Litecoin (LTC) Bounces Back with a 5% Increase in 24 Hours
The price of Litecoin (LTC), the cryptocurrency that powers the payments-focused decentralized Litecoin layer-1 blockchain protocol, has experienced a 5% bounce in the last 24 hours, according to CoinGecko. This marks an impressive increase of over 15% from last week’s lows.
Currently trading near $66 per token, LTC briefly fell below $58 at the beginning of last week. As one of the oldest and most battle-tested blockchains, Litecoin was launched in 2011 to address scalability concerns related to Bitcoin.
In mid-August, the price of Litecoin dropped significantly after breaking below its uptrend from mid-2022 lows. Despite its recent recovery, LTC is still down more than 40% from its early July highs of around $115 due to a decrease in optimism about August’s block reward halving.
However, recent technical developments have led to more optimistic price predictions for Litecoin.
Litecoin (LTC) Price Prediction – Key Resistance Level to Watch
Litecoin has found solid support at its 21-day moving average (21DMA), indicating a positive turn in near-term price momentum following recent losses. Bulls are now focused on the next key resistance level around $70.50.
This level previously served as long-term support in June but has now become resistance since late August. Additionally, it is where the 50-day moving average (50DMA) is located.
If Litecoin manages to surpass this crucial resistance zone, there could be a retest of the uptrend from 2022/2023, potentially resulting in gains of 25-30%. However, long-term bulls and Litecoin supporters may prefer consolidation within the $60-70 range, as it allows for more time to accumulate.
Litecoin presents itself as the silver to Bitcoin’s gold, offering low transaction fees (averaging $0.01), fast transaction speeds, and scalability for daily transactions. The cryptocurrency has already gained significant adoption, as evident in recent tweets by the official Litecoin account showcasing a wide range of items that can be purchased using LTC.
Litecoin (LTC) Alternative to Consider
As the crypto market is unpredictable, it is wise for investors to diversify their holdings. One promising alternative to consider alongside Litecoin is a new coin called $WSM, launched by Wall Street Memes, a popular retail investing community with over 1 million followers across various social media platforms.
$WSM, described as “the king of stonks” (stocks) and aiming to become “the king of crypto,” has successfully raised over $25 million during its presale. Influencers and analysts in the crypto industry have shown support for this coin’s potential success.
The presale for $WSM will end in less than 7 days, so investors are encouraged to get involved soon. This token has the potential to match or even surpass the likes of Pepe Coin, Dogecoin, and Shiba Inu.
BitInfoCharts shows that Litecoin’s daily transactions have consistently remained above 100,000 after reaching record highs above 500,000 earlier this year.
Hot Take: Litecoin’s Recovery Points Towards Optimism
The recent bounce in Litecoin’s price indicates a positive shift in momentum and renewed optimism for the cryptocurrency. Despite experiencing a significant drop from its July highs, LTC has shown resilience and is attracting attention due to its technical developments and potential for future growth.
With support from the Litecoin community and increasing adoption for daily transactions, Litecoin remains a strong contender in the crypto market. Investors may also consider diversifying their holdings by exploring alternatives such as $WSM, a promising coin launched by Wall Street Memes.
As always, it’s important to stay informed about the market’s unpredictability and make well-informed investment decisions.
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