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Litecoin (LTC), the cryptocurrency that powers the payments-focused decentralized Litecoin layer-1 blockchain protocol, has bounced 5% in the last 24 hours according to CoinGecko, and is up an impressive more than 15% from last week’s lows.
LTC was last trading near $66 per token, having briefly fallen under $58 at the start of last week.
Litecoin is one of the oldest and most battle-tested blockchains, having launched in 2011 to address concerns about Bitcoin’s scalability.
The Litecoin price fell sharply in mid-August after breaking below its uptrend from the mid-2022 lows.
Despite its recent recovery, LTC still down over 40% from early July’s highs around $115 amid an unwinding of optimism about August’s block reward halving.
But recent technical developments mean that price predictions have become more optimistic.
Litecoin (LTC) Price Prediction – Watch This Key Resistance Level
Litecoin has finally been able to find decent support at its 21DMA, a sign that near-term price momentum has taken a turn for the better after the cryptocurrency’s recent battering.
Bulls will now be turning their attention to the next key area of resistance which is around $70.50.
This is a long-term area of support-turned-resistance (support in June, resistance in late August) and also where the 50DMA resides.
If Litecoin was able to break above this key resistance zone, a retest of the 2022/2023 uptrend could be on the cards, meaning the possibility of quick 25-30% gains.
But longer-term bulls and Litecoin believers may actually prefer it if the cryptocurrency continues to consolidate within recent $60-70 ranges, as that would give them more time to accumulate.
Indeed, Litecoin remains a strong candidate to perform well during the next crypto bull market and in the coming decade.
Litecoin markets itself as the silver to Bitcoin’s gold – a version of Bitcoin that is better suited to daily transactions thanks to its super low transaction fees (which average $0.01), fast transaction speeds and scalability.
The cryptocurrency is already seeing significant adoption, as evidenced in a recent tweet by the official Litecoin account boasting of the surprising assortment of items that can be bought using LTC, and as also evidenced by the Litecoin network’s continued general trend higher in daily transactions in recent years.
After spiking to record highs above 500,000 per day earlier this year, daily Litecoin transactions are currently consistently above 100,000, as per BitInfoCharts.
Litecoin (LTC) Alternative to Consider
It’s always smart for crypto investors to hedge their bets, given the unpredictability of the market.
One excellent Litecoin (LTC) alternative that crypto investors should consider is a new coin being launched by Wall Street Memes, one of the internet’s largest retail investing communities.
Wall Street Memes, with its over 1 million following across various social media channels, has traditionally described itself as “the king of stonks” (stocks for the uninitiated), but is also looking to claim the crown of being “the king of crypto”, with the launch of its very own meme coin token $WSM.
The presale of $WSM has been a resounding success, with over $25 million raised, and dozens of major crypto industry influencers and analysts backing the coin for major success.
And investors are running out of time to get involved, with the presale scheduled to end in under 7 days.
Get in now on a token that could match or even surpass the likes of Pepe Coin, Dogecoin and Shiba Inu.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This article first appeared at Cryptonews
