Litecoin (LTC), the cryptocurrency that powers the payments-focused decentralized Litecoin layer-1 blockchain protocol, has bounced 5% within the final 24 hours in line with CoinGecko, and is up a formidable greater than 15% from final week’s lows.
LTC was final buying and selling close to $66 per token, having briefly fallen beneath $58 at the beginning of final week.
Litecoin is without doubt one of the oldest and most battle-tested blockchains, having launched in 2011 to deal with issues about Bitcoin’s scalability.
The Litecoin worth fell sharply in mid-August after breaking under its uptrend from the mid-2022 lows.
Despite its current restoration, LTC nonetheless down over 40% from early July’s highs round $115 amid an unwinding of optimism about August’s block reward halving.
But current technical developments imply that worth predictions have develop into extra optimistic.
Litecoin (LTC) Price Prediction – Watch This Key Resistance Level
Litecoin has lastly been capable of finding first rate help at its 21DMA, an indication that near-term worth momentum has taken a flip for the higher after the cryptocurrency’s current battering.
Bulls will now be turning their consideration to the subsequent key space of resistance which is round $70.50.
This is a long-term space of support-turned-resistance (help in June, resistance in late August) and in addition the place the 50DMA resides.
If Litecoin was in a position to break above this key resistance zone, a retest of the 2022/2023 uptrend could possibly be on the playing cards, that means the opportunity of fast 25-30% good points.
But longer-term bulls and Litecoin believers may very well want it if the cryptocurrency continues to consolidate inside current $60-70 ranges, as that will give them extra time to build up.
Indeed, Litecoin stays a robust candidate to carry out effectively in the course of the subsequent crypto bull market and within the coming decade.
Litecoin markets itself as the silver to Bitcoin’s gold – a model of Bitcoin that’s higher suited to every day transactions because of its tremendous low transaction charges (which common $0.01), quick transaction speeds and scalability.
The cryptocurrency is already seeing important adoption, as evidenced in a current tweet by the official Litecoin account boasting of the stunning assortment of things that may be purchased utilizing LTC, and as additionally evidenced by the Litecoin community’s continued common pattern larger in every day transactions lately.
After spiking to file highs above 500,000 per day earlier this 12 months, every day Litecoin transactions are presently constantly above 100,000, as per BitInfoCharts.
Litecoin (LTC) Alternative to Consider
It’s at all times sensible for crypto buyers to hedge their bets, given the unpredictability of the market.
One glorious Litecoin (LTC) different that crypto buyers ought to take into account is a brand new coin being launched by Wall Street Memes, one of many web’s largest retail investing communities.
Wall Street Memes, with its over 1 million following throughout varied social media channels, has historically described itself as “the king of stonks” (shares for the uninitiated), however can also be trying to declare the crown of being “the king of crypto”, with the launch of its very personal meme coin token $WSM.
The presale of $WSM has been a convincing success, with over $25 million raised, and dozens of main crypto business influencers and analysts backing the coin for main success.
And buyers are operating out of time to become involved, with the presale scheduled to finish in beneath 7 days.
Get in now on a token that would match and even surpass the likes of Pepe Coin, Dogecoin and Shiba Inu.
Buy $WSM Here
Disclaimer: Crypto is a high-risk asset class. This article is supplied for informational functions and doesn’t represent funding recommendation. You may lose your whole capital.