- Crypto Twitter user Shan Belew predicted that LTC’s market cap may reach the 100s of billions by 2025.
- At press time, the altcoin’s market cap was around $6.136 billion.
- Technical indicators suggested that LTC’s price would drop in the next 48 hours.
The crypto Twitter user Shan Belew predicted in a tweet published earlier today that the market cap for Litecoin (LTC) may climb more than 10X between now and 2025. In the post, he forecasted that the crypto’s market cap could reach the 100s of billions in 2025.
This would be a substantial increase in LTC’s market cap, which, at press time, stood at around $6.136 billion according to CoinMarketCap. Meanwhile, LTC was trading at $83.94 after its price dropped more than 3% over the past 24 hours. This negative daily performance had pushed LTC’s weekly performance further into the red to -3.29%.
In addition to weakening against the Dollar, LTC was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours. As a result, LTC was down 3.18% against BTC and 2.19% against ETH.
Looking at LTC’s daily chart, the altcoin’s price had dropped below the key support level at $77.51 over the past 24 hours. Furthermore, it had also lost the support of the 9-day and 20-day EMA lines.
A significant bearish flag had also triggered on LTC’s daily chart with the daily RSI line that had crossed below the daily RSI SMA line recently. This bearish flag, if validated in the next 48 hours, could result in LTC dropping to $71.19 in the following couple of days.
On the other hand, if LTC is able to close a daily candle above the aforementioned $77.51 mark within the next 48 hours, then it may look to rise to the next key resistance level at $91. Traders and investors will want to keep an eye on the 9-day and 20-day EMA lines, however, as the two lines were looking to cross bearishly at press time.
If the 9-day EMA line crosses below the 20-day EMA line, it will signal that LTC’s price has entered into a short-term bearish cycle and its price would continue to drop in the next few days. Should this happen, the bullish thesis will be invalidated and LTC’s price may fall to the previously-mentioned $71.19 in the following 48 hours.
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