Litecoin Gains 22% In A Week While This Presale Coin Is Set for Explosive Growth (WSM)

The popular “digital silver” cryptocurrency, Litecoin (LTC), has surged beyond the $100 level, gaining close to 22% in a week.

This happened when Litecoin blockchain’s hash rate almost doubled last year, climbing to 958 Th/s (terahashes per second) on June 27. Currently, it’s roughly at 765 Th/s, yet there have been increased activities on the blockchain.

Comparing the price action of Litecoin in the past seven days, there has been a dramatic contest between the bullish and bearish sentiment, causing the coin’s price to trade at different prices within the $80 level since June 26, however above its support level at $82.53.

On July 1, it jumped to $108.20, with its new resistance level positioned at $123.12. Considering the position of LTC’s resistance level, the coin’s price is prone to several rallies and increased BUY trades.

Furthermore, the Litecoin blockchain is commencing a token halving in the coming month, mid-August. Since the announcement of this event, LTC has seen more gains in the short term. 

While analysts are tipping at a more bullish market for Litecoin, the on-chain indicators advocate for investors to maintain caution. Although LTC is currently priced at $107.10 today, July 4, the coin’s bullish momentum is strong.

Thus, many crypto enthusiasts and analysts expect the price to reach a maximum of $189.286 and its minimum price around $77.915 by the end of the year (2023).

Notwithstanding its price outlook on the leading crypto analytics platform, Tradingview could project the growth potential of the coin in the short and long term.

Litecoin Signals Short and Long-Term Bullish Amid Potential Fluctuation

Despite the bullish market signals on several indicators, LTC is currently forming a red candlestick on the chart above.

The Moving Average Convergence/Divergence (MACD) is above the signal line, confirming a bullish momentum for the coin’s market price. However, considering the faded green bar on the histogram, LTC will likely see several fluctuations before the trade ends. 

Meanwhile, the Relative Strength Index (RSI) is at 65.31, indicating the neutral position of the coin’s market as it sits between the oversold (below 30) and overbought zone (above 70).

While the RSI is slightly horizontal, more BUY trades in LTC’s market could boost its movement toward the overbought zone (above 70). However, if more sellers flood the coin’s market, the RSI could turn toward the oversold region, suggesting a trend reversal if it goes below 30.

Moreover, LTC is trading above its 50-Day and 200-Day Simple Moving Averages (SMA), a short and long-term bullish market sentiment. As such, LTC will likely reach $110 and beyond in the coming days to weeks.

Litecoin’s Support and Resistance Levels on Tradingview

Litecoin has support levels at $56.52 and $82.53, while its resistance levels are at $123.12 and $137.70. LTC is trading above its strongest support at $82.53, while it’s currently sitting at $107.12 at the time of writing. 

The coin is trading in the middle of its strongest support and resistance levels, suggesting a state of price consolidation or relative stability. 

The supply and demand forces may be roughly balanced, resulting in a range-bound price movement. Thus, the LTC’s price is likely to fluctuate within a defined range between the support and resistance levels. 

In other words, the coin could experience a sideways or horizontal market, where the price moves back and forth without making significant upward or downward progress.

While the crypto is consolidating between the support and resistance levels, it’s important to watch for potential breakout signals as the price could surpass the established resistance level following the upcoming halving event in the Litecoin blockchain. 

Notably, trading between support and resistance levels does not definitively predict future price movements. While the consolidation phase suggests relative stability, unexpected market developments can still cause a break above or below these levels.

Traders and investors should consider using additional technical analysis tools, monitoring market sentiment, and staying informed about relevant news and events to make informed decisions within this range-bound trading environment.

Why Litecoin Could Surge in the Long Run?

Litcoin (LTC) has been among the top ten leading cryptocurrencies, with over 25% gains in the past week. As of July 3, the coin’s price touched a new 2023 high at $114 with a market cap above $8 billion.

Today, July 4, 2023, LTC is in an uptrend, projecting price growth in the nearest future. While several factors may drive this growth, the upcoming Litecoin halving event is a notable factor that could boost LTC growth further.

Upcoming LTC Halving Scheduled for Mid-August

The Litecoin blockchain, according to its schedule, will commence the halving event around mid-August.

Many LTC enthusiasts are preparing for this vital event commencing on August 5, where the number of new LTC coins will reduce by half, decreasing the number of new tokens entering the crypto market. 

Considering the impact of token halving on supply and demand, this event is likely to result in a price increment for Litecoin. Since the start of the year (2023), the price of LTC has increased by approx. 53%, recording its highest level at $114.50 on July 3.

The upcoming LTC halving event has stirred anticipation and excitement among investors, and they expect further price growth for the LTC coins.

Considering the performance of Litecoin since the halving event was announced, the coin is likely to gain strong bullish momentum in the market, resulting in more price levels reached in the long run.

The Overall LTC Hashrate Increase

Last week, LTC’s hash rate reached a high level as activities on the network spiked following the upcoming coin halving. In June, the hash rate rise was followed by a correlating mining difficulty risk, making discovering new blocks more challenging.

However, miners have tackled this challenge, adopting more machines to improve their chances of finding blocks successfully. Consequently, the overall hash rate has spiked.

Furthermore, besides the halving event, the increase in the overall LTC hash rate is also a significant factor that could grow the market price of Litecoin.

As the increased hash rate indicates enhanced network security, faster block confirmation duration, potential profitability changes for miners, and positive market perception, LTC will likely gain more traction in the crypto market.

Despite Litecoin’s present and future gains, a new meme project, Wall Street Memes (WSM), is taking the crypto market by storm with its presale.

Wall Street Memes (WSM)

Wall Street Memes (WSM) is a cryptocurrency project that aims to harness the power of internet culture and memes within the context of the financial world.

The primary purpose of Wall Street Memes is to create a platform where users can engage in meme-based financial discussions, share investment ideas, and participate in community-driven decision-making processes. In other words, Wall Street Memes aims to disrupt the conventional financial landscape with one extraordinary weapon, MEMES.

It leverages the concept of memes, which are humorous or satirical images, videos, or text that spread rapidly across the internet. These memes often reflect popular culture references and can convey complex ideas in a simple and relatable way.

Interestingly, Wall Street Memes is community-driven in nature. As such, the ecosystem’s members can actively contribute by creating and sharing memes, engaging in discussions, and collectively making decisions regarding the project’s direction. This decentralized approach empowers users and fosters a sense of ownership and participation within the community.

The project can also be seen as a form of social commentary on the intersection of finance and internet culture. It represents a movement where traditional financial institutions are being challenged by the power of decentralized technologies and the collective wisdom of Internet communities.

Introducing the Utility Token WSM

The platform’s native utility token, WSM, operates on a blockchain, which is a distributed ledger technology that ensures transparency, security, and immutability of transactions. The use of blockchain enables WSM to facilitate peer-to-peer transactions and maintain an auditable record of meme-based discussions and financial activities.

As a cryptocurrency, the WSM token can be traded on various crypto exchanges, allowing users to buy, sell, and speculate on its value. Market dynamics, including supply and demand factors, determine the value of WSM. Like other digital currencies, WSM’s value can experience significant volatility.

$WSM Presale Hits $12.4 Million Milestone So Far

Since May 26, when Wall Street Memes commenced their token presale, the token’s prices have tasted different levels, and currently, it sits at $0.031 and will increase to $0.0313 in the next few days.

Furthermore, it has reached a milestone of $12.4 million, indicating a high level of investors’ interest in the project and strong support from its community.

Despite being a meme coin project, Wall Street Memes is surging dramatically, projecting high-growth potential once the coin and the platform commence operation in the crypto space.

While the presale is ongoing, early investors typically can purchase $WSM tokens at a discounted price before the official sale or listing on exchanges. Upon navigating to the presale widget, you can choose to purchase the tokens using your USDT, ETH, BNB, or the card payment option.