The price of Litecoin (LTC) has fallen 6% in the past 24 hours to a low of $73. Meanwhile, the crypto market continues to suffer the effects of the latest enforcement actions from Securities and Exchange Commission (SEC) versus Coin base And Binance.
LTC is now down 17.4% on the week and 15% on the month. However, the altcoin is up 11% since the beginning of January.
Its price moves come today as its trading volume in the last 24 hours approaches $500 million. This may indicate that an increase in activity will translate into gains in the coming days.
Litecoin Price Prediction: Could $500M trading volume push LTC all the way to $100?
LTC indicators remain in a weak position today. However, the relative strength index (purple) is showing signs of improvement as it has risen back to 30 after spending the weekend near 20 (oversold).
The altcoin’s 30-day moving average (yellow) continues to fall further below its 200-day (blue). This can mainly be attributed to the altcoin’s loss of liquidity last week on Binance.
However, the 30-day average appears to be bottoming out. Hence, LTC may rise in the near future.
This suspicion is reinforced by the fact that the support level for LTC (green) has risen slightly in recent days.
The altcoin may therefore return to $90 in the coming weeks. This assumes that the SEC does not initiate further regulatory action against the crypto sector.
However, if LTC fails to reject the $75 support, the probability of a decline below this level increases. In this case, the altcoin could be driven to test the $65 support.
In this connection, it should be noted that the regulator did not qualify LTC as a security unlike many other altcoins.
Therefore, the most optimistic forecasts indicate that LTC could reach $100 in the next few months, helped by the next halving. This event will reduce the block rewards paid to miners by 50% (from 12.5 LTC to 6.25 LTC).
The halving should take place at the beginning of August. But so far the market does not seem to have shown much interest in the event.
This could be seen as a sign that the market has not yet priced the halving into LTC’s price. Delayed investors therefore have the opportunity to buy the altcoin on the downside before a possible increase.
However, investors should be aware that due to its relatively small size, Litecoin’s halving may not have as much impact on the price compared to Bitcoin’s.
If a long-term bull market emerges, LTC could potentially end the year close to $150 or $200.
Buy Litecoin now
A new altcoin to consider
It is difficult to see LTC enjoying a significant rise anytime soon. It actually lacks the fundamental and first-mover advantage of BTC and the utility of ETH..
However, a number of new altcoins have emerged this year with strong fundamentals. One of the most interesting is yPredict, a polygon-based platform that uses AI to provide users with trading insights.
After launching the presale of its initial token YPRED a few weeks ago, yPredict has already taken off just over $2.3 million.
Equally important, yPredict has just launched its first AI-based predictive trading model. This is an impressive milestone for a project that is still in pre-sales.
The platform will gradually expand its functionality to offer a number of other AI-based prediction tools. It will also provide a marketplace through which developers of forecasting and analytical models can sell their services to traders.
The utility token at the heart of this ecosystem is YPRED, which will be used to pay for subscriptions to predictive models as well as access to platform efforts and analytics.
Given the volatility of the crypto market, the launch of yPredict comes at a good time for retailers. The latter will be able to use the platform’s functionalities to guide their transactions and potentially make them more profitable.
The utilitarian benefits offered by the platform are why its pre-sales have already exceeded $2 million. New investors can participate in the presale by visiting the official yPredict website and connecting their wallets.
1 YPRED token currently costs $0.09, although it will drop to $0.10 with the next phase of the sale.
And at the end of the sale, YPRED will be listed on the exchanges at a price of $0.12. This price can easily increase if there is sufficient market interest in the altcoin.