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A Price Prediction for Litecoin (LTC) Suggests the Coin May Rise. Can Deelance Keep Up With it?

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Analyzing Litecoin's Price Pattern: Predicting an 18% Decline to $64
Analyzing Litecoin's Price Pattern: Predicting an 18% Decline to $64

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The Litecoin cryptocurrency is derived from Bitcoin’s fork and was released in 2011. The asset was created to compete with Bitcoin.

The project was meticulously crafted to employ the Scrypt proof-of-work consensus mining algorithm, boasting cost-effectiveness and digital payment security. Compared to Bitcoin, Litecoin’s protocols demonstrate remarkable efficiency in transaction confirmation, with an average time of 2.5 minutes as opposed to Bitcoin’s 10 minutes.

Its clever halving mechanism occurs at 4-year intervals, contributing to its controlled inflation, and the maximum supply of 84 million LTC units ensures a predictable scarcity that sets it apart as a valuable digital asset in the market.

Market Performance of Litecoin (LTC)

As of July 19, 2023, at 8:46 EST, the coin’s market value has shown a slight increase of 1%, bringing its price to $92.74. However, its trading volume has experienced a notable decline of 12%, reaching $708 million over the past 24 hours.

Despite the recent dip, the coin’s overall performance has been mixed, ranking No. 13 on CoinGecko. In the past 7 days, it has seen a 4% decline, with a current price of $103.51. Yet, over the past month, the coin has impressively gained 20%, and its year-on-year growth is even more remarkable, appreciating by approximately 62%. Nevertheless, it’s important to note that the coin is currently down by 77% from its all-time high of $410.26.

LTC’s Market Could Rally, According to Technical Analysis

Source: tradingview

Based on the technical chart analysis, the bulls appear to be gaining strength in the market, as evidenced by the potential for the asset’s price to rally today and recover losses from the past 5 days. LTC currently trades above the 50-Day and 200-Day Simple Moving Averages, indicating a bullish trend.

Although the Moving Average Convergence Divergence (MACD) shows bearish signals with a faded red histogram bar, the fact that it trades below the signal line suggests that selling pressure has diminished due to the influence of the bulls.

The Relative Strength Index (RSI) indicator, currently at 47.89 in the neutral zone, is slowly moving upwards towards the overbought zone (70), reinforcing the possibility of the bulls taking control as the bears lose their grip on the market.

LTC Resistance and Support Levels

Source: Tradingview

Based on the market conditions depicted in the chart above, it appears that LTC’s market may be under the control of the bulls starting today. If this trend continues, there is a potential for the asset’s market value to increase, possibly reaching the $98.05 resistance level.

Such a scenario might attract more investors to consider investing in LTC, which could further drive its value upwards, targeting the $101.99 resistance in the future.

However, it is essential to be aware that the bears could take control of the coin’s market while the bulls are still building their buying momentum. LTC’s price may be dragged down to the $89.43 support level in such a case.

If the bulls remain neutral and fail to sustain their buying pressure, the bears could increase their selling pressure, causing the asset’s value to breach the support mentioned earlier. This could result in negative sentiment within the coin’s market, leading to further price declines and a potential drop to the $86.59 support level.

It is crucial to remember that the cryptocurrency market is highly volatile, and future market behavior may not necessarily align with the above analysis. Therefore, implementing risk management techniques and conducting thorough research and analysis before making any investment decisions in this ever-changing market landscape is paramount.

LTC’s Future Market Price Predicted by Technical Experts

Based on various predictions from different sources, the asset’s price, particularly Litecoin (LTC), is anticipated to experience fluctuations over the years. By 2023, Techopedia’s analysts foresee the lowest, average, and highest prices for LTC to be approximately $55, $122.15, and $165, respectively.

At the same time, the crypto experts at CryptoNewsZ expect the lowest and highest prices to be around $77.92 and $189.29, respectively. In 2024, the asset’s price could range between $166.21 and $239.27, according to the predictions.

Coincodex’s technical analysts suggest that by 2026, the lowest and highest prices could be approximately $66.32 and $177.46, respectively. Further down the line, in 2028, the minimum and maximum values may reach $31.94 and $93.63, respectively.

By 2030, the highest and lowest prices will be approximately $255.76 and $42.41, respectively. These predictions highlight the potential volatility and growth in the LTC market over the next few years.

Litecoin (LTC) Market Behavior: A Few Factors to Consider

On July 18, 2023, Litecoin made an exciting announcement on its Twitter page, revealing the release of the highly anticipated Litecoin MimbleWimble (MWEB) update V24, developed by David Burkett. The MWEB update marks a significant privacy enhancement for the Litecoin network, offering increased protection for users by concealing their locations and the number of assets transferred after transactions.

The latest MWEB update involved several crucial tasks, including the pre-MWEB Litecoin integration into the v24 codebase of Bitcoin and the successful merger of the previously released MWEB code. These advancements will bolster the network’s privacy features and elevate the user experience.

Simultaneously, Litecoin has achieved a remarkable milestone by breaking historical transaction records. Data from TradingView reveals that the Litecoin network processed more than a million transactions within a mere seven-day period, reaching a total of 170 million transactions by July 15, 2023.

This surge in activity is generating significant interest in the crypto community and is likely attributed to the approaching Litecoin halving event, which is generating considerable buzz in the market.

In light of the impending halving, whale activity has been notable. TradingView data indicates that whales have acquired over 590 thousand units of LTC, amounting to a staggering $59 million, in just the past 48 hours. These market participants appear to be positioning themselves ahead of the halving event, anticipating potential price movements and capitalizing on emerging trends.

The revolutionary MWEB update, the record-breaking transaction numbers, and the increased interest from whales create an exciting atmosphere within the Litecoin ecosystem. As the halving event approaches, investors are closely monitoring these developments, and their reactions may significantly impact the behavior of the Litecoin asset in the market.

Next Moonshot May Be Deelance

DeeLance is revolutionizing the freelancing landscape with its innovative approach, significantly impacting the crypto industry. The meteoric rise of their $DLANCE token presale, approaching the monumental $1 million mark, is a testament to the platform’s potential.

By harnessing the power of blockchain’s decentralization and transparency, DeeLance aims to disrupt the dominance of established intermediaries like Fiverr and Upwork, which have long held control over the freelance job market. With its vision of empowering freelancers and employers alike, DeeLance seeks to usher in a new era of autonomy and ownership, where creative professionals can directly connect with potential clients and retain complete control over their work.

The platform’s decentralized nature fosters micro-communities within a metaverse, allowing creatives to collaborate, exchange ideas, and establish meaningful relationships. Including an NFT marketplace enables secure and transparent transactions, solidifying DeeLance’s position as a game-changer in the freelance economy. As the project continues gaining momentum, it promises to reshape the foundation of freelance work.

The Features of Deelance

$DLANCE is the driving force behind the Deelance ecosystem, empowering transactions in the NFT marketplace and fueling activities within the metaverse. It holds immense value for its holders, granting them exclusive privileges like themed meeting rooms, virtual galleries for showcasing portfolios, access to job fairs, advertising opportunities, and more.

By combining the potential of blockchain technology and the metaverse, the platform aims to redefine collaboration and remote work, offering a seamless and secure experience.

$DLANCE holders are not only eligible for discounts and NFT whitelists but also enjoy early access to upcoming features.
As an ERC20 token on the Ethereum mainnet, the total supply of $DLANCE is capped at 1 billion, ensuring its scarcity and potential for future growth.

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