Litecoin (LTC), the cryptocurrency that powers the payments-focused Litecoin blockchain, has been on a great run recently.
LTC was last changing hands just below $95 per token, having pumped over 3% this week despite a 1.5% fall in the broader cryptocurrency’s market capitalization.
That means Litecoin is one of the best-performing coins of the week and price predictions thus remains bullish.
As per CoinGecko, Litecoin is up 8% in the last seven days, making it the third best-performing cryptocurrency in the top 20 by market cap, only lagging XRP and Solana’s SOL.
Analysts have been citing a combination of optimism about the upcoming “halving” in August that will see the LTC inflation rate drop in half, and a recent surge in transaction activity on the Litecoin blockchain as powering the recent rally.
The halving, which will occur in 58 days’ time, as per nicehash.com, will see the LTC reward for each block fall to 6.25 from the current 12.5.
Blocks take an average of around 2.5 minutes to mine on the Litecoin network.
Meanwhile, the arrival of the Ordinals protocol on the Litecoin blockchain (the code for which was based on the Bitcoin blockchain) has sparked a huge surge in network activity.
Ordinals just hit 4 million, Litecoin said in a recent tweet.
This has helped power the total number of Litecoin transactions to above 160 million, with 10 million of these transactions coming in just the last 6 weeks.
Price Prediction – Where Next for LTC?
But other analysts are also citing recent positive technical developments/signals as also contributing to the building buy pressure.
A few weeks, Litecoin found strong support at its 2023 uptrend and had found strong support twice at its 200-Day Moving Average so far this year, strong validation that the bull market remains in swing.
With Litecoin also having seen a strong bounce from its 21 and 50DMAs a few days ago, a retest of yearly highs in the $103-105 area seems a strong likelihood in the weeks ahead as the countdown to the halving continues.
But the Litecoin bulls might be able to expect even strong gains in the months ahead.
The cryptocurrency appears to be in the process of forming an ascending triangle pattern, which typically forms ahead of powerful upside breakouts.
An upside break of resistance just above $100 could thus be the spark for a big rally, with many LTC bulls likely to target a test of key long-term resistance in the $300 area, which would represent more than 3x gains from current levels.
Investors shouldn’t rule out such a move occurring in the next year or so.
Litecoin has great fundamentals – the blockchain is one of the most decentralized and secure in the space and, in its 11-year existence, has experienced zero downtime.
That means it stands to benefit from being viewed as one of the most “trustable” blockchains in the business.
Indeed, thanks to its strong reputation, it is one of the only cryptocurrencies that Hong Kong is allowing retail traders to buy, with the country having only just relegalized retail crypto investment.
Litecoin (LTC) Alternatives to Consider
While Litecoin could be a fantastic investment for those willing to hold it for a few years, investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.