Litecoin (LTC), the payment-focused cryptocurrency Litecoin The blockchain that was born from a hard fork of the bitcoin blockchain in 2011 declined from the previous session’s highs in the $96 area on Friday and was last changing hands near $91.
it means cryptocurrency13 of the worldth The biggest by market capitalization, according to CoinGecko, is down about 3.0% on the day and down about 2% over the past 24 hours. Even then, price prediction Be upbeat
Litecoin’s The pullback from the earlier session’s high, which is not below the earlier monthly high around $98, comes as sentiment in the broader crypto market drags on.
Bitcoin hit a nine-month high earlier in the day but is easing even as traders worry about the expected US Securities and Exchange Commission Enforcement Action Against Coinbase and as worry about bank crisis The resurgence comes amid fears about European giant Deutsche Bank.
Nevertheless, Litecoin is trading in the $65 region, up about 38% from its prior monthly low.
cryptocurrency market, led by Bitcoinsaw an aggressive rebound from previous monthly lows as investors sought safe-haven assets outside the traditional financial system and expectations of Fed tightening sharply diminished.
Where next for LTC?
Despite its intra-day pullback, LTC still remains north of its 50-day moving average, which means that the cryptocurrency has broken back north of all its major moving averages.
This, combined with the fact that Litecoin has also managed to break north of the downtrend since mid-February, means that the short-term outlook for the cryptocurrency is good.
A retest of the recent high in the $106 area is thus on the cards, assuming that the broader crypto market sentiment remains strong.
Can LTC Break Above $100 in 2023?
Given its proximity to the key $100 level, it is not far-fetched to think that Litecoin could muster a sustainable break into the triple-digit region.
The outlook for major cryptocurrencies has improved as US (and global) bank risk appetite rises and as traders begin to place more and more bets on one. upcoming rate cut cycle from major central banks.
This alone could help propel Litecoin to the next key resistance level in the $133-42 area.
But analysts are also pointing to Litecoin-specific catalysts that could contribute to the upside, including Litecoin’s recent partnership with Mastercard, which is expected to boost adoption, given the fact that Litecoin is the most widely used form of payment. The most used cryptocurrency for 2023 and the upcoming halving event in 2023.
The last two halvings for Litecoin haven’t been as bullish for price action as they were for Bitcoin. But the Bulls can hope that this time will be different.
Litecoin Halving will release at a slower rate from 12.5 LTC per block to 6.25 per block.
Litecoin (LTC) Alternatives to Consider
The near-term outlook for Conflux is solid. But investors should always focus on diversifying their holdings.
A good way to do this might be to check out some high-caliber crypto presales – historically, getting into a project at the early presale stage has been the best way to generate returns in crypto.
In the list below, we review the top 15 cryptocurrencies for 2023, as analyzed by cryptonews 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.
