LTC Price Prediction: LTC Rallies Despite Crypto Market Slump

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Litecoin (LTC) is a cryptocurrency that uses the distinct properties of blockchain technology to provide quick, safe, and affordable payments. The cryptocurrency was developed using the Bitcoin (BTC) protocol. However, there are differences between the two in a few ways, including the hard cap, block transaction timeframes, and the hashing algorithm employed.

The platform’s efficiency and low cost are its key advantages. Transaction confirmation times for Litecoin are often under a minute, and costs are extremely low. This makes it a desirable substitute for Bitcoin, particularly in developing countries where transaction fees can influence choosing which cryptocurrency to use.

Litecoin’s native currency, LTC, has rallied despite the crypto market downtrend. In the past day, the crypto asset hit an impressive 0.25% bullish streak. Should investors prepare for a bull run?

LTC Price Going for New Levels

The broader crypto market has experienced a downtrend of 1.14% in the past day. However, some crypto assets, such as LTC, have held onto their gains. The digital asset’s growing popularity also played a role, as Litecoin experiences more fundamental growth, but will the asset maintain its momentum and reach new heights?

LTC is currently trading for $97.23 after an uptrend of 0.25% in the last 24 hours. While its 24-hour price rally is impressive, the digital asset had maintained a surge of 2.4% in the last seven days and a 6.4% increase in the last month.

It is no surprise that this has reflected positively on the technicals of the cryptocurrency, which show a bullish trend. LTC first met resistance at the 78.6% Fibonacci retracement level of $97.46. However, the crypto asset kept hovering around the zone with little dips and rebounds.

Currently, LTC is back at the 78.6% Fibonacci retracement level, and the asset may either encounter resistance or break through to new price heights.

LTC is trading above its 50-hour simple moving average (SMA) indicator in the short term at $84.54. Its 200-day SMA for the long-term prediction is $86.90, which is still below the current price action. Investors can be at ease knowing LTC will still do well in the long term.

The asset’s moving average convergence and divergence (MACD) value indicates a sell signal. However, this could soon flip to the green trend line, emphasizing a buy market sentiment. On the other hand, the relative strength index (RSI) of 54.30 puts LTC in the underbought region.

If the crypto market rallies, we may see the digital asset break through these indicators.

Litecoin Foundation and Metalpha Partners for Sustainability in Crypto Mining

The Litecoin Foundation and Metalpha Technologies Holding Ltd., a leading wealth management company for digital assets, recently announced a partnership to develop the Litecoin ecosystem together.

The collaboration will help research organizations create hedging strategies and environmentally friendly mining practices for the Litecoin ecosystem. In addition, they aim to reduce carbon emissions from blockchain mining on the Litecoin Network.

'Litecoin Foundation Partners with Metalpha' – @CoinMarketCap https://t.co/RfskpU2qEQ

— Litecoin (@litecoin) February 27, 2023

Some of the partnership’s primary research areas include developing derivative products, promoting renewable energy sources, and energy efficiency. Metalpha and Litecoin Foundation will partner with universities and research institutions to build sustainable blockchain innovation, improve network awareness, adoption, and scalability, and support public education about Litecoin.

The Hong Kong SustainTech Foundation Ltd. will also collaborate with the partnership to explore the application of sustainable blockchain technologies in different industries.

Consider These Altcoins as Alternatives to LTC

Based on the analysis outlined above, LTC does appear to offer a significant investment prospect. Nonetheless, there are other value-based altcoins that have the potential to be profitable, and investors can even enjoy the benefit of being early adopters because these tokens are still in the presale phase.

One such valuable altcoin is C+Charge’s native token, $CCHG. The peer-to-peer payments system allows electric vehicle (EV) drivers to charge while earning carbon credit rewards. C+Charge believes electric mobility is the most environmentally friendly form of transportation, so it aims to simplify and reward EV adoption.

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The native token has entered the fifth stage of its presale and has raised over $2 million. $CCHG currently sells for $0.018. However, once stage 5 is completed in six days, the value will increase to $0.19.

Another altcoin with prospects is $FGHT. The digital asset is the play-to-earn (P2E) platform Fight Out’s native token. The platform allows players to create an avatar as a representative, which will be used to compete and earn rewards in the Fight Out gaming ecosystem.

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— Fight Out (@FightOut_) March 2, 2023

$FGHT has raised more than $5 million from eager investors in its ongoing presale. The token currently sells for $0.02590. However, the price of FGHT will gradually rise every 12 hours until March 31, when it will be listed on exchanges for $0.0333.

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