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Litecoin Price Prediction – Is LTC Set Up For A Bullish Breakout In Race to $150?

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author imageArslan Butt Last updated:

The price of Litecoin (LTC) has continued to decline sharply and is currently trading below $88.79, having lost over 8% of its value in the last 24 hours.

As a result, Litecoin’s market capitalization has dropped to $6.861B, which accounts for 0.64% of the overall market capitalization of cryptocurrencies – it is worth noting that Litecoin’s market capitalization previously peaked at $25.609 billion.

In the past few hours, Litecoin has been trading in the range of $86.120 to $95.420.

The persistent bearish bias of Litecoin’s price may be linked to the current poor sentiment in the cryptocurrency market, triggered by concerns about interest rate hikes.

The world’s largest and most valuable cryptocurrency, Bitcoin (BTC), has also suffered losses and dropped to $23,000, indicating a gloomy sentiment across the entire crypto market.

The global crypto markets have been flashing red due to robust US economic statistics, which suggest that the Federal Reserve will need to increase interest rates for extended periods.

Additionally, investors are closely monitoring China’s annual parliamentary session, which begins on Sunday and is used to define economic goals and select new top economic leaders.

Litecoin Price

The current trading price of Litecoin is $88.79, with a 24-hour trading volume of $669 billion – in the past 24 hours, Litecoin has experienced an 8.55% drop in value.

Currently, Litecoin is ranked 13th in the market, with a live market capitalization of $6.4 billion.

Bearish Crypto Mood & Fed Rate Hike

The cryptocurrency market is expected to close the week on a negative note following the release of robust US economic data, sparking speculation that the Federal Reserve may adopt a more aggressive approach to addressing persistent inflation by raising interest rates.

Regarding recent data, jobless claims in the US decreased to 190,000 for the week ending February 24, lower than the market’s anticipated figure of 195,000 and the previous number of 192,000.

Meanwhile, Nonfarm Productivity for the fourth quarter (Q4) fell from 3.0% in the previous quarter to 1.7%, lower than the market expectation of 2.6%.

Additionally, Unit Labor Costs rose from 1.6% to 3.6% in the fourth quarter, higher than the previous quarter’s 1.1%.

Furthermore, the tension between the US and China at the Group of 20 Nations (G20) summit was sparked by the former’s drive for sanctions against nations with close relations with Russia and support for Moscow’s conflict with Ukraine.

However, the risk-off mood in the market keeps investors away from riskier assets and contributes to bitcoin losses.

Litecoin Small Achievement

Litecoin (LTC) has become one of the most widely used cryptocurrencies for online shopping.

Litecoin was the fourth most popular cryptocurrency used as a payment method in online shopping in 2022, according to data by cryptocurrency payment processor Coingate that was published on March 1.

According to the data, Litecoin represented 88,295 orders in 2022, or 9.5% of all cryptocurrency payments processed by CoinGate.

Furthermore, from 83,620 charges in 2021, the total number of Litecoin payments for the previous year increased by almost 6%.

According to the data, January 2022 saw 8,971 orders, the most significant monthly usage of LTC for payment of goods and services.

From June 2022, Litecoin usage has also increased. LTC reached 7,968 in December 2022, an increase of more than 11% from June, which had the fewest orders (6,717) and was the least successful month.

As a result, this positive news may relieve the LTC coin from further losses – it is also one of the most popular currencies to use at crypto casinos and betting sites.

US Dollar Losing Momentum

The broad-based US dollar gained on Thursday as jobless claims indicated a relatively robust job market in the United States.

Other data revealed rising labor costs, suggesting the Federal Reserve still has room to raise interest rates to contain inflation.

Although, the gains were not long-lasting as the U.S. dollar slipped back from a 2-1/2-month high versus the yen on Friday and headed towards its first weekly loss since January against key rivals.

The dollar index, which compares the dollar value to the yen, the Euro, and four other major currencies, fell 0.11% to 104.85 from a peak of 105.36 at the beginning of the week, the highest level since January 6 – the index has been down 0.36% since last Friday.

According to Reuters’ survey of analysts, the dollar’s recent growth is just transitory, and the currency will drop throughout the year as the global economy improves; there are predictions that the Fed will stop raising interest rates far before the European Central Bank.

Hence, the negative US dollar was regarded as another crucial element that may help to limit cryptocurrency drops.

Best Altcoins to Buy Today

Metropoly (METRO)

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METRO tokens are now available for investment at a price of $0.0625. The tokens may be acquired with ETH, UDST, or BNB and have a maximum quantity of 1 billion ERC-20 utility tokens.

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RobotEra (TARO)

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TARO is now available for pre-sale with a capital investment of $975,332. Each 1TARO token is priced at $0.020 during this stage, with a planned increase to $0.25 in Stage 2.

It is an opportune time to purchase TARO tokens at the current price before the value rises in the next stage.

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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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