LTC Price Prediction As The Downtrend Begins, But The $89.42 Support Will Prove Critical

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Litecoin (LTC) is down in the market today, March 3, trading at $89.04, an 8.01% reduction in its price in 24 hours. Yesterday it closed at $95.26 but has retraced at the moment. However, LTC has been one of the top-performing tokens in 2023.

LTC traded at $75.60 on January 3, 2023, and increased to $1.75 by January 9. It spiked to $100.44 by February 1, 2023, and recorded some fluctuations before it rose to $102.80 on February 15, 2023. Although the price is down today, another rally is likely for the number 13-ranked cryptocurrency.

Litecoin Price Prediction Based On Daily Chart

LTC Price Prediction As The Downtrend Begins, But The $89.42 Support Will Prove Critical — Source: Tradingview.com

Litecoin is in a downtrend today, having posted two consecutive red candles on the price chart. It is trading below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment for the asset.

Also, the Relative Strength Index (RSI) indicator is at 41.91, close to the oversold region of 30. The RSI is moving downwards, suggesting that LTC could likely see a further price decline.

LTC’s Moving Average Convergence/Divergence (MACD) is below its signal line and still descending. The histogram bar for today has formed a solid red bar indicating the strength of the bears in the market.

However, despite the current bearish sentiments, the long-term forecast looks promising for Litecoin. It is still trading above its 200-day SMA, which is a bullish sentiment and a signal of a potential rally. Expect a recovery in the coming weeks.

Litecoin’s support levels are $89.42, $91.73, and $93.47; its resistance levels are $97.53, $99.85, and $101.59. It trades below its support levels and will likely decline until the next Bull Run. LTC might trade at the $89.42 price level in the coming days or below.

Factors Affecting Litecoin’s Price

Litecoin has recorded positive price action in 2023. Some factors on the network partly influence its price. Here are the latest trends to note

Litecoin Foundation Unveils New Version

The Litecoin Foundation has unveiled Litecoin Core v0.21.2.2. This update also carries vital security updates that were problematic in the previous version. The security fixes harden the network nodes and tighten security.

Also, when high network traffic occurs, it limits and manages the memory usage preventing nodes from running out of memory. However, Litecoin Foundation included a disclaimer informing users that despite the repeated testing, the version may still contain bugs.

Litecoin Payments On The Rise

CoinGate, a popular payment gateway, notes that Litecoin is the fourth most popular cryptocurrency for online purchases. CoinGate processed around 88,295 LTC payments in 2022 which accounts for 9.5% of the total crypto payments on the platform.

Bitcoin tops the list of cryptocurrencies used for payments, followed by USDT and Ether. Litecoin is fourth on this list and still making positive strides in 2023. According to this report, users prefer Litecoin since it is fast and affordable; the average transaction cost on the network is $0.0070.

The Litecoin Foundation stated that on February 26, 2023, the Litecoin Network processed its 145 millionth transaction. The network processed over 5 million transactions in 2023, indicating increasing user interest.

Litecoin Partners With Metalpha For Crypto Mining Solutions

Litecoin network uses a Proof-of-Work (PoW) system that involves mining to secure the network. Last month the developers announced a partnership with Metalpha Technology Holding Limited (NASDAQ: MATH), a top wealth management company.

BREAKING: @LTCFoundation and @MetalphaPro form a partnership to develop hedging and sustainable mining solutions for the Litecoin ecosystem. Aiming to expand renewable energy use and lower carbon emissions on the Litecoin network.https://t.co/nlNXHAmphO

— Litecoin Foundation ⚡️ (@LTCFoundation) February 24, 2023

This partnership aims to develop derivative products, promote the use of renewable energy, and lower carbon emissions from mining in the Litecoin network. Also, Metalpha aims to support crypto miners with hedging products against market risk.

Both organizations will work with universities and research institutions for blockchain innovation, improved adoption, and scalability.

These factors have contributed to LTC’s positive price movement in 2023. However, the price pullback could be temporary for consolidation before the next bull run.

Litecoin Alternatives

While Litecoin retraces in the market today, some altcoins are rewarding investors in 2023. These altcoins are currently on presale and will increase in value once they list on exchanges.

Metropoly (METRO)

This platform introduces a new method of real estate investment powered by blockchain technology. Real estate investments could be challenging for first-time investors. However, blockchain technology will create more equity in the market.

Metropoly offers users a unique fractional real estate investment feature that lowers the entry barrier for investors. With just a $100 investment in real estate, it is possible and accessible to new investors.

The platform is a decentralized NFT marketplace for real estate and is a pioneer in this field. It offers features to users such as automatic rental income transfer to wallets, real-time analytics, data, and so much more.

METRO is an ERC-20 token that powers the ecosystem and boosts its value. The tokens distribution has been mapped out, with 30% going to rewards for the level system, 20% to the liquidity pool, 10% to the team and advisors, and 10% to terms and conditions.

Also, 28% of the tokens are for presale, and the remaining 2%, are shared for airdrops and referral rewards.

Fight Out (FGHT)

Fight Out is a Move-to-Earn platform that rewards users for engaging in physical activities. The platform provides much-needed fitness trackers and analytical data accessible on a mobile app. Fight Out will offer users online and physical fitness routines and plans to set up physical gyms in different locations worldwide.

The FGHT token presale has raised over $4.7 million and counting. Also, users will earn rewards in airdrop rounds and incentives if they possess FGHT tokens. Fight Out has come to stay and has received rave reviews from top professionals and athletes who find the platform user-friendly. It allows users to customize their fitness plans to suit their daily schedule and track their progress daily.

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