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While the cryptocurrency marketplace continues to deal with the impact of the SEC launching legal action against Paxos as well as its BUSD stablecoin, the price of Litecoin increased by 1.4% in the last day, rising to $91.34. The currency has increased 4% over the past 30 days, but its current value reflects a 5% decline over the previous week.
The Litecoin Foundation’s announcement that its Mastercard-powered LTC Card will be released in Europe has contributed to this admiration during the past month. Moreover, the 24-hour trading volume of LTC has surpassed $600 million, suggesting that the token may continue to increase in value over the next several days.
Litecoin: Will it exceed $1,000 in 2023?
Litecoin’s signs are still pointing to a potential decline shortly. In recent days, the RSI fell below 50 and may continue to decline along with the price of the coin.
Moreover, LTC’s 1-month moving average and its 200-day moving average both appear to have peaked. As a result, it could soon begin to decline, assisted by impending losses.
An increase in trading activity might indicate that dealers are more prepared to sell than the opposite. Holders may thus need to prepare for additional fluctuations.
The crucial support level to take into account in this case is $90. If LTC falls below this level, which it has maintained since the beginning of the month, it may revert to $85—its price at the start of the year.
Litecoin is unquestionably one of the best alternative coins available today because of its fundamentals, though. Based on the achievements the Litecoin Card has enjoyed since debuting in the United States almost two years ago, the Litecoin Foundation has expanded its cooperation with the unbanked as well as Mastercard into Europe.
Millions of users may now use their LTC assets to pay for products and services at tens of thousands of businesses, thanks to the introduction of the Litecoin Token in the UK and Europe. With the cryptocurrency acting as a branch of Bitcoin that is a little more scalable and usable, its launch illustrates the acceptance of LTC as a payment method.
Data from BitInfoCharts shows that LTC has well over 250,000 unique addresses in the last 24 hours, which puts it ahead of Dash and Dogecoin and demonstrates that it is still quite popular. In comparison to Bitcoin, which has had 300,000 transactions in the last day, it has seen over 110,000.
While the cryptocurrency hasn’t been able to achieve $100 in the last week, LTC will most likely attain this goal later this year as market circumstances improve. And under an even more upbeat outlook, it might even reach $200 or more by the end of the year.
Litecoin Price Slips from the Channel: Will It Rebound?
The token’s maximum recovery in 2023 will be $150, as per the Litecoin price forecast for 2023. On the regular timeframe chart, the LTC currency revealed some odd patterns. The value of Litecoin originally began to decline into a falling wedge on the daily time graph before briefly stabilizing.
After that, the LTC coin began to recover and entered its upward concurrent channel. To continue healing, it is now attempting to maintain itself inside the channel. If its price stays over $100 in 2023, analysts at a large cryptocurrency business predict that LTC will rise to a cost of $150.
Litecoin was trading at $98.17 at the time of the trade, having lost 1.50% of its market value. Throughout the intraday trading session, there were 31% fewer deals than usual. This demonstrates that sellers are presently attempting to push LTC below the rising parallel channel’s bottom trendline. The market capitalization to volume ratio was 0.07193.
The everyday time frame chart supports the Litecoin price performance and suggests that the LTC cryptocurrency price may recover in 2023 with a significant upward trend. To recover LTC crypto, the parallel channel has to remain active. On the other side, volume change appears to be below normal and has to increase for LTC to bounce back.
Will the price of Litecoin start to increase again?
A daily time frame graph of the token’s fall is displayed in the Litecoin price prediction. According to technical indicators, the token’s downward velocity is underneath the parallel channel.
The RSI depicts the decrease in LTC inside the channel’s momentum. When the RSI’s reading reached 55, it was in a neutral position. Using MACD, the LTC coin’s downward velocity may be detected. The MACD line and the signal line are about to cross in a bad way. Investors in the LTC cryptocurrency should monitor the everyday time frame graph for any changes in direction.
For a further bullish rally, the price of Litecoin is approaching a critical breakpoint
After increasing by over 65% since the beginning of the year, Litecoin continues to move upward. While they are in charge, the bulls currently seem to be giving themselves a rest.
The price made a smaller correction earlier this month and afterward discovered a strong level for a recovery this week. Buyers took advantage of the significant discount offered by this adjustment. After the recovery, the asset is finding it difficult to maintain positive activities over the $100 mark.
That mark has been preventing buyers from entering the market in recent days. The bears have responded three times to that level, which is a strong psychological defensive level for them. In reality, because of the negotiation pressure at that level, it is starting to attract attention.
The bears have shown that all of the bulls’ attempts to pass the mark threshold have been ineffective. A huge spike will continue to keep prices moving upward even if the bulls ultimately prevail. The situation would be different if the bears prevailed, though.
Even though the price has decreased marginally over the previous several hours, it has increased by 7% over the past week. There will be a negative indicator for the coin if it drops below the indicated support line.
Wrapping Up
The token’s maximum recovery in 2023 will be $150, as per the Litecoin price forecast for 2023. On the everyday time frame chart, the LTC currency revealed some odd patterns. The cost of Litecoin originally began to decline into a falling wedge on the regular time chart before briefly stabilizing.
On the other side, volume change appears to be below normal and has to increase for LTC to bounce back. According to technical indicators, the token’s downward velocity is underneath the parallel channel. Investors in the LTC cryptocurrency should monitor the everyday time frame graph for any specific movements.
Litecoin Alternatives
The volatility of Litecoin makes other presale cryptos a better investment at the moment. These tokens are yet to be listed and are available at a discount – bringing a big early-mover advantage to all.
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