The cryptocurrency sector is still feeling pressure from the collapse of FTX, which was previously known as one of the largest crypto exchanges in the world, but some of its assets are measuring better performance than others, including Litecoin (LTC).
Over the previous week, Litecoin received an influx of $500 million to its market capitalization, which grew 10.99%, up from $4.55 billion seven days ago to $5.05 billion. at press time, as per CoinMarketCap data retrieved by Finbold on December 26.
At the same time, the price of LTC soared 10.74%, changing hands at $70.29 at the time of publication, which is an increase of 6.93% across the previous 24 hours but still a 10.66% decline compared to 30 days before, as charts demonstrate.
Bulls versus bears
Meanwhile, crypto trading expert and analyst Michaël van de Poppe observed Litecoin’s bullishness and noted that it “probably will continue to show strength,” suggesting “the $69 range for some scalp trades,” followed by $66.75 for longs, “then targeting $78 and $84 next.”
For the turn of the year, machine self-learning technology CoinPriceForecast predicts Litecoin to hit $73.87, the end of 2023 to see a modest advance of 7% up to $75.63, ultimately surpassing $100 by the middle of 2026, followed by further upward movements.
The last time LTC managed to cross the $100 barrier was in May, as it reached the price of $106.26 on May 5, followed by a decline from which it is yet to recover, and which has added up to the decentralized finance (DeFi) token’s losses of 52.18% since the beginning of 2022.
Having said that, the machine learning algorithms over at PricePredictions are somewhat on the bearish side, seeing Litecoin at the price of $69.69 on January 1, 2023, which, if proven correct, would represent a decline of 0.85% to the price of LTC at present.
In the meantime, the crypto community over at CoinMarketCap is bearish as well, with 408 member votes projecting that the price of Litecoin on January 31, 2023, would stand at an average of $66.37, whereas for the end of February, predictions stand at $63.53.
On the other hand, the LTC 1-day technical analysis (TA) summarized on TradingView’s gauges indicates a ‘buy’ sentiment at 12, the result of oscillators being ‘neutral’ at 9, and moving averages (MA) indicating a ‘strong buy’ at 11.
Should Litecoin manage to hold on to its current momentum, coupled with the positive wider market and macroeconomic sentiments, the bulls could, indeed, be in the right and look forward to breaking the psychological mark of $100 sometime in the future.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
