Litecoin has gained 1.4% in price over the past 24 hours, climbing to $91.34 as the cryptocurrency market continues to weather the bearish effects. SEC is taking enforcement action against Paxos and its BUSD stablecoin. Its current price represents a loss of 5% in one week, although the coin is up 4% over the past 30 days.
This appreciation over the past month has been helped by the Litecoin Foundation. Announced Its Mastercard-Powered Litecoin Card Will Launch In Europe, And with LTC’s 24-hour trading volume surging above $600 million, the coin could have more gains in store in the coming days.
Litecoin Price Prediction as $600 Million Trading Volume – Can LTC Reach $1,000 in 2023?
The indicators for LTC continue to suggest that it could be due for a decline in the near term. Its Relative Strength Index (purple) has dropped to 50 in the past few days, and may continue to decline along with the coin’s price.
Furthermore, the 30-day moving average (red) of LTC is likely to peak with respect to its 200-day (blue). Hence it may start coming down soon, helped by impending losses.
Indeed, the arrival of higher trading volume may be an indicator of traders preparing to sell, rather than the reverse. As such, holders may need to prepare themselves for further movements.
In this regard, the key support level to consider here is the $90 level. If LTC breaks below this level – which it has held since the beginning of February – it could see a return to $85, which was at the beginning of the year.
However, Litecoin’s fundamentals arguably make it one of the best altcoins in the market. As mentioned above, the Litecoin Foundation recently expanded its partnership with Unbanked and Mastercard in Europe, building on the success of the Litecoin Card launched in the United States nearly two years ago.
With the launch of the Litecoin Card in the UK and Europe, millions of people can now spend their LTC holdings to pay for goods and services at thousands of retailers. This launch testifies to the popularity of LTC as a means of payment, with the cryptocurrency standing as a slightly more scalable and spendable fork of bitcoin.
LTC remains popular, backed by its data BitInfoCharts statistics Revealing that it boasts more than 250,000 active addresses in just the last 24 hours, putting it ahead of Dogecoin and Dash. it’s also Over 110,000 transactions seen in the last 24 hoursCompared to 300,000 for more established bitcoin,
Such data shows that, despite the lack of media hype, Litecoin continues to attract usage. By extension, it can be argued that LTC is not currently undervalued to a significant degree, affecting price gains in the not too distant future.
While $100 has been elusive for altcoins over the past week, LTC will almost certainly meet this target later in the year as market conditions become more favorable. And as the year draws to a close, it could reach $200 or higher, assuming more bullish sentiment.
In fact, some proponents believe it could reach $1,000 by early 2024. Such growth could be helped by Litecoin’s next halving (reducing its block reward), which is due in August.
litecoin alternative
Despite its potential, it is likely that LTC will not enjoy a major rally until there is an overall uptrend in the market. That said, there are some high potential coins that could rally in the near future. Thus, we review them in the list of top 15 cryptocurrencies for 2023, as analyzed by crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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