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The crypto market is witnessing a positive shift, with Litecoin ($LTC) recording a notable 5.95% price increase in the last 24 hours.
This surge in price has attracted significant attention, with a staggering $666 million in trading volume in the same period.
Although $LTC reached a milestone in March 2023 by surpassing the $100 mark, it has since experienced a decline and has not fully recovered.
As momentum builds, inventors are speculating whether $LTC, currently valued at around $84, will reach the coveted $100 mark.
However, investing in the asset may not be feasible for inexperienced investors due to its high cost.
Therefore, investors seeking an alternative with a focus on value may consider exploring $YPRED, the utility token of the yPredict platform.
LTC Price Surges Amid Crypto Market Bullish Trend
At press time, the $LTC token is trading at $84.09, representing an uptrend of 8.99% in the last 24 hours.
The trading volume of the cryptocurrency has also witnessed a notable increase, reaching $666 billion in the past day. This has contributed to the growth of its market capitalization, which rose from $4.55 billion seven days ago to $6 billion.
In the previous week, LTC has shown a price increase of 8.68% and a decline of 8.61% in the past month.
However, the digital asset has maintained a positive year-to-date (YTD) performance, showing a significant increase of 20.09%.
Analyzing the technical charts, it appears that $LTC’s recent price surge is pushing it in a favorable direction. The token’s price is above its 50-day simple moving average (SMA) of $83.90 and exceeds its 200-day SMA of $83.54.
Even though $LTC is currently surpassing its moving average indicators, investors should expect price fluctuations due to market volatility.
Based on technical analysis, $LTC has recently broken through the 50% Fibonacci retracement level at $83.94 and is currently approaching the 61.8% Fibonacci retracement level at $84.11.
Despite potential resistance at this level, consistent upward momentum could enable the asset to surpass the barriers and ascend toward higher levels.
Furthermore, if the crypto market maintains its upward trend and the Litecoin network garners more support, the asset can reach $100 in the foreseeable future.
With a relative strength index (RSI) reading of 65.09, $LTC is still in the underbought region. However, it is trading dangerously close to the overbought zone, and further buying pressure could potentially push the asset into that zone.
On the other hand, the moving average convergence divergence (MACD) reflects a strong buy signal.
Litecoin Addresses Surges By 55% in Anticipation Of Halving Event
Litecoin is currently experiencing a surge in network activity as it approaches its highly anticipated halving event scheduled for August 2023.
At the halving event, the block reward for mining Litecoin would be reduced from 12.5 LTC to 6.25 LTC. This decrease in rewards will make it more challenging to mine LTC, increasing its scarcity.
As a result, investors are showing a growing interest in LTC, anticipating a potential price increase after the halving.
On-chain data aggregator IntoTheBlock’s Twitter post confirms that the number of new addresses on the Litecoin network is steadily rising, further highlighting the increased attention and activity surrounding LTC.
Litecoin active addresses saw a 28% 7-day increase & new addresses saw a 54.6% 7-day increase! 🚀
Daily Active Users (DAUs) on the Litecoin network has witnessed a substantial 8.86% surge! – @intotheblock pic.twitter.com/SOaRujhsf4
— Litecoin (@litecoin) June 19, 2023
In the past week alone, the total number of new addresses has seen an impressive 55% increase.
This significant growth has propelled Litecoin’s total addresses beyond the milestone of 200 million, surpassing Ethereum’s 180 million total addresses. However, LTC still has a considerable gap to bridge compared to Bitcoin’s 1 billion addresses.
BREAKING: Litecoin hits a record milestone of 200 million total addresses! 🔥 pic.twitter.com/sr6tqqfuUI
— Litecoin (@litecoin) June 17, 2023
The Litecoin halving event occurs every four years, following a similar mechanism as Bitcoin. It creates a scarcity environment for the cryptocurrency, often perceived as a bullish factor for $LTC.
This behavior is not unusual, as similar patterns have been observed in the past.
Currently, $LTC is trading at $84.09 per coin. However, as bullish sentiment continues to build up in anticipation of the halving event, there is a possibility that the cryptocurrency could surpass the $100 mark.
Buy $YPRED as an Alternative Investment to $LTC
While the long-anticipated LTC rally garners attention, the cryptocurrency landscape has seen the emergence of several new altcoins with strong fundamentals.
One such altcoin is yPredict, a platform built on Polygon that harnesses the power of AI to provide users with trading intelligence.
This “All-in-One” AI ecosystem employs artificial intelligence and machine learning to provide a competitive advantage to quants and traders in the market.
Crafted by the top 1% of AI developers and Quants, yPredict offers a range of features and analytical tools to assist traders in making informed trading decisions.
🚀 Embark on an extraordinary AI-powered journey with #YPredict! It's not just a utility token, but a gateway to a world of groundbreaking products and possibilities. 🌐🔬
💡 Experience unparalleled marketing excellence with our industry-leading content editor, designed to… pic.twitter.com/heQoBiRmPS
— yPredict.ai (@yPredict_ai) June 12, 2023
The yPredict ecosystem is powered by the $YPRED token. The digital asset is in its sixth presale stage and has raised over $2.5 million.
The $YPRED token is currently selling for $0.09. However, it is expected to list on major exchanges for $0.12 later this year.
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