Can LTC reach $100 with $500 million trading volume?
The value of Litecoin (LTC) has dropped by 1% in the last 24 hours, reaching $77.75 as the cryptocurrency market continues to be affected by the SEC’s recent enforcement actions against Coinbase and Binance.
LTC has decreased by 13% in a week and by 10% in a month, but it has increased by 11% since the beginning of January.
Its movements today suggest an increase in activity as its 24-hour trading volume approaches $500 million, which may translate into gains in the near future.
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Litecoin Price Prediction as $500 Million Trading Volume Comes In – Can LTC Reach $100?
LTC’s indicators remain weak today. Although, the relative strength index (purple) is showing some signs of improvement, having risen back up to 40 after spending the weekend near 20 (oversold).
The coin’s 30-day moving average (yellow) continues to fall further below its 200-day (blue), driven lower by last week’s loss of altcoin liquidity on Binance.
However, it appears that the 30-day average is close to reaching a bottom, which means that LTC could easily begin rising again in the near future.
This suspicion is reinforced by the fact that LTC’s support level (green) has slightly increased over the past few days, indicating that it is not likely to fall further.
We may therefore see the altcoin return to $90 in the next few weeks, assuming that the SEC does not present any other regulatory curveballs.
Regarding the SEC, it is important to note that the regulator has not cited LTC as a security in its recent cases, which cannot be said for most major altcoins.
With this in mind, LTC could potentially rise as high as $100 in the next few months, helped by its upcoming halving event, which will reduce the block rewards it pays to miners by 50% (from 12.5 LTC to 6.25 LTC).
This is scheduled to happen at the beginning of August, although so far, its approach has done little to galvanize market interest.
However, this could be a good sign that the market has not yet priced in the halving, providing late-coming investors with the chance to buy LTC at a discount before it rallies.
That being said, investors should be aware that, due to its relatively smaller size, Litecoin’s halving may not have as significant an effect on LTC’s price as next year’s Bitcoin halving will have on BTC’s.
Despite this caution, LTC could potentially end the year close to $150 or $200, with a possible bull market next year pushing it even higher.
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New Altcoins with Fundamentals
While LTC is due for a rally, it is unlikely to experience a significant rise due to its lack of fundamentals and first-mover advantage of BTC and the utility of ETH.
However, there are several new altcoins that have emerged this year with strong fundamentals, including yPredict, a Polygon-based platform that employs AI to provide users with trading intelligence.
Having launched the presale for its native YPRED token a few weeks ago, yPredict has already raised just over $2.3 million.
Just as importantly, yPredict has just launched its first AI-powered predictive trading model, an impressive milestone for a project still holding its token offering.
The platform will gradually expand its features to offer a range of other AI-based prediction tools, as well as 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 predictive model subscriptions, as well as for staking and gaining access to the platform’s analytics.
Given how volatile the cryptocurrency market can be, the launch of yPredict comes at just the right time for retail traders, who will be able to use the platform’s features to guide their trades and potentially make them more profitable.
The platform’s usefulness is demonstrated by its presale, which has already raised $2 million. New investors can participate by visiting the official yPredict website and connecting their wallets.
Currently, one YPRED token costs $0.09. However, the price will increase to $0.10 in the next stage of the sale.
Once the sale is over, YPRED will be listed on exchanges at a price of $0.12. However, if the altcoin generates enough market interest, this price could easily increase.
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