The price of Litecoin (LTC) has fallen 6% in the past 24 hours to lows of $73. Meanwhile, the crypto market continues to suffer from the effects of the recent enforcement actions of the Securities and Exchange Commission (SEC) versus Coinbase And Binance.
LTC is now down 17.4% on week and 15% on month. The altcoin, however, is up 11% since early January.
Its price moves come today as its trading volume in the past 24 hours approaches $500 million. This could suggest an increase in activity translating into gains in the coming days.
Litecoin Price Prediction: Can $500M Trading Volume Push LTC All The Way To $100?
LTC indicators remain in a weak position today. However, the Relative Strength Index (purple) is showing signs of improvement, having rebounded to 30 after spending the weekend near 20 (oversold).
The altcoin’s 30-day moving average (yellow) continues to drop further below its 200-day (blue). This can mainly be attributed to the loss of liquidity of the altcoin last week on Binance.
However, it looks like the 30-day average is about to hit a bottom. LTC could therefore increase in the near future.
This suspicion is reinforced by the fact that the support level of LTC (green) has increased slightly in recent days.
The altcoin could therefore return to $90 in the coming weeks. This assumes that the SEC does not initiate any further regulatory action against the crypto sector.
However, if LTC fails to bounce off the $75 support, the likelihood of a drop below that level increases. In this case, the altcoin could be driven to test the $65 support.
It should be emphasized that the regulator did not qualify LTC as a security unlike many other altcoins.
The most optimistic forecasts therefore indicate that LTC could reach $100 in the next few months, helped by its upcoming halving. This event will decrease the block rewards paid out to miners by 50% (from 12.5 LTC to 6.25 LTC).
The halving should take place at the beginning of August. But so far, the market doesn’t seem to have shown much interest in the event.
This could be seen as a sign that the market has not yet priced the halving into LTC’s price. Late investors therefore have the opportunity to buy the altcoin on the downside before a possible rise.
Investors should however be aware that due to its relatively smaller size, Litecoin’s halving may not have such a big impact on the price compared to Bitcoin’s.
If a long-term bull market emerges, LTC could potentially end the year near $150 or $200.
Buy Litecoin now
A new altcoin to consider
It is difficult to see LTC enjoying a significant increase any time soon. It indeed lacks the fundamentals and the first-mover advantage of BTC and the utility of ETH..
However, a number of new altcoins have emerged this year with strong fundamentals. One of the most interesting is yPredict, a Polygon-based platform that uses AI to provide users with trading insights.
After launching the pre-sale of its native token YPRED a few weeks ago, yPredict has already raised just over $2.3 million.
Equally important, yPredict has just launched its first AI-based predictive trading model. This is an impressive milestone for a project that is still in pre-sale.
The platform will gradually expand its functionality to offer a range of other AI-based prediction tools. It will also provide a marketplace through which developers of forecasting and analytical models can sell their services to traders.
The utility token at the heart of this ecosystem is YPRED, which will be used to pay for subscriptions to predictive models, as well as access to platform staking and analytics.
Given the volatility in the crypto market, the launch of yPredict comes at a good time for retail traders. The latter will be able to use the platform’s functionalities to guide their transactions and make them potentially more profitable.
The utilitarian benefits offered by the platform are why its pre-sale has already exceeded $2 million. New investors can join the pre-sale by visiting the official yPredict website and connecting their wallets.
1 YPRED token currently costs $0.09, although it will drop to $0.10 with the next stage of the sale.
And at the end of the sale, YPRED will be listed on the exchanges at a price of $0.12. This price could easily increase if there is enough market interest in the altcoin.