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Litecoin Price Prediction as $600 Million Trading Volume Comes In – LTC to Hit $100 Soon?

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author imageArslan Butt Last updated:

Following the release of the Fed rate hike, Litecoin price prediction has turned bearish, sending LTC below the $75 support zone. The LTC/USD pair began the day at $75.30, reaching a high of $75.44 and a low of $73.97. The LTC/USD pair is currently trading at $72.75, down nearly 4% in 24 hours.

Furthermore, LTC/USD has dropped by more than 3% in a week.

Litecoin $600 Million Trading Volume

Since it has never gone down in the last decade, the open-source, decentralized system is among the most secure. Litecoin was developed with blockchain technology to make payments quicker, more trustworthy, and less costly. Because its block time and confirmation rate have been cut in half, it has low transaction fees and fast payment speeds.

LTC is a cryptocurrency used for point-of-sale transactions and small transactions. Its creators created a debit card that anyone can use to buy goods and services anywhere in the world. The 24-hour trading volume of Litecoin has now surpassed $600 million. Volume is the most important indicator for trading cryptocurrencies. It can be used to estimate the liquidity and price movement of an asset.

The price of a cryptocurrency will rise as trading volume increases, but this volume must be maintained. As a result, increased trading volume may provide a reliable indicator that the LTC/USD price will rise.

Litecoin as a Payment Method

On December 13, the Litecoin Foundation tweeted that Litecoin was quickly becoming a popular cryptocurrency payment method. Litecoin’s popularity as a “go-to coin” for transactions has grown significantly.

Furthermore, BitPay, the world leader in blockchain payment technology, tweeted about Litecoin as a payment method on December 14. According to the tweet, LTC is gradually becoming the most widely used cryptocurrency for payment purposes, accounting for more than 25% of all transactions made through the payment gateway BitPay.

According to a recent BitPay article, Litecoin has become a popular payment currency. LTC has emerged as a popular currency for purchasing goods from e-commerce sites. Payments in Litecoin have increased at popular electronics, video games, gold and jewelry, and other e-commerce sites.

The company reported that Litecoin payments were most common in North America. However, significant growth has occurred in the EMEA, Asia Pacific, and Latin America divisions.

Since the cryptocurrency’s support began in the middle of 2021, BitPay has completed over 180,000 Litecoin payments, totaling more than $30 million in transactions.

The fact that Litecoin is becoming more popular as a payment method benefits the price of LTC/USD because it will rise as more people use it.

LTC On-chain Activity

Glassnode reports that the total number of addresses on the Litecoin network has reached an all-time high of 165.5 million. Furthermore, the network handles approximately 100,000 transactions per day. The number of transactions per day has increased in the last two years. The hash rate of the Litecoin network reached an all-time high of 615 TH/s last week, and it is now hovering around that level.

The Litecoin halving is often positive for market activity as well. LTC will be halved for the third time in 2023. As a result, Litecoin’s long-term prospects are bright. The next halving event has the potential to significantly increase the price of Litecoin. The increase in on-chain activity and overall network stability may indicate that the price of LTC/USD will rise.

Litecoin Price Prediction – Daily Technical Levels

Support Resistance

73.45 78.10

71.61 80.90

68.80 82.75

Pivot Point: 76.25

Litecoin Price Prediction

The LTC/USD pair is bearish, after encountering an immediate resistance at the $73.50 level. LTC has formed a bullish engulfing candle under the $73.50 level which typically signals chances of a bullish rebound but in this case, we may not see buying in LTC until it crosses over $73.50. A bullish breakout of the $73.50 level has the potential to push the LTC price up to $78.95 or $83.60.

LTC Chart

Litecoin Price Chart – Source: Tradingview

As the RSI and MACD indicators continue to indicate a selling trend, Litecoin can target the next support level of $70. On the downside, LTC’s immediate support is at $65.90, and a bearish breakout below this level could expose the price of LTC to $60. So, LTC has a strong chance of keeping up with the bearish trend as long as it’s under the $73.50 level.

The cryptocurrency market is currently bearish, but the coins listed below have massive upside potential. Let us explore.

FightOut (FGHT)

The brand-new “move-to-earn” (M2E) currency $FGHT, which recently joined the market, represents the future of health and fitness. The access token for the Web 3.0 fitness program and gym chain FightOut is FGHT. Since it combines physical activity in the actual world with rivalry in the metaverse, this is a first.

The current price of the coin is $0.01665002 (60.06 = 1 USDT), and there is no minimum or maximum order size.

Statista estimates that the health and fitness industry will be worth $96 billion by 2022, but because it is rooted in the past, M2E app and gym chain FightOut is stepping in to help. With an exciting and ambitious $100 million fundraising drive, the FightOut app and gym chain hopes to upend one of the most lucrative and expanding industries on the planet.

FightOut made over $1 million during its seven-day private auction in December and is presently gaining momentum during the first round of its public auction.

FightOut strives to increase the prevailing Web 2.0 architecture while also addressing problems it has discovered with Web 3.0 Move-to-Earn as it is being implemented by programs like STEPN.

Dash 2 Trade (D2T)

Another cryptocurrency called Dash 2 Trade operates on the Ethereum network. It is intended to help you become more proficient at trading cryptocurrencies. Additionally, it helps you get a competitive advantage in your sector by giving you access to technical indicators, and signals, as well as improved on-chain data and trading tactics.

You’ll get access to the newest social data, on-chain analytics, and presale market data thanks to their exclusive grading system. Investors have stayed faithful to the currency because it gives vital crypto trading indications promptly. Top exchanges are ready to list the D2T token after the presale because demand was so high, and they expect a lot of trading to happen every day once the token is live.

Dash 2 Trade made $400,000 in less than 24 hours after its October 19 debut at $0.0467. The presale for Dash 2 Trade has ended with a $9.7 million raise and a price of $0.0533. It has a total token supply of $1 billion, most of which have been sold.

RobotEra (TARO)

TARO intends to provide players with higher-quality images than Decentraland, as well as more exciting gameplay techniques and income possibilities. RobotEra gives players more ways to win prizes than just player-versus-player activities as they explore and try to fix Taro’s damage.

RobotEra also features a native token called TARO. Although owners of the digital asset can stake it to earn extra units, the in-app gaming market is mostly used to purchase and sell NFTs. A presale for inventors is now being offered for this asset. TARO’s venture was successful with a $557,000 presale.

The first round of the digital asset’s presale is being conducted at a price of $0.020. The next stage’s price for TARO will be $0.025; the next level’s price will be $0.032.

Related news:

Fight Out - Next Big Train-to-Earn Crypto

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  This article was written for Business 2 Community by Arslan Butt.
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Author: Arslan Butt

Arslan is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. Arslan holds an MBA in Finance, and an MPhil in Behavioral Finance.
Arslan brings a broad range of skills to help beginners evaluate financial data and investment trends, carry out technical analysis, fundamental analysis, and…

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