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LTCticker for LitecoinThe cryptocurrency that powers crypto-payments-centric Litecoin Blockchain, trading about 3.5% lower on Thursday in the $94 area, swung south of its 21-day moving average at $95.50 and pulled back from an earlier weekly high in the $98.50 area. The cryptocurrency’s latest pullback comes after a broader easing in crypto prices Latest US data (weekly jobless claims) point to a still hot labor market and the economy, pressuring risk assets and supporting the Fed’s tighter bets.
Technical sales are also playing a role. Since the bottom of the uptrend that has been running since last November at the end of last week, Litecoin Grinding higher but has been unable to sustainably move north which was previously offering support. Litecoin failed to break above it again on Wednesday, contributing to Thursday’s reversal, although the 50DMA at $93 may offer support.
Litecoin’s latest reversal comes despite fresh evidence of the cryptocurrency’s growing adoption as a mainstream means of payment. According to a recent report published by CoinGate.com, LTC payments account for 9.5% of the total crypto payments made to CoinGate merchants. This is impressive considering that Litecoin only accounts for about 0.6% of the total cryptocurrency market capitalization. Its market cap is currently around $6.8 billion versus the total crypto market cap of around $1.06 trillion.
Price Prediction – Where’s Next for Litecoin?
Since LTC has broken below its uptrend since November 2022, the struggle to get hold of it could be high. back over $100 In very short span of time. There are high chances of a test of the recent lows of $88-$90. But if the broader crypto market continues to maintain its composure and move slowly in the coming months, Litecoin is a good candidate to continue its strong performance.
This is because the cryptocurrency has few positive drivers at the moment. The use of Litecoin as a medium of exchange is likely to increase in light of the cryptocurrency’s recent adoption as a safe haven. partnership with mastercard, which will soon begin offering Litecoin-based cards to customers in the UK and EU following success with a similar program in the US. However, it was recently reported that Mastercard would push back launch of crypto-related products due to market and regulatory uncertainty. Meanwhile, just as the bitcoin blockchain has experienced intrigue in the wake of the success of its recently deployed Ordinal Non-Fungible Token (NFT) protocol, so has Litecoin.
According to a recent tweet from the Litecoin Foundation, 20,000 Litecoin ordinals were minted directly onto Litecoin’s blockchain in just three days. Litecoin could also be one of the main beneficiaries of an expected boom in crypto markets when Hong Kong authorities open the market to retail traders again later this month. According to a tweet from the official Litecoin account, the retail cryptocurrency “must be classified into at least two of the five indices for Hong Kong’s SFC approval”. “Only 4 cryptos have four or more, one of which is Litecoin”.
In the longer term then, Litecoin may be able to maintain its march higher that began last November, when LTC briefly dipped below $50. Key levels that the bulls will target include key long-term support-turning-resistance areas near the February high around $106, last March high in the $130s, and the low $140s.
LTC Alternatives to Consider
The outlook for LTC is potentially looking very good. However, traders looking for quick profits may want to consider other high-potential tokens, such as those sold in pre-sales by promising up-and-coming crypto projects. We’ve reviewed some of the best candidates in this list of 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.