Press Release Litecoin. Source: AdobeLitecoin (LTC), the cryptocurrency that power’s the payment-focused Litecoin blockchain that was born out of a hard fork of the Bitcoin blockchain back in 2011, has pulled lower from earlier session highs in the $96 area on Friday and was last changing hands close to $91.
That means the cryptocurrency, the world’s 13th largest by market capitalization according to CoinGecko, is down around 3.0% on the day and is lower by around 2% in the last 24 hours. Nonetheless, price predictions remain upbeat.
Litecoin’s pullback from earlier session highs, which aren’t far below earlier monthly highs around $98, comes as sentiment in the broader crypto market eases.
Bitcoin hit fresh nine-month highs earlier in the day but is also easing as traders fret about expected US Securities and Exchange Commission enforcement action against Coinbase and as bank crisis concerns resurface amid fears about European behemoth Deutsche Bank.
Still, Litecoin is trading around 38% above earlier monthly lows in the $65 area.
Cryptocurrency markets, led by Bitcoin, saw an aggressive rebound from earlier monthly lows as investors looked for safe-haven assets outside of the traditional finance system and as expectations for Fed tightening were rapidly pared.
Where Next for LTC?Despite its intra-day pullback, LTC is still holding to the north of its 50-day Moving Average, meaning the cryptocurrency has broken back to the north of all of its major moving averages.
That, combined with the fact that Litecoin has also managed to break to the north of the downtrend in play since mid-February means that the cryptocurrency’s short-term outlook is good.
A retest of recent highs in the $106 area is thus on the cards, assuming broader crypto market sentiment remains robust.
Can LTC Break Convincingly Above $100 in 2023?Given its proximity to the key $100 level, it’s not far-fetched to think that Litecoin can muster a lasting break into triple-digit territory.
The outlook for major cryptocurrencies has improved as US (and global) bank risks rise and as traders start betting more and more on an incoming rate-cutting cycle from major central banks.
That alone could help Litecoin push to the next major resistance levels in the $133-42 area.
But analysts are also pointing to Litecoin-specific catalysts that could also contribute to upside, including Litecoin’s recent partnership with Mastercard that is expected to boost adoption, the fact that Litecoin remains amongst the most used cryptocurrencies for payments and the upcoming halving event of 2023.
Litecoin’s past two halvings haven’t been quite as bullish for the price action as they have been for Bitcoin. But the bulls may continue to hope that this time will be different.
The Litecoin halving will slow issuance from 12.5 LTC per block to 6.25 per block.
Litecoin (LTC) Alternatives to ConsiderConflux’s near-term outlook is pretty solid. But investors should always be looking to diversify their holdings.
A good way to do this might be to check out some high-potential crypto presales – historically, getting in on a project at the early presale stage has been the best way to generate a return in crypto. » …
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