Will Litecoin's price be able to go beyond $100 once more? A comprehensive review!
The decline of Litecoin from its $100 mark began only a few days ago, on March 12, 2024, to be exact. It had previously traded hands for $104 in the previous week, but has now retreated to its present value of $87.33 (as of this writing). Even if it is a 2.55% increase in the last week, inventors are dissatisfied with where LTC has settled.
They paid between $94 and $101 for it. That is to say, investors won't think about cashing out until the token price returns to $100. For Litecoin, the news isn't good; the price dropped 6.09 percent in the last day.
Explanation of the current price increase in Litecoin. That didn't last, why?
The news about the hosting of PSBTs on Litecoin Core v0.21.3 is one reason why LTC is prepared for a greater value. One of the main functionalities is to take use of partial signing in Bitcoin transactions. It has been designed to work with MWEB (MimbleWimble Extension Block) transaction components.
Not long after purchasing, investors started to shift from being mid-term to long-term holders, a title commonly given to those that held for the long haul. Although the fact that LTC investors lost trade momentum diminished the value to some degree, it does show that they are quite confident. Some short-term investors have also started thinking about switching to medium-term holdings. That is to say, the goal of the cruisers was to become holders, while the traders aimed to become cruisers.
Due to the lack of fundamental demand-side impetus, the value was unable to survive a floor test of $100. Retaining the tokens in portfolios became the new focal point instead. The current priority is to hold onto LTC until its price reaches $100. That will allow for a slim profit margin, which is perfect for those who are eager to bring some money back.
Rebound Potential of Litecoin (LTC)
The seasoned cryptocurrency player will inevitably rise through the ranks. It only has to show that it can adapt and improve, which it has done before. This may be better understood when compared to ETH. In comparison to LTC's 2.14% gain over the last week, ETH's 4.16% decline is striking. By the end of this year, in 2024, the LTC price forecast predicts that the coin may reach $95 thanks to positive momentum.
With positive announcements like the one Litecoin made recently, the cryptocurrency might ride the bull. According to Litecoin's post on X, the network has handled 233 million transactions so far, with 27 million of them taking place in 2024 alone. Just so you know, if you don't count March, there are nine months remaining till 2024 ends.
Many people in the neighborhood are really looking forward to it. Some members have rushed to get their hands on an LTC ETF product, while others have hailed it as a major accomplishment. Even if LTC accomplished this, several members still doubted their ability to succeed.
The fact that the network is still processing a significant amount of transactions shows that it is not idle. An increase in activity indicates that more people will be interested in adding LTC to their portfolios in the future.
It has been some time since we last saw the Relative Strength Index (RSI) provide inconsistent results. The price is below 50, which suggests a gloomy feeling, but the community is still committed to hanging onto its LTC coins for the long haul. That may be because the majority of them are sitting on their hands, hoping for a modest retracement to $100 so they can profit.
Looking forward to Litecoin: What's stopping LTC from going up?
The crypto market's macro perspective is a disaster waiting to happen. Bitcoin, for example, has recovered to about $67,000 after a surge to over $72,000. After obtaining a value of around $3,900, ETH has also done the same. Put another way, LTC's decline might be a reaction to the struggles of other tokens; see it as a temporary setback; the price is quite volatile and could rise again at any moment, depending on market mood.
In summary
Like other coins, LTC experiences constant market volatility. The altcoin veteran is about to be written off at its current price of less than $90, which is a substantial decline. There are no doubts that it may recover to its previous level of $104, where it has been trading for some time. It may take some time for the holding feelings to undergo a transformation.
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