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Machine learning algorithm sets Litecoin price for Christmas Day 2022

Machine learning algorithm sets Litecoin price for Christmas Day 2022

The declining price pattern for the majority of the cryptocurrency sector has finally slowed down after months filled with challenges that prevented the repetition of its 2021 success, including for Litecoin (LTC).

According to PricePredictions’ machine learning-based algorithm, taking into account technical indicators like the relative strength index (RSI), moving average convergence divergence (MACD), and moving averages (MA), Litecoin isn’t expected to make a significant spike by Christmas Day.

As it happens, the data suggests that the 13th-largest crypto asset would be changing hands at the price of $78.27 on December 25, 2022, which is 0.12% lower than its price at press time ($78.37).

Litecoin 30-day price forecast. Source: PricePredictions

Machine learning versus crypto community

That said, this prognosis is higher than the estimates of the crypto community over at CoinMarketCap for the end of the year, with 679 votes predicting that LTC will be trading at an average price of $70.11 by December 31, 2022.

Still, the community’s more recent predictions are a lot higher than the earlier estimates reported by Finbold on November 22, when 317 accumulated votes made a collective assumption that LTC would be trading at $58.36 by the end of the year.

Litecoin price analysis

Looking at TradingView’s technical indicators on 1-day gauges, their summary is leaning toward the bullish side for Litecoin, indicating ‘buy’ at 15. This summary is the result of oscillators pointing toward ‘neutral’ at 9 and moving averages (MA) in the ‘strong buy’ zone at 14.

Litecoin 1-day sentiment gauges. Source: TradingView

As things stand, Litecoin is currently changing hands at the price of $78.37, recording an increase of 2.23% on the day, 2.79% across the previous seven days, and a 35.85% gain over the month.

Litecoin 30-day price chart. Source: Finbold

Meanwhile, Litecoin’s market capitalization stands at $5.63 billion, making it the 13th-biggest cryptocurrency by this indicator, according to the CoinMarketCap data retrieved by Finbold on December 14.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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