Read the 1402 Litecoin Price Prediction with LTC 15% bounce from recent lows and a key level in this Pooyanmusic post.
Litecoin (LTC) is a digital currency that powers Litecoin’s payment-centric, decentralized Layer 1 blockchain protocol. According to CoinGecko, this currency has increased by 5% in the last 24 hours. This currency has grown significantly by more than 15% compared to the lowest level of last week.
Litecoin was last trading near $66 per token, having briefly dipped below $58 at the beginning of last week.
Litecoin is one of the oldest and most tested blockchains, launched in 2011 to address concerns about Bitcoin’s scalability.
Litecoin price fell sharply in mid-August after falling below its uptrend from its mid-2022 low.
Despite the recent recovery, LTC is still down more than 40% from early July at around $115 amid waning optimism about the block reward halving in August.
But recent technical developments mean that price forecasts have become more optimistic.
Litecoin was finally able to find decent support at its 21-day DMA. A sign that price momentum has picked up in the short term after the recent cryptocurrency crash.
The bulls will now turn their attention to the next major resistance area around $70.50.
This is a long-term zone of resistance turned into support (support in June, resistance in late August). It is also where the 50-day DMA is located.
If Litecoin can break through this key resistance zone, a retest of the 2022/2023 uptrend could occur. This means that there is a possibility of a rapid increase of 25 to 30 percent.
But if the digital currency stabilizes in the recent $60-$70 range, long-term bulls and Litecoin believers may prefer it. Because this gives them more time to accumulate.
In fact, Litecoin is a strong candidate to do well in the next cryptocurrency market and in the coming decade.
Litecoin markets itself as silver to Bitcoin’s gold. A version of Bitcoin that is more suitable for daily transactions due to its extremely low transaction fees (which average $0.01), fast transaction speeds, and scalability.
This digital currency has already seen significant adoption. As revealed in a recent tweet from the official Litecoin account, it boasts an amazing array of items that can be purchased using LTC. And also according to the ongoing general trend of the Litecoin network, it is evident in the recent daily transactions. years.
According to Bitinfo Charts, after hitting a record high of over 500,000 per day earlier this year, daily Litecoin transactions are now consistently above 100,000.