Litecoin Price Prediction As Bullish Price Action Catches The Attention Of Crypto Twitter – Can LTC Reach $100?
Litecoin (LTC), the cryptocurrency that powers the decentralized payments-focused Litecoin blockchain, has fallen just over 5.0% on Monday amid a broader crypto market swoon.
LTC/USD last changed hands near $88 per token as blue-chip cryptocurrencies such as Bitcoin fall on pessimism regarding new US regulatory actions.
In a move that appeared to surprise many traders, the US Commodity Futures Trading Commission announced that it is suing the world’s largest cryptocurrency exchange Binance for what it called “willful evasion” of US laws.
The CFTC, which has so far taken a softer stance on major crypto market players compared to the US Securities and Exchange Commission, which has been more active recently with lawsuits, accuses Binance of offering unregistered crypto derivatives products.
However, the CFTC’s characterization of certain cryptocurrencies, including Litecoin, as commodities could give sentiment a short-term boost.
The CFTC enforcement action against Binance comes after the SEC warned the largest US-based cryptocurrency exchange Coinbase that it may open enforcement action against it over its crypto program.
An improvement in US banking equity sentiment in the wake of news of 1) SVB’s assets being bought out and 2) a new liquidity program designed to help First Republic bank could also weigh on crypto thanks to reduced demand for safe-haven alternatives to fiat currency.
Price Prediction – Where Next for Litecoin (LTC)?
LTC’s latest pullback has seen it fall back south of its 50-day moving average for the first time since last Thursday, with the cryptocurrency now testing key near-term support in the $88 area.
A drop below here would open the door to the next support area in the $75-77 region.
Despite the growing risk of a short-term rebound in the LTC price, the cryptocurrency remains in an uptrend that has been in play since the second half of last year.
As long as this uptrend remains intact, it’s likely only a matter of time before we see a convincing break north of the $100 level.
Crypto Twitter Increasingly Bullish on Litecoin’s (LTC) Prospects
Bullishness towards Litecoin appears to be increasing, according to a quick scan of crypto Twitter.
The upcoming halving, which will halve Litecoin’s inflation rate for the third time in August, is often touted as a long-term bullish driver for the cryptocurrency.
Captain Faibik, who goes by the Twitter handle @CryptoFaibik, believes that the Litecoin/Bitcoin exchange rate will soon break out of a bearish trend channel that has been in play since 2018, opening the door for a push towards 0.010 from current levels near 0.0033 .
The Litecoin Crew, which goes by the Twitter handle of @litecoincrew, believes the cryptocurrency will soon break north of a downtrend from the 2021 highs, opening the door for a push towards $5,000 per token.
Litecoin (LTC) Alternatives to Consider
Conflux’s short-term outlook is quite solid. But investors should always be looking to diversify their holdings.
A good way to do this might be to check out some high potential crypto pre-sales – historically, getting into a project at an early pre-sale stage has been the best way to generate returns in crypto.
In the list below, we have reviewed the top 15 cryptocurrencies for 2023, analyzed by Crypto news Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
