Litecoin’s price has remained relatively stable over the past 24 hours, despite experiencing a surge in November. Some experts believe that LTC may have reached its lowest point and is now ready to reclaim its value of $70 and potentially even move toward $100.
Currently, the 14th largest cryptocurrency is trading at $65.41 as bulls and bears compete for control of the market trend. Litecoin has a market capitalization of $4.7 billion, compared to the $11.33 billion it had at the beginning of the year when it was trading at around $163.
How Did Litecoin Price Perform In 2022?
Litecoin price has generally sustained a southbound move since January. The 2022 bear market run left no stone unturned in LTC’s backyard, as declines hit a yearly low slightly above $40.00 in June.
Although recovery began shortly after the Terra (LUNA) crash, Litecoin resented resistance at $65.00 until recently. Like many crypto assets in the market, Litecoin dumped after the collapse of FTX.
However, a recovery ensued above the hurdle at $65.00, allowing bulls to regain ground above $80. Litecoin price tagged a seven-month high of $84.96 on December 3, prompting experts to say that its ship has sailed, leaving many sidelined investors onshore.
Despite LTC’s impressive performance in November, it could no longer sustain the uptrend after the United States Federal Reserve hiked interest rates by 0.5% on Wednesday last week.
Litecoin Price Prediction: Will Support At $65 Hold?
From the chart below, we can spot a bullish trend building for Litecoin price. This northbound move commenced with LTC rebounding from support at $40.00. Its first major breakout occurred at the lower trend line when bulls pushed past resistance at $52.00.
Traders who entered their long positions marginally above the trend line saw their positions immediately flip profitable with a possible exit at $70.00, as highlighted by the 200-day Exponential Moving Average (EMA).
The second bullish confirmation occurred with a rebound from the same lower falling trend line, which pushed past the middle trend line at $66.64 in November. Litecoin’s bullish leg remained intact until recently when overhead pressure snuffed out the spark.
Although many may believe it’s now too late to buy Litecoin, support at the middle falling trend line could offer a suitable entry. However, before firing up their long orders, traders must wait for a confirmed break above the 100-day EMA (in blue) at $65.25.
Litecoin price will flip highly profitable if buyers climb above the upper falling trend line. Nevertheless, pushback from resistance around $70.00 may be considered. Therefore, traders must tread cautiously as Litecoin bulls work for the resumption of its uptrend.
AltcoinSherpa, a popular cryptocurrency analyst and trader, told his 187,800 followers on Twitter that Litecoin price may have found a temporary bottom. However, he clarified that support at $65.00 was crucial for resuming the uptrend, at least to $70.00.
Presales Promising Quicker Returns
Price prediction in the cryptocurrency market is quite uncertain, especially with recent events like the collapse of FTX and the questionable financial state of Binance, the largest cryptocurrency exchange by daily traded volume.
Investors interested in riding above the waves could consider newer tokens currently in their presales. The tokens listed here have strong fundamentals and could shape the crypto space.
FightOut is a new crypto project redefining the fitness lifestyle with Web3 solutions. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. Since FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and mint their own digital NFT avatars to use in the metaverse.
Visit FightOut Now.
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform offering a dashboard with integrated analytics and features designed to help traders achieve success. With this crypto terminal, traders access trading signals that lead to buy/sell opportunities in the market.
The platform’s social sentiment and on-chain analysis ensure that traders can trade spot-trending coins. A strategy builder is also in place to help investors develop and share ideas with others.
Dash 2 Trade’s presale is currently in its final stage with $10.35 million out of the expected $13.42 million raised. The token’s first CEX launch will go live on Wednesday, January 11, 2023.
Visit Dash 2 Trade Now.
C+Charge is a peer-to-peer (P2P) payment system for EV charging stations developed to run on blockchain technology. Users who sign up on this platform are given electronic wallets to pay for EV charging with the CCHG utility token.
It is widely known that there needs to be more electric power stations to charge the increasing number of EVs globally. The EV arena is further complicated by the lack of industry standards for charging. However, with C+Charge, most problems have been addressed using a dynamic token, CCHG and charging stations.
In addition to providing access to carbon credits, CCHG tokens will be used by drivers to pay for EV charging services. Operators of the charging stations will also receive payment via the same token.
C+Charge is conducting a presale where 0.013 USDT currently buys 1 CCHG. The price will increase to 0.0165 USDT in the next presale stage.’
Visit C+Charge Now.