Over the past week, LTC has seen a 13% increase, with its value hovering nearly $96 at the time of writing.

This bullish run has been accompanied by technical indicators suggesting a potential continuation of the uptrend, but some analysts warn of lurking risks.

Potential Litecoin Price Bump In The Offing

One key driver of optimism is the apparent breakout from a bullish triangle pattern. This technical indicator, identified by popular analyst World of Charts, suggests a potential price surge in the coming months, with some analysts even predicting a climb to $400.

$Ltc #Ltc Breakout & Retest Has Already Confirmed Send It Towards 400$ Now https://t.co/6ZJxAgZjVJ pic.twitter.com/xW3xDrgHAZ

— World Of Charts (@WorldOfCharts1) March 26, 2024

Further fueling the bullish sentiment are on-chain metrics like the MVRV ratio, which suggests the coin might not be overvalued yet.

Additionally, a rise in Daily Active Addresses and transaction volume indicates increased investor activity and trading.

This is further corroborated by a bullish crossover on the MACD indicator and a rising Money Flow Index (MFI), both suggesting potential for further price hikes.

However, not all signals are green. The Network-to-Value (NVT) ratio, which indicates potential overvaluation, has also spiked alongside the price increase. This raises concerns about a possible price correction if the market deems LTC to be overvalued.

While the recent price action for Litecoin is encouraging, it’s crucial to maintain a balanced perspective, analysts caution. Technical indicators can be helpful, but they shouldn’t be the sole decision-making factors, they said.

LTC Hashrate Remains Stable

Meanwhile, the hashrate, a measure of computing power dedicated to mining LTC, has remained stable, suggesting no significant changes in miner activity. However, some analysts worry that a potential drop in hashrate could hinder future growth.

The overall picture for Litecoin presents both opportunities and challenges. The recent price surge and positive on-chain metrics are encouraging signs.

However, potential overvaluation concerns and conflicting technical signals urge caution. Investors should closely monitor both technical and fundamental factors before making any investment decisions.

The coming weeks will be crucial for LTC. If the uptrend continues and the price breaks through key resistance levels, a significant rally could be on the horizon.

If overvaluation concerns materialize or the broader market takes a downturn, a price correction could occur.

Featured image from Pexels, chart from TradingView

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Terrett shared, “SCOOP: Hearing rumblings on the institutional level about possible interest in a Litecoin ETF. The logic is that because of LTC functional similarities to BTC, the SEC may be more inclined to approve it, possibly even more so than ETH.”

Why A Spot Litecoin ETF Could Be Possible

This statement comes at a pivotal time as the crypto market continues to navigate through regulatory uncertainties and growing interest from traditional financial institutions. Adding to the buzz, Terrett highlighted recent actions by the Coinbase Derivatives to launch futures contracts for Dogecoin, Litecoin, and Bitcoin Cash, all set to begin on April 1st, 2024.

These futures contracts, as detailed, are part of Coinbase’s strategic move to diversify its offerings, leveraging the self-certification approach under CFTC Regulation 40.2(a). This approach permits entities to launch new products without the explicit approval of the CFTC, provided they comply with the Commodity Exchange Act and accompanying regulations.

Moreover, the recent classification of Ethereum (ETH) and Litecoin (LTC) as commodities by the Commodity Futures Trading Commission (CFTC) in its lawsuit against KuCoin has added another layer of legitimacy to the discourse surrounding Litecoin’s regulatory standing. The CFTC’s action emphasizes its view of certain cryptocurrencies as commodities.

Amidst these regulatory clarifications and developments, discussions about the potential approval of a spot Litecoin ETF have intensified. Luke Martin, a renowned crypto analyst, echoed the sentiment, suggesting that the approval of an Ethereum ETF could pave the way for other “old altcoins,” like Litecoin, which may have a stronger case for not being classified as securities.

He stated, “When the ETH ETF launches and passes, the question then becomes especially with the SEC’s track record versus tokens […] there’s other dinosaur old altcoins which you can make almost a stronger case [that] they’re not a security, one that sounds ridiculous but if you think deeply about it, it’s true – Dogecoin you could probably prove easier is not a security than ETH. Why wouldn’t they launch Litecoin, Dogecoin?”

CFTC FILING: COINBASE FILES TO LIST FUTURES FOR $DOGE $LTC $BCH

Is this a hint for which alts are getting ETFs next?!

Spoke with @zhusu a few weeks ago about this exact scenario, and the unique trading opportunities that come with a $DOGE ETF. pic.twitter.com/tlyFgDvUhR

— Luke Martin (@VentureCoinist) March 21, 2024

Adding to the momentum, Alan Austin, Managing Director at the Litecoin Foundation, expressed enthusiasm about the prospects of a spot Litecoin ETF, stating, “I’ll say it again, love or hate ETFs, the first company to launch a Litecoin ETF is going to crush it!”

LTC Price Is Lagging Behind

Despite the current buzz, Litecoin’s price analysis indicates that it is still down by 77% from it’s all-time high in May 2021, signaling a bearish trend in comparison to other cryptocurrencies that have already surpassed their 2021 peaks. Nevertheless, a recent break above the 200-week EMA has ignited a glimmer of bullish momentum.

Overcoming the red resistance zone between $102 and $106 could be critical for Litecoin to reach new heights, with the $128 mark (0.236 Fibonacci retracement level) as a potential near-term target.

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This has probably prompted many investors to hold on to their coins, as on-chain metrics have shown that the amount of Bitcoin supply idling recently reached a new all-time high. 

Unmoved Bitcoin Supply Reaches Record High

The industry expects the SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run for the price of Bitcoin. Although the SEC has so far rejected a number of requests for Bitcoin ETFs, many analysts believe it will not be long until one is accepted. 

Considering Bitcoin’s dominance of the entire crypto market capitalization, a spike in Bitcoin’s price is expected to flow into all other cryptocurrencies. As a result, investors have been keeping their holdings in expectation of a future price increase. 

Recent data has shown that 94.8% of the total Bitcoin supply has not moved in the past month, indicating a new all-time high for the metric. 

JUST IN: 94.8% of the #Bitcoin supply has not moved in the past month, a NEW ALL TIME HIGH pic.twitter.com/bNa4MdFbKW

— Bitcoin Magazine (@BitcoinMagazine) October 10, 2023

Similarly, a recent post by on-chain intelligence platform Glassnode alerts revealed that the amount of HODLed or lost Bitcoin reached a 5-year high of 7,906,288.227 BTC.

#Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,906,288.227 BTC

View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/6OxLnd611f

— glassnode alerts (@glassnodealerts) October 6, 2023

The overall Bitcoin net flow into exchanges has decreased by 862.42 BTC ($23.27 million) in the past 24 hours, according to chart insights provided by IntoTheBlock. While this is relatively small compared to Bitcoin’s market cap, it shows investor mood might be changing into a bullish sentiment.

Time For Reversal?

Bitcoin’s price just rebounded up to $27,100 after failing to gain traction above the $27,800 resistance in the midst of escalating Israel-Hamas tensions in the Middle East. Despite this, BTC still remains the best-performing investment asset this year, outperforming stocks and bonds with its year-to-date (YTD) return of 63.3%.  

Some investors view unmoved Bitcoin as a sign of solid faith in the network and adoption of a long-term mindset. Whatever the reason, Bitcoin’s unmoved supply metric is worth watching as an indicator of holder sentiment and potential future price pressure. 

Recent happenings, particularly the tension of an oncoming recession in the US, have prompted billionaire hedge fund manager Paul Tudor Jones to assert that this is the best time to buy Bitcoin. 

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However, predictions surrounding the event are veering off the usual path of price appreciation to include a potential coordinated sell-off. Particularly, Renowned on-chain analyst, Ali Charts, has introduced a novel perspective to the halving discourse, with his theory that the much-anticipated event could turn out to be a “Sell the News” event. 

#Litecoin | Each time the number of new $LTC addresses surpassed 350,000 in the last five years, a significant price correction followed.

More than 690,000 #LTC addresses were recently created, suggesting the upcoming #halving could be a “sell the news” event. pic.twitter.com/FBsokPgaYA

— Ali (@ali_charts) July 23, 2023

Unusual Network Activity Sparks Sell-Off Theories

According to Ali, the idea of a “Sell the News” event stems from an observed increase in new Litecoin addresses created on the network. In recent times, over 690,000 new LTC addresses have emerged. This surge is significant because historically, a price correction tends to occur whenever the count of new Litecoin addresses crosses the 350,000 mark, as noted by Ali Charts.

This pattern suggests that the current build-up of addresses may precipitate a price drop following the halving, possibly due to a coordinated sell-off.

However, it’s essential to note that the crypto market, much like any other financial market, is driven by a variety of factors, making it nearly impossible to predict events with absolute certainty. A number of other potential outcomes, spurred by different market dynamics, could equally play out.

Potential For Litecoin Price Growth Amid Deflation

On the flip side, Litecoin’s forthcoming halving also presents the possibility of substantial price growth. This belief stems from the deflationary effect that halving will bring about, reducing the rate at which new Litecoins are created. Coupled with increasing demand for the coin, this could create an ideal scenario for price growth in the mid to long term.

The nature of the halving’s potential impact has set the stage for an interesting dichotomy: a probable sell-off or massive accumulation. As users and investors gauge the possible impacts of the halving, it’s likely they will adjust their strategies accordingly, which could sway the outcome in either direction.

Furthermore, the aftermath of the Litecoin halving event should provide valuable insights for the cryptocurrency community, particularly as investors prepare for the subsequent Bitcoin halving, slated for April next year.

Meanwhile, Litecoin has mirrored the price action of the rest of the crypto market over the past week. Notably, the altcoin currently swims in red, down by 1.3% in the past week and nearly 4% over the past 24 hours. Litecoin currently trades at a price of $89.5, at the time of writing.

Featured image from iStock, Chart from TradingView

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The post Is Litecoin Price Poised For 700% Rally? Legendary Trader Peter Brandt Says This appeared first on CoinGape.

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• Litecoin is steadily moving higher toward $100 against the US Dollar.
• The price is now trading above $90 and the 100 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $86.20 on the 4-hour chart of the LTC/USD pair (data feed from Kraken).
• The price could rally further toward the $100 and $110 levels.

Litecoin Price Regains Strength

After forming a base above the $80 level, Litecoin’s price started a fresh increase against the US Dollar. LTC price broke the $85 resistance to start the current rally.

There was a break above a key bearish trend line with resistance near $86.20 on the 4-hour chart of the LTC/USD pair. The pair rallied over 10% and outperformed both Bitcoin and Ethereum. It even climbed above the $92 level. A high is formed near $95.85 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $81.70 swing low to the $95.85 high.

Litecoin is now trading above $90 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $96 zone. The next major resistance is near the $100 level. If there is a clear break above the $100 resistance, the price could start another strong increase.

Source: LTCUSD on TradingView.com

In the stated case, the price is likely to continue higher toward the $108 and $110 levels. Any more gains might send LTC’s price toward the $120 resistance zone.

Are Dips Limited in LTC?

If Litecoin price fails to clear the $100 resistance level, there could be a downside correction. Initial support on the downside is near the $92 level.

The next major support is forming near the $88.50 level or the 50% Fib retracement level of the upward move from the $81.70 swing low to the $95.85 high, below which there is a risk of a move toward the $85.00 support. Any further losses may perhaps send the price toward the $82 support.

Technical indicators:

4-hour MACD – The MACD is now gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.

Major Support Levels – $92.50 followed by $88.50.

Major Resistance Levels – $96.00 and $100.00.

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Litecoin Halving Presents Bullish Scenario

Just like Bitcoin, the Litecoin halving happens every four years and cuts block rewards by 50%. The aim of this halving is to reduce the amount of new supply flowing into the market. And as demand rises, there is less supply to meet this demand, thus leading to scarcity and a surge in prices.

The next Litecoin halving is now around the corner with only about three months left to go. This halving, like the ones before it, carries the same promise of a rally for the digital asset. The last halving in 2019 saw LTC’s price bottom out around $62 and then rally to a local peak of $80 in the same month.

If this year’s halving stays true to this trend, then the digital asset should be seeing some upside in the coming months. This could result in LTC clearing the $100 level once more as investors prep for the next leg-up.

A 20% upside is attainable at this point, especially with the halving expected to happen in early August. So more than likely, the buyers will dominate the market for the next two months, leading to rising prices for Litecoin.

LTC Outlook For 2023

Presently, the crypto market is seeing muted momentum as investors remain indecisive. For Litecoin, the upcoming halving remains a bullish event but the prospects for the months following the halving event do not look good given historical performances.

After each halving, LTC has seen a reversal in sentiment following the initial surge and the subsequent crashes have been more brutal than the uptrends. For example in 2019, LTC’s price crashed almost 50% in the month of September, one month after the halving was completed. This was because the bull market was yet to begin and the cryptocurrency fell back into lockstep with the rest of the market again.

Going by this historical performance, it would seem the best time to take profits would be toward the end of August after the asset has rallied around 30%. The window of opportunity closes with the month of September which has historically been a bearish month for cryptocurrencies.

At the time of writing, LTC is trading at $87.11, up 3.22% in the last day.

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Litecoin halving is a major event that occurs when the reward for mining LTC transactions is slashed in half. The event, which takes place once every four years, reduces the rate at which new coins are produced and thus lowers the available amount of new supply, even as demand rises. The purpose of the halving is to preserve the purchasing power of the crypto asset.

Previous Pre/Post Halving Events Hint LTC Price To Rally

Since Litecoin’s launch in 2011, two major halving events have occurred for the crypto asset. The first one happened in August 2015, which slashed its block reward from 50 LTC to 25 LTC. The second one which happened in August 2019, reduced the 25 LTC reward to 12.5 LTC.

The upcoming Litecoin halving which would be third in history, slated to take place in August 2023, would reduce the current block reward of 12.5 LTC per block further down to 6.25 LTC per block.  

Litecoin halving is an event to remember because it contributes to LTC scarcity and deflationary. The number of Litecoin mined per block will continue to reduce by half, roughly every four years, until the current supply of 84 million LTC is mined. This is anticipated to occur sometime around 2144.

The previous two consecutive halving events had contributed to the altcoin’s price surge. A 50% drop in the number of Litecoin minted resulted in an uptick in the asset’s value.

Based on the past price analysis, the previous two halving events occurred after a volatile LTC price cycle associated with a massive price spike, followed by a huge correction, a price decline, and a recovery to a price surge. 

After the events, LTC’s price corrected from its high creating another bottom and followed it with another huge price rally to a new record high.

Market analysts expect Litecoin price to go through the same trajectories associated with the 2015 and 2019 halving events.

Litecoin Price Action

The halving announcement comes when Litecoin price is trading low amidst the recent crypto downtrend triggered by negative news about Silvergate insolvency issue.

At the time of writing, Litecoin is currently trading at $87.99, down 3.13% in the last 24 hours and 7.70% down in the last seven days.

The trading volume of LTC has been $415,444,930 in the last 24 hours, representing a 6.50% increase from the previous day, showing a recent uptick in its market activities.

Litecoin reached its highest price of $410.26% on May 10, 2021, which means the current price is down 78.60% from its all-time high price.

LTC’s current market cap is $6,372,049,864, meaning that the crypto is ranked #13 among the largest crypto assets by market cap, according to Coinmarketcap.

With a price decline of 7.70% in the last seven days, LTC is underperforming the global crypto market, which is currently down 4.90%, while Bitcoin is down by 5%.

The post Next Litecoin Halving Happens In 150 Days, Here’s How It Could Affect LTC Price appeared first on Crypto Basset Hound.

It has broken below two important support levels, but currently, LTC bulls are defending the $84 price floor. The technical outlook for LTC suggested that the bears will remain in control unless it attempts to breach the immediate resistance mark.

Demand for the altcoin also remained low, as buyers were less active on the chart. Accumulation also dipped as a result. For the LTC price, there are two important resistance levels that the coin has to topple over to target $100. Over the past few weeks, Litecoin has been trading in a range that has stretched from $87 to $94.

The altcoin’s market capitalization also fell over the last 24 hours, indicating that sellers were active in the market. Broader market strength will be needed if LTC has to breach the band’s upper limit. LTC is trading at 79% below its 2021 all-time high.

Litecoin Price Analysis: One-Day Chart

LTC was trading at $89.30 at the time of writing. The altcoin’s price has increased from its support level of $84, acting as a strong price floor. LTC is now trading close to the upper band of the price range, and a push from buyers can take the price to $94, which is the immediate resistance for the altcoin.

If LTC manages to breach $94, the next barrier would be $96. A move above $96 will pave the way to $100 for the altcoin.

On the other hand, if LTC loses the $84 support level, it would park itself at $79, strengthening the bears further. The amount of LTC traded in the last session was red, signifying the stronger presence of sellers compared to buyers.

Technical Analysis

The buying strength for Litecoin continued to trend downward over the past few weeks. The Relative Strength Index pierced through the half-line, indicating low buying strength and bearishness on the chart.

The LTC price moved below the 20-Simple Moving Average (SMA), which suggested that sellers were still driving the price momentum in the market.

If LTC manages to move above the $94 price mark, the altcoin price will cross above the 20-SMA line, which would help the bulls to regain strength.

Other technical indicators have also maintained bearish strength on the daily chart. The Directional Movement Index, which depicts price direction, was negative as the -DI line (orange) was above the +DI line (blue). This meant that the price was moving downward.

Bollinger Bands measure the price volatility and fluctuations in the market. The bands were wide, suggesting a chance of price fluctuation over the subsequent trading sessions.

The post Here’s What To Expect From Litecoin As Bulls Eye $100 appeared first on Crypto Basset Hound.

With this performance, Litecoin is among last week’s top gainers in the crypto market. Last week, the crypto even outperformed Ethereum in the total number of addresses. Let’s see some of the factors pushing Litecoin’s price action. 

Is The Upcoming Litecoin Halving Pumping Litecoin Price?

Based on tweets by on-chain data aggregator Santiment, the two primary factors driving Bitcoin’s price action are increased adoption and the upcoming halving. The Litecoin community is preparing for the halving event that would see the coin’s circulating supply reduced by half. According to Litecoin Halving Countdown, the event would hold on August 3, 2023.

Halving is a mechanism that reduces miners’ block rewards by half. The process aims to maintain a cryptocurrency’s price stability by keeping the circulating supply in check. Block rewards halving on the Litecoin blockchain occur every four years. It is more of an automated process. 

Halving reduces the number of Litecoins generated by the network to about 84 million, so miners will only get 6.25 LTC per block instead of 12.5 LTC. Analysts predict more increase in LTC price with the halving.

Meanwhile, Litecoin adoption has been on the rise. More merchants are accepting LTC for payments due to its low transaction cost and faster throughput. As a lighter version of Bitcoin, LTC undertakes high-speed point-of-sale transactions at low costs. These capabilities have attracted more people to use Litecoin for everyday purchases, like sending money and buying goods online. 

According to a report from BitPay, the world’s largest crypto payment platform, LTC payments have increased and are closely pursuing Bitcoin. The data revealed that Litecoin contributed 27.645 of total transactions on BitPay, while Bitcoin has 41.625, Ethereum is 11.66%, and Dogecoin 9.23%.

Also, a Glassnode report revealed that the number of Litecoin addresses increased between October 22 and January 2023, surpassing Ethereum. As of January 23, LTC’s total addresses were 171,266,536, while Ethereum had 170,765,345. 

Increased total addresses mean more users are creating addresses on the Litecoin blockchain, which signifies a higher adoption rate. It could be among the reasons behind Bitcoin’s impressive performance.

LTC Price Outlook

Litecoin is currently trading at $98.48, with a high of $101.61 and a low of $98.02. LTC is down by 2.1 over the past 24 hours, with a 7-day increase of 12.5% and a 14-day price gain of 17.0%. Litecoin also has a market dominance of 0.637%.

From the technical point of view, Litecoin’s Moving Averages are currently flagging a buy action while the Oscillators are neutral. The asset is already trading above the support levels and is pushing to exceed the resistance levels.

Litecoin is bullish today and is close to its pivot point at $99.61. If its price gets to this level, you might see an even more push. The support levels to watch out for are $93.73, $95.98, and $97.36, while the resistance levels are $100.98, $103.23, and $104.60.

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