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Litecoin has gone up by 0.5% in the last 24 hours. This increase has done little to dampen its 2% drop on the weekly charts and 30% decline on the monthly price chart. However, investors are still wondering whether this little surge can soon push this token to the moon.
Litecoin Rises By 0.5%
In the last 24 hours, Litecoin has experienced a marginal increase of 0.5%. This pump resulted from a panic rally after LTC dropped to $61 yesterday.
At 7:57 a.m. EST, LTC was valued at $64.11. The recent increase is accompanied by a 0.5% increase in market capitalization and a 31% drop in its 24-hour trading volume. The drop in trading volume could indicate a contented effort by the community to hold this token in a bid to push its price further.
What is The Reason Behind LTC’s Price Action?
Litecoin is based on Bitcoin’s protocol. The only difference is its hashing algorithm, but that doesn’t make Litecoin decouple from Bitcoin’s price action.
That shows that the recent price action that Litecoin has gone through is due to Bitcoin. Following is the comparison chart that shows how closely Litecoin follows Bitcoin.
Since there is no decoupling of price trends between Litecoin and Bitcoin, the latest price action that Litecoin has received is due to Bitcoin’s response to the current market conditions. At press time, the world’s oldest crypto is trading around the $25.8k mark and is trying to cross its $26k resistance. Similarly, Litecoin is attempting to move beyond its $64.7 psychological resistance.
The recent pump may also be because Litecoin has just turned 11, compared to a post on X (formerly Twitter).
Litecoin is sound money more than ever.
⚡Open-source
⚡Decentralized
⚡Safe & Secure
⚡Scalable & Fungible11+ years of flawless activity. pic.twitter.com/q7B7BIqbbW
— Litecoin (@litecoin) September 1, 2023
Litecoin Price Analysis – Short-Term
Hourly chart shows that Litecoin is moving up in a jagged pattern. If the momentum persists, it may cross its current psychological resistance – $64.78 and move past the $65 mark.
Supporting this bullish view is the current RSI – Relative Strength Index – which is currently 56 and is moving up. It might move into the overbought zone soon, increasing the LTC price. The token’s MACD is also positive, and the histogram is currently faded green, showing that some buyers may come around to engineer a rally.
Litecoin Price Analysis – Long-Term
Litecoin’s weekly chart shows us its long-term prospects – and things aren’t that positive.
While the LTC price is higher than its 2022 lows by 28%, technical indicators give a bearish outlook. The RSI, for instance, is 38, and the MACD is negative and shows a bright red histogram, indicating a bearish sentiment. A significant reversal has to happen for this trend to change.
Litecoin Alternative – Sonik
Sonik Coin is a crypto presale that has gained massive traction thanks to its aesthetics and the current craze about meme coins.
Taking inspiration from Sonic the Hedgehog, Sonik Coin has created an iconic character – Sonik the Hedgehog. This character has the same underlying themes of speed but focuses on loftier goals – such as reaching a $100 million market capitalization in the fastest time.
Helping with that is the token’s memecoin aesthetics, which has drawn a lot of attention, and its unique staking utility. Known as Stake-to-Speed, this utility will allow Sonik Coin holders to earn weekly APY.
Sonik Coin has a total supply of 299,792,458,000, equivalent to the speed of light in meters per second, of which 50% of the tokens have been dedicated to the presale.
So far. Sonik Coin has raised more than $1 million during its ICO, which is closing in the next three days. Interested parties must visit sonikcoin.com to become early movers.
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