Litecoin Price Prediction as 24-Hour Trading Volume Shoots Past $300 Million – Time to Buy?
The price of Litecoin (LTC) has remained stable in the past 24 hours, with its current level of $67.70 representing a 3% gain in the past week.
LTC had risen with the rest of the market over the past couple of days after Grayscale won its appeal against the SEC, yet the altcoin remains down by 25% in the last 30 days, and by 3% since the beginning of the year.
However, with its 24-hour trading volume remaining elevated at just above $300 million, its market is currently active and liquid enough to support further rises in the next few days and weeks.
Litecoin Price Prediction as 24-Hour Trading Volume Shoots Past $300 Million – Time to Buy?
LTC’s indicators look as though they’re close to a position where the altcoin’s price is going to rise substantially, with its relative strength index (purple) moving up to 40 after more than a week at or below 30.
Correspondingly, Litecoin’s 30-day moving average (yellow) has now fallen so far below its 200-day average (blue) that it would seem that the only way is now up, given just how oversold the altcoin has been in recent weeks.
This impression is reinforced by the fact that LTC’s support level (green) has been climbing steadily since the middle of August, implying that the coin’s recent descent has indeed bottomed out and that buyers are now ready to accumulate the coin again at its discounted price.
With its trading volume passing the $300 million level, it does seem that interest has risen in LTC, which benefitted a little more than other altcoins this week from the news that the SEC will be required to re-evaluate Grayscale’s application for a spot Bitcoin ETF.
The approval of such an ETF could, in the future, pave the way for a similar Litecoin ETF, which is why LTC performed a little better than other altcoins earlier this week when the news broke.
Yet Litecoin has still underperformed when taking the year to date as a timeframe, with its halving turning out to be a textbook sell-the-news event.
And while Litecoin continues to be a fundamentally sound network, there is nothing else approaching on its horizon that would provide its price with a considerable boost in the next few weeks or months.
That said, some analysts argue that LTC is simply at the bottom of a post-halving slump, and that previous cycles would suggest it should rise steadily in the more distant future.
As such, LTC could potentially reach $100 by the end of the year, with a return to more bullish market conditions possibly pushing it towards $150 in the first few months of next year.
New Altcoins Have More Potential
While LTC looks as though it should see steady gains over the coming weeks, these may be too steady for some traders, especially those seeking quicker above-average returns.
There are, however, numerous new altcoins in the market that show good potential for significant gains in the near future, with several presal tokens looking particularly promising.
One of these is Sonik Coin (SONIK), an ERC-20 meme token that has raised more than $800,000 since its presale kicked off at the beginning of August.
Styled loosely after the Sonic the Hedgehog franchise, SONIK is using a mix of brash, playful and edgy memes in order to attract investors and followers to its community, which is clearly expanding rapidly.
The meme token has a total maximum supply of 299,792,458,000 (the speed of light in mm/s), with 50% of this quantity available as part of its presale, and with another 40% being earmarked for staking rewards.
The ability to stake SONIK in order to earn a passive income is one of the biggest draws of the coin, which is aiming to reach a market cap of $100 million as quickly as possible.
Judging by the runaway success of its presale, it has every chance of achieving this, with new buyers able to join the fun by going to the coin’s official website and connecting their software wallets.
SONIK is selling at a price of $0.000014, which should hopefully end up seeming very cheap once the token lists on exchanges in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
