated recoveries after each downturn.
Bitcoin price moves during 2021. Source: Yahoo Finance
Each episode forms a similar pattern, and the most recent correction appears to be one of the largest. If the historical recovery pattern continues, Bitcoin could rebound by as much as 50% from its lows. A sustained BTC recovery would likely lift Litecoin as well, given their correlated movements.
Rising cryptocurrency adoption
On May 7, 2021, Bitcoin accounted for approximately 40.9% of the total cryptocurrency market capitalization, according to CoinMarketCap. That level of dominance means Bitcoin’s advances tend to positively impact the broader crypto market.
Major regulatory or adoption milestones for Bitcoin can ripple across the sector. For example, on June 5, El Salvador’s president Nayib Bukele announced plans to explore adopting Bitcoin as legal tender in partnership with Strike, the digital wallet company. If El Salvador’s legislature approves the proposal, Bitcoin could become an official national currency — a development that already produced a modest price uptick on the news. Should such adoption move forward, it could spark a new bull wave that benefits altcoins like Litecoin as well.
Please note: this article expresses opinion based on information available at the time and should not be considered direct investment advice.