The price of Litecoin has increased 4% in the last 24 hourshitting $97.27 as the broader cryptocurrency market posted a slight rise of 0.17% over the same period.
LTC is now down 9.2% in the last weekbut it still shows an increase by 26% in the last 30 days and of 86% in the last 12 monthsbuoyed by the anticipation surrounding the next Litecoin halving event, scheduled for August.
Since Litecoin generates new blocks at a faster rate than Bitcoin, its halving – which reduces block rewards by 50% – will take place considerably earlier than that of the original cryptocurrencywhich reinforced the bullish sentiment for this alternative.
At the same time, LTC also benefited from not being designated as a security by the SEC in its recent legal actions, allowing it to continue operating without any threat to be removed from trading platforms.
Litecoin Price Prediction as LTC Becomes One of the Best Performing Cryptocurrencies of the Year – Is a Major Rally Expected?
Litecoin has seen a pretty steep drop since hitting 1-year highs earlier this month, its current indicators revealing a significant loss of momentum.
However, it is not yet close to reaching its lowest point, because its relative strength index (purple) just started to rise again after hitting 50 earlier this morning.
Similarly, its 30-day moving average (yellow) is just days away from crossing below its 200-day moving average (blue), time when LTC is expected to start moving up.
It is also reassuring to note that the support level of this cryptocurrency (green) has steadily increased over the past few weeks, which means that LTC is unlikely to drop in price significantly further.
Therefore, it is probably a good time to buy this currency which could be expected to go up towards $100 in the next few weeks.
It certainly benefits from bullish sentiment, given that the next Litecoin halving is scheduled for early next monthat that time Litecoin block rewards will change from 12.5 LTC to 6.25 LTC.
Just like Bitcoin, this drop will theoretically make the rarer LTCa currency that is more difficult to obtain, which in the long term should reduce its supply and therefore increase its price.
At the same time, Litecoin has also benefited immensely from the fact that he escaped the attention of the SEC (Securities and Exchange Commission) and it should continue to go unnoticed by the regulator for the foreseeable future.
This is significant, as many of the altcoins that have been designated as securities by the SEC have since struggled. For example, Cardano (ADA) is still down 25% compared to where it was at the start of June, when the regulator filed lawsuits against Binance and then Coinbase.
Taking into account the previously mentioned halving, this puts LTC in a really favorable position for the rest of the year, and it is likely that this cryptocurrency will reach $150see more, by the year 2024.
New high-potential altcoins with strong fundamentals
Of course, Litecoin isn’t the only cryptocurrency in the market right now that has the potential for a big upside in the coming weeks.
In fact, there are several promising new cryptocurrencies currently holding their pre-sales, giving investors the opportunity to buy them before they are listed on exchange platformswhen they can potentially experience significant rallies.
A concrete example of a new presale token is ecoterra, an Ethereum-based platform that encourages recycling and earns rewards. The project has already raised more than $6 million during the presale of his token ECOTERRA.
There is only left two days before the end of the sale of ECOTERRAand investors seem to be rushing to buy this cryptocurrency while they can still get it at a discount.
Its native platform, Ecoterra, is expected to launch later this year and its main feature will be to reward users for the recycling of household waste at participating recycling points.
Rewards will be paid to users in the form of ECOTERRA tokens and non-fungible tokens (NFT)which can be resold by holders to make recycling more profitable.
In addition, ecoterra will also offer a reward system for users who provide proof of the use of renewable energythus providing additional incentives to adopt a more environmentally friendly lifestyle.
The platform will also include its own marketplace for carbon credits based on NFTsonce again encouraging the use of renewable energy.
As previously mentioned, only two days left. However, investors can still buy ECOTERRA at a reduced price by visiting Ecoterra official website and connecting their software portfolio.
1 ECOTERRA currently costs $0.01a price that could look very cheap in the coming days when the token goes public.
Our complete guide on how to buy the $ECOTERRA token
Visit the Ecoterra website here
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.