Joel FrankLTC, the cryptocurrency that powers payments-focused layer-1 blockchain protocol Litecoin, has been surging in 2023 and just hit a key psychological threshold. The cryptocurrency, one of the world’s oldest, is up around 43% since the turn of the year and this week surpassed $100 per token for the first time since May 2022.
That means the cryptocurrency is up an incredible near 150% since last year’s lows in the $40 per token area. LTC’s latest rally, which was triggered in tandem with a broader rise in crypto prices after the less hawkish-than-expected Fed meeting, has seen it finally break decisively to the north of resistance in the lows $90s, after struggling with resistance in this area over the past few weeks.
Where Next for Litecoin?
Litecoin has been in a clear uptrend since mid-December and continues to find support at its 21-Day Moving Average, while it is also above all of its major moving averages, suggesting that its upside bias is likely to continue into the future. The market’s risk-friendly tone in wake of Wednesday’s Fed meeting may also continue to offer support, assuming that upcoming mega-cap tech earnings and Friday’s US jobs report don’t spoil the party.
Litecoin bulls will thus be targeting a test of the next series of major resistance levels, which come in at $107, $114 and then $135. Traders will also be monitoring to see whether Litecoin can hit the first of its major Fibonacci retracements back from the 2022 lows (near $40) to the 2021 highs (around $415) – the 23.6% fib.
Crypto Experts Give Their Price Predictions
Crypto-focused YouTuber VisionPulsed flagged that with the Litecoin halving coming up, a big rally could come soon. However, he isn’t yet sure that the cryptocurrency can make it back to all-time highs after it failed to post all-time highs back in 2021.
Meanwhile, fellow crypto YouTube analyst Crypto With James predicted that Litecoin could go on a run towards $400 in 2023, outperforming Bitcoin in the process.
Is It Too Late to Buy Litecoin (LTC)?
Asking whether it’s too late to buy an asset is never the right question. The answer is always never. The right question is whether an asset should be bought or not. And that depends on how an investor judges its long-term price performance outlook.
If you deem LTC as likely to rise substantially in price in the current years, based on your own research, it is probably worth buying some. If not, then stay away.
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This article was written for Business 2 Community by Joel Frank.
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