Often called the silver to Bitcoin’s gold, Litecoin (LTC) is primed for a massive bull cycle.
With a fully diluted valuation of about $5.78 billion and a daily average traded volume of about $303 million, LTC has been a favorite among investors, with more than 9.2 million on-chain holders. With these statistics, a 3X of your portfolio may not be a mirage.
Ecosystem performance and 24h price data of LTC. Source: CoinMarketCap
The LTC has been a resilient player in the crypto market for over nine years – consistently among the top 30 cryptocurrencies by market capitalization and no. 20 exactly on crypto’s ecosystem, according to CoinMarketCap data. Despite lacking the flashy appeal of some trendier tokens, Litecoin’s solid technical foundation and historical performance make it a contender for long-term investment. The network offers deep liquidity and faster, cheaper transactions than its competitors, including Bitcoin (BTC). This has attracted speculative investors, especially amid the confirmed macro crypto bull run.
Ride on past glory for present profit
The Litecoin network processes $2.85 billion in transactions worth over $100k daily, which is about 50 percent of its market value. This significant activity, fueled by whale traders, indicates a rising demand amid its declining supply.
LTC has undertaken two halvings in the past six years. Despite the underlying value consolidating in a macro-triangular pattern, the altcoin is well positioned to recover past its all-time high in this cycle after significantly underperforming in previous cycles.
After a solid breakout from the descending logarithmic trend earlier this year, Litecoin price retested the support level around $58. This preparation indicates a major bull cycle ahead. Litecoin’s daily relative strength index (RSI), a momentum oscillator that measures the speed and change of price movements, continued to hover around oversold levels. This suggests that the market may be due for a correction, further fueling the bullish outlook.
Examining the daily price chart, it is clear that Litecoin is currently under selling pressure as it strives to surpass its $70 resistance. At the moment, the bears are targeting an immediate drop below the Fibonacci channels. Nevertheless, the bulls continue to exert pressure on the chart, warding off further declines by stabilizing the price. The 24-hour trading volume rose to $303 million, indicating increased interest in today’s trading activity. Litecoin is currently trading at $68.82, representing an increase of over 0.88% in the last 24 hours.
Litecoin Price Chart. Source: CoinMarketCap
As LTC Price Set For A Bullish Breakout, Is 3X Portfolio Impossible?
The highly anticipated altseason, which will be initiated by the inevitable reversal in Bitcoin dominance and the final approval of spot Ether ETFs, will significantly favor the Litecoin price.
Crypto experts predict that the LTC price will range from $71.13 to $76.77 in July 2024, with an average of $73.44. This forecast considers both the performance of Bitcoin and the mood of the market as a whole.
Recent evaluations by Changelly present a diverse set of forecasts, indicating initial bearish trends followed by a bullish reversal later in the month. The projection expects an average trading price of $70.56 for LTC in July 2024, with a potential ROI of 19.4% and a temporary drop to around $62.55, followed by an upswing reaching a high of $78, 56 reached. At the same time, CryptoNewsZ predicts that Litecoin’s value will oscillate between $71.13 and $76.77 during the July trading period, with an average of $73.44. However, their analysis takes into account Bitcoin’s performance and overall market sentiment.
Beyond mere speculative figures, empirical market data shows a significant increase in transactions by large-scale investors, popularly known as ‘whales’. IntoTheBlock, a market intelligence platform, confirms this sentiment in an X-tweet. This activity is often seen as a harbinger of significant price swings, suggesting that Litecoin could emerge as an unexpected frontrunner in an upcoming bullish market phase.
While no prediction is foolproof, Litecoin’s fundamentals and historical performance suggest it is poised for growth.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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