Litecoin (LTC) has advanced more than 40% since March 11, 2023, rising from $65.39 to a high of $94.88. The amount of LTC traded over the last several days saw an increase which meant that buying strength was recovering in the market.
The current price of Litecoin (LTC) stands at $93.66, which is still more than 35% off from its 2022 highs that were registered in January.
But where is the price of Litecoin (LTC) going next, and what can we expect from April 2023?
Today, Crypto Lists will discuss LTC price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Go directly to
- 1 Federal Reserve hinted it was close to pausing interest rate hikes
- 2 Litecoin could outperform other altcoins in the near future
- 3 Technical analysis for Litecoin (LTC)
- 4 Important support & resistance levels for Litecoin (LTC)
- 5 What speaks for the rise in the Litecoin (LTC) price
- 6 What indicates the downfall for Litecoin (LTC)
- 7 What do analysts and experts say?
Federal Reserve hinted it was close to pausing interest rate hikes
The cryptocurrency market remains supported after the Federal Reserve hinted it was close to pausing interest rate hikes amid turbulence in the banking sector. The U.S. central bank on Wednesday raised rates by an expected 25 basis points, bringing the federal funds rate in a range of 4.75% to 5%. Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, said:
“The U.S. central bank’s policy statement no longer said “ongoing increases” would likely be appropriate, indicating a clear shift in its stance. Markets are hoping that you have one more interest rate hike to go, probably.”
The Fed’s softer tone relieved markets that have been roiled by liquidity-crisis concerns in the banking sector, and analysts’ expectations are almost equally split between the Fed pausing its rate hikes in May and another 25 bps hike.
According to the Federal Reserve, the U.S. banking system is “sound and resilient,” but the financial turmoil is “likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation” to an uncertain extent.
Worries persist that the Fed’s battle against inflation could tip the economy into recession, and traders should keep in mind that the crypto selloffs could gather speed if Bitcoin falls again below the $25,000 mark.
Supply: 69,924,556 / 84,000,000
Release date: October 13, 2011
Description: Buy Litecoin and be part of the peer-to-peer payments revolution!
Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.
Litecoin could outperform other altcoins in the near future
Litecoin is the 14th largest cryptocurrency by market capitalization at the time of writing, after moving more than 20% in the last three days. Analysts expect Litecoin will likely outperform other altcoins in the near future, moving up higher when altcoin prices rise and seeing a lower downside when altcoin prices move down.
In the last twenty-four hours, Litecoin advanced more than 6% to reach an intraday high of around $94.88. In comparison, the total cryptocurrency market capitalization has risen less than 3% to $1.14 trillion, with Bitcoin and Ethereum rising 1.79% and 1.42%, respectively.
According to some analysts, the euphoria around Litecoin could be influenced by its upcoming halving in August 2023, when mining rewards are slated to reduce from 12.5 LTC per block to 6.25 LTC per block. Although the event is still four months away, the rally may have started because cryptocurrency traders tend to be forward-looking and price the event well in advance.
The Litecoin Halving Cycle takes place every 840,000 blocks according to a predetermined Litecoin halving schedule defined in the Litecoin protocol. Two Litecoin halving events have already taken place, the first in 2015 and the second in 2019.
The Litecoin halving in 2015 reduced the Litecoin block reward from 50 LTC each block to 25 LTC each block. The last Litecoin halving event occurred in 2019 dropping the block reward in half from 25 LTC to 12.5 LTC per block.
Technical analysis for Litecoin (LTC)
Litecoin (LTC) has advanced more than 40% since March 11, 2023, rising from $65.39 to a high of $94.88. Litecoin’s current price stands at $93.66, and according to technical analysis, bulls continue to control the price movement. As long the price of LTC is above $80, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.
Important support & resistance levels for Litecoin (LTC)
On this chart (the period from June 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Litecoin remains in the “BUY ZONE,” and if the price advances above $100, the next target could be resistance that stands at $110. The important support level is $80, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $70. If the price drops below $70, which represents very strong support, the next target could be located around $60 or even below.
What speaks for the rise in the Litecoin (LTC) price
The amount of LTC traded over the last several days saw an increase, and if the price advances above the resistance that stands at $100, the next target could be located at around $110.
One of the reasons for the possible uptick in Litecoin’s price could be its upcoming halving in August 2023, when mining rewards are slated to reduce from 12.5 LTC per block to 6.25 LTC per block.
According to the technical picture, Litecoin (LTC) still has room for the upside, especially if the price of Bitcoin continues to perform well.
What indicates the downfall for Litecoin (LTC)
This trading week has been very successful for Litecoin, but investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain. The important support level for LTC stands at $80, and if the price falls below this level, the next target could be $70.
The price of Litecoin is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $25000 price level, that would certainly have a negative influence on the price of LTC.
What do analysts and experts say?
The cryptocurrency market remains supported after the Federal Reserve hinted it was close to pausing interest rate hikes, while some analysts said that the current crypto rally suggests that the banking system is terrible and the economy needs an alternative.
Analysts expect Litecoin will likely outperform other cryptocurrencies in the near future, moving up higher when the cryptocurrency market rises and seeing a lower downside when cryptocurrency prices move down.
The euphoria around Litecoin is also influenced by its upcoming halving in August 2023, when mining rewards are slated to reduce from 12.5 LTC per block to 6.25 LTC per block. Although the event is still four months away, the rally may have started because cryptocurrency traders tend to be forward-looking.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
Get high with Snoop Dogg on his brand new 'Dollars' game
Santa's Xmas Rush on LTC Casino is an early gift for you!
Anonymous LTC Casino Adds SOL, ADA, BNB & USDC
