he price of Litecoin (LTC) has dipped by 1% in the past 24 hours, falling to $77.75 as the cryptocurrency market continues to suffer from the effects of the SEC’s recent enforcement actions against Coinbase and Binance.
LTC is now down by 13% in a week and by 10% in a month, with the altcoin having risen by 11% since the beginning of January.
Its movements today come as its 24-hour trading volume nears $500 million, suggesting an increase in activity that may translate into gains in the coming days.
Litecoin Price Prediction as $500 Million Trading Volume Comes In – Can LTC Reach $100?
LTC’s indicators remain in a weak position today. Although, the relative strength index (purple) is showing some signs of improvement, having risen back up to 40 after spending the weekend near 20 (oversold).
The coin’s 30-day moving average (yellow) continues to fall further below its 200-day (blue), driven lower by last week’s loss of altcoin liquidity on Binance.
However, it looks as though the 30-day average is close to reaching a bottom, meaning that LTC could easily begin rising again in the near future.
This suspicion is reinforced by the fact that LTC’s support level (green) has crept up a little over the past few days, indicating that it isn’t going to be falling any further.
We may therefore see the altcoin return to $90 in the next few weeks, assuming that the SEC doesn’t throw any other regulatory curveballs.
On the subject of the SEC, it’s worth pointing out that the regulator has not cited LTC as a security in its recent cases, something which cannot be said for most major altcoins.
With this in mind, LTC could even rise as high as $100 in the next few months, helped by its upcoming halving event, which will reduce the block rewards it pays to miners by 50% (from 12.5 LTC to 6.25 LTC).
But this could in fact be a good sign that the market hasn’t yet priced in the halving, providing late-coming investors with the chance to buy LTC at a discount before it rallies.
That said, investors should be aware that, due to its relatively smaller size, Litecoin’s halving may not have as big an effect on LTC’s price as next year’s Bitcoin halving will have on BTC’s.
This caution aside, LTC could potentially end the year close to $150 or $200, with a possible bull market next year pushing it even higher.
New Altcoins with Fundamentals
While LTC is overdue a rally, it’s hard to see it enjoying a truly significant rise, if only because it lacks the fundamentals and first-mover advantage of BTC and the utility of ETH.
However, there are a number of new altcoins that have emerged this year with strong fundamentals, with one of the most interesting being yPredict, a Polygon-based platform that uses AI to provide users with trading intelligence.
Having launched the presale for its native YPRED token a few weeks ago, yPredict has already raised just over $2.3 million.
Just as importantly, yPredict has just launched its first AI-powered predictive trading model, an impressive milestone for a project still holding its token offering.
The platform will gradually expand its features to offer a range of other AI-based prediction tools, as well as a marketplace through which developers of forecasting and analytical models can sell their services to traders.
The utility token at the heart of this ecosystem is YPRED, which will be used to pay for predictive model subscriptions, as well as for staking and gaining access to the platform’s analytics.
Given just how volatile the cryptocurrency market can be, the launch of yPredict comes at just the right time for retail traders, who will be able to use the platform’s features to guide their trades and potentially make them more profitable.
The utility offered by the platform helps explain why its presale has already passed a raise of $2 million, with new investors able to join in by visiting the official yPredict website and connecting their wallets.
1 YPRED token currently costs $0.09, although this will rise to $0.10 with the sale’s next stage.
And when the sale ends, YPRED will list on exchanges with a price of $0.12, although this could easily rise if the altcoin attracts enough market interest.