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Litecoin Price Prediction as LTC Spikes Up 2.9% – Here are Key Levels to Watch

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The Litecoin price remains up by 2.5% in the past week, although a fall this morning to $65.81 means that it has lost 2.5% in the last 24 hours.

This current price also represents a 2.5% gain the last 30 days, with LTC having risen by 25% in the past 12 months.

2023 has been something of a mixed year for Litecoin, however, with the cryptocurrency’s halving failing to have much of a positive effect on its price.

But with the token remaining oversold and undervalued, it could easily see gains in the next few weeks, particularly if the wider market continues to recover momentum.

Litecoin Price Prediction as LTC Spikes Up 2.9% – Here are Key Levels to Watch

Litecoin is currently at a pivotal position, in that it could go either way as far as its technical indicators are concerned.

Source: TradingView

Its relative strength index (purple) is hovering around 50, having failed to clear 60, implying that it may lack the momentum to move any higher and could fall back down to 40 or 30 soon enough.

At the same time, LTC’s 30-day moving average (yellow) has straightened out and may begin rising towards its 200-day average (blue), something which would imply a rising price for the altcoin.

Yet the market’s dip in the past 24 hours has disrupted this kind of movement, with the 30-day also capable of falling further.

As such, the ability of LTC’s support level (green) to resist a drop below $65.50 will be vitally important in the next few hours.

If LTC can resist such a drop, it may begin rising again, yet a fall could precipitate a steeper selloff.

Whale activity can often provide a hint as to where a given cryptocurrency may end up next, yet it doesn’t seem that larger traders have been doing much with LTC since the middle of September, when a couple of big LTC transfers were made to Binance.

In other words, a lack of whale interest could mean that LTC slips further, unless we see another market-wide rally in the near future.

In terms of fundamentals, not much has happened to Litecoin since its halving in early August, which resulted more in a steep selloff than a steep rally, much to the disappointment of LTC holders.

And since then, Litecoin hasn’t enjoyed anything in the way of adoption or development news, which perhaps partly accounts for why its price has struggled.

Still, recent overselling could result in a big rebound in the next few weeks, with LTC potentially able to return to $70 in the next couple of weeks and to $80 or $90 by the end of the year.

Diversification With High-Potential Altcoins

While LTC could take months to make a full recovery, traders may opt to diversify into newer altcoins in the meantime, with several presale tokens offering market-beating gains this year.

One very promising new altcoin and presale token is TG.Casino (TGC), a casino platform that has garnered over $350,000 since opening its sale a couple of weeks ago.

What makes TG.Casino interesting is that it will combine its online casino and gaming platform with a strong presence on Telegram, through which it will assemble and communicate with a growing community.

This is a potentially fruitful strategy, in that adding a distinct social element to its gaming platform will help the latter to boast a stronger following than many of its rivals.

Of course, it won’t only be about social networks, with TG.Casino featuring a wide variety of online games and gambling experiences, with users able to win prizes and rewards in the form of its native TGC token.

Promisingly, TG.Casino has actually already launched its platform, distinguishing it from many other presale coins that can go months or years without bringing an actual product or use case to the market.

TGC will have a hard-capped supply of 100 million tokens, with 40% of this supply going to the presale, 20% going to staking rewards, 20% going to DEX liquidity, and 10% to gaming rewards (another 10% will go to marketing and affiliates).

While the sale has already strong progress, new investors can join in by going to the official TG.Casino website, with 1 TGC costing $0.125 for the entirety of the sale.

Given its strong fundamentals and use case, this price is likely to rise concertedly once the token lists on exchanges, which it’s set to do towards the end of the year.

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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.