Should you buy Litecoin now? It’s one of the top-performing coins this week.

Litecoin (LTC), the cryptocurrency that powers the payments-focused Litecoin blockchain, has been performing very well recently.

Currently, LTC is trading just below $95 per token, which is a 3% increase from last week despite a 1.5% fall in the overall cryptocurrency market capitalization.

As a result, Litecoin is one of the best-performing coins of the week, and price predictions remain bullish.

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According to CoinGecko, Litecoin has increased 8% in the last seven days, making it the third best-performing cryptocurrency in the top 20 by market cap, following XRP and Solana’s SOL.

Analysts attribute this recent rally to optimism about the upcoming “halving” in August, which will see the LTC inflation rate drop in half, and a recent surge in transaction activity on the Litecoin blockchain.

The halving is scheduled to occur in 58 days, according to nicehash.com, and will reduce the LTC reward for each block from the current 12.5 to 6.25.

Blocks take an average of around 2.5 minutes to mine on the Litecoin network.

In addition, the arrival of the Ordinals protocol on the Litecoin blockchain (the code for which was based on the Bitcoin blockchain) has sparked a huge surge in network activity.

The total number of Litecoin transactions has risen above 160 million, with 10 million of these transactions occurring in just the last 6 weeks.

Price Prediction – Where Next for LTC?

Other analysts also attribute the building buy pressure to recent positive technical developments and signals.

Litecoin found strong support at its 2023 uptrend a few weeks ago and has found strong support twice at its 200-Day Moving Average so far this year, indicating that the bull market is still in play.

Litecoin also bounced strongly from its 21 and 50DMAs a few days ago, making a retest of yearly highs in the $103-105 area seem likely in the weeks ahead as the countdown to the halving continues.

The cryptocurrency appears to be forming an ascending triangle pattern, which typically forms before powerful upside breakouts.

An upside break of resistance just above $100 could be the spark for a big rally, with many LTC bulls targeting a test of key long-term resistance in the $300 area, representing more than 3x gains from current levels.

Investors should not rule out such a move occurring in the next year or so.

Litecoin has great fundamentals – the blockchain is one of the most decentralized and secure in the space and, in its 11-year existence, has experienced zero downtime.

That means it stands to benefit from being viewed as one of the most “trustable” blockchains in the business.

Thanks to its strong reputation, it is one of the only cryptocurrencies that Hong Kong allows retail traders to buy, with the country having only just re-legalized retail crypto investment.

Litecoin (LTC) Alternatives to Consider

While Litecoin could be a fantastic investment for those willing to hold it for a few years, investors should always be on the lookout to diversify their crypto holdings.

One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.

This is where investors buy the tokens of up-start crypto projects to help fund their development.

These tokens are nearly always sold very cheap, and there is a long history of presales delivering huge exponential gains to early investors.

Many of these projects have fantastic teams behind them and great visions to deliver revolutionary crypto applications/platforms.

If an investor can identify such projects, the risk/reward of their presale investment is very good.

The team at blockchain.com spends a lot of time reviewing presale projects to assist investors.

Below is a list of the 15 best cryptocurrency presales of 2023, as determined by the project.

Disclaimer: The Industry Talk section includes opinions from various players in the crypto industry and is not a part of blockchain.com’s editorial content.