Litecoin Price Prediction as LTC Becomes One of the Best Performing Coins of the Week – Time to Buy?
Litecoin (LTC), the cryptocurrency that powers the payments-focused Litecoin blockchain, has been on a great run recently.
LTC was last changing hands just below $95 per token, having pumped over 3% this week despite a 1.5% fall in the broader cryptocurrency’s market capitalization.
As per CoinGecko, Litecoin is up 8% in the last seven days, making it the third best-performing cryptocurrency in the top 20 by market cap, only lagging XRP and Solana’s SOL.
Analysts have been citing a combination of optimism about the upcoming “halving” in August that will see the LTC inflation rate drop in half, and a recent surge in transaction activity on the Litecoin blockchain as powering the recent rally.
The halving, which will occur in 58 days’ time, as per nicehash.com, will see the LTC reward for each block fall to 6.25 from the current 12.5.
Blocks take an average of around 2.5 minutes to mine on the Litecoin network.
Meanwhile, the arrival of the Ordinals protocol on the Litecoin blockchain (the code for which was based on the Bitcoin blockchain) has sparked a huge surge in network activity.
Ordinals just hit 4 million, Litecoin said in a recent tweet.
This has helped power the total number of Litecoin transactions to above 160 million, with 10 million of these transactions coming in just the last 6 weeks.
Price Prediction – Where Next for LTC?
But other analysts are also citing recent positive technical developments/signals as also contributing to the building buy pressure.
A few weeks, Litecoin found strong support at its 2023 uptrend and had found strong support twice at its 200-Day Moving Average so far this year, strong validation that the bull market remains in swing.
With Litecoin also having seen a strong bounce from its 21 and 50DMAs a few days ago, a retest of yearly highs in the $103-105 area seems a strong likelihood in the weeks ahead as the countdown to the halving continues.
But the Litecoin bulls might be able to expect even strong gains in the months ahead.
The cryptocurrency appears to be in the process of forming an ascending triangle pattern, which typically forms ahead of powerful upside breakouts.
An upside break of resistance just above $100 could thus be the spark for a big rally, with many LTC bulls likely to target a test of key long-term resistance in the $300 area, which would represent more than 3x gains from current levels.
Investors shouldn’t rule out such a move occurring in the next year or so.
Litecoin has great fundamentals – the blockchain is one of the most decentralized and secure in the space and, in its 11-year existence, has experienced zero downtime.
That means it stands to benefit from being viewed as one of the most “trustable” blockchains in the business.
Indeed, thanks to its strong reputation, it is one of the only cryptocurrencies that Hong Kong is allowing retail traders to buy, with the country having only just relegalized retail crypto investment.
Litecoin (LTC) Alternatives to Consider - Ecoterra (ECOTERRA)
While Litecoin could be a fantastic investment for those willing to hold it for a few years, investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that the team has identified as having a very strong potential is ecoterra.
Ecoterra (ECOTERRA) is the native cryptocurrency of a blockchain-run green ecosystem that incentivizes environmentally friendly behavior.
As outlined in the project’s Whitepaper, the award-winning project is building an all-in-one $ECOTERRA-powered web3 ecosystem, designed to encourage recycling via its first-of-its-kind Recycle-to-Earn (R2E) system, facilitate trade in recycled materials and encourage individuals and businesses to offset their carbon footprint.
The green web3 start-up’s R2E app is supported in any country that uses Reverse Vending Machines (RVMs), meaning a huge potential market.
Nascent green web3 projects like ecoterra are expected to play an increasingly important role in global efforts to address climate change in the decades ahead as crypto’s broader adoption increases.
It’s no wonder then that the crypto presale that ecoterra is currently running in order to fund the development of its platform has been a resounding success.
Ecoterra is in the fourth stage of its ECOTERRA token presale, with tokens currently priced at just $0.0085.
The project just passed the massive milestone of having raised over $4.5 million.