Litecoin (LTC) is on course for its first red day in five as the broader cryptocurrency market experiences a slide as US yields and the US dollar gain against US bearish bets in the wake of a strong US data release, and The Fed casts doubt on the idea that the central bank will hike interest rates after comments from speakers.
LTC It was down just over 2% on the previous day and was trading below $92 amid a surge in trading volume, which according to CoinGecko, exceeded $1 billion in the past 24 hours.
Meanwhile, the likes of bitcoin and ether where both down in the 1% zone and trading above the respective $27,000 and $1,800 levels.
Despite this, the forecast for prices remains encouraging.
However, unlike bitcoin and ether, Litecoin Has been able to post significant gains over the last few sessions.
In fact, the cryptocurrency, which is often referred to as digital silver to bitcoin’s digital gold, is still up more than 20% from its previous monthly lows.
Analysts have cited optimism about next stop Did Litecoin Issue rate to miners on 2Ra As a key driver of the cryptocurrency’s recent gains in August, some have suggested that Litecoin could continue to outperform the broader market as we head into summer.
Others have cited the continued progress of Litecoin as a means of payment, which is helping its price, as can be seen in its increasing transaction numbers and the number of online merchants that offer it as a payment option. Accept.
Price Prediction – Where to Next for Litecoin (LTC)?
For now, Litecoin is north of its 50- and 100-day moving averages, a sign that the latest pump higher could continue despite Thursday’s broader pullback.
Unless broader crypto market sentiment turns too bad, a near-term return north of $100 is on the cards.
And this could set up a potential breakout from an ascending triangle pattern that Litecoin has been consolidating in over the past few months.
An upside break of this buzz could open the door for a bullish retest of the mid-March 2022 high of $130, a 50% upside from Litecoin’s current levels.
Are Whales Buying Before the Halving?
It looks like whales are hoarding Litecoin.
According to data presented by crypto data analytics platform IntoTheBlock, the number of wallets holding 10,000-100,000 LTC tokens has increased by about 2% over the past 30 days, while the number of wallets holding 100,000 and 1 million LTC tokens has increased. close to 5%.
But looking at the long-term trends for these two whale wallet peers, not much has changed over the past year.
Where there has been a huge change recently is in the number of Litecoin Shrimp wallets that hold zero to 0.1 LTC balances.
At around 6.66 million, this group has increased in number by almost 1 million in a month.
So while mega whales seem to be piling up ahead of the halving, small-time investors who only want to hold on to a few dollars worth of LTC can.
More than anything, this may represent the adoption of Litecoin as a medium of exchange.
Litecoin Alternatives to Consider
While Litecoin has the potential to perform extremely well in the medium term if it can break key resistance levels, investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors may consider is getting involved in crypto presales.
This is where investors buy tokens of up-start crypto projects to help fund their development.
These tokens are almost always sold very cheaply and have a long history of pre-sales providing huge exponential returns to early investors.
Many of these projects have great 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 pre-sale investment is great.
The Cryptonews team spends a lot of time on pre-sale projects to help investors.
Here is a list of 15 of what the project considers to be the best crypto pre-sales of 2023.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
