Litecoin Price Prediction as LTC Rallies 5% in a Week – Where is LTC Heading Now?
Litecoin (LTC) has seen a sharp intraday drop in tandem with the broader cryptocurrency market on Monday, with sell pressure triggered by news that the SEC is suing Binance, Binance.US and the exchange’s founder Changpeng Zhou (CZ) over offering unregistered securities to the general public in the US, as well as a host of other charges.
LTC, the cryptocurrency that powers the payments-focused Litecoin blockchain, was last changing hands in the $88 area, down close to 7% on the day.
While still trading substantially lower on the day and now around 10% lower versus weekend highs in the $97s per token, Litecoin has seen a decent 5% bounce from its intra-day lows in the $83s.
Buyers appear to have been waiting to pounce when LTC retested its 200-Day Moving Average around $85.
While the SEC named a number of major blue-chip cryptocurrencies as securities in its latest lawsuit against Binance, including heavy hitters like BNB, Cardano (ADA), Solana (SOL) and Polygon (MATIC), it did not mention Litecoin.
Despite its big drop on Monday, Litecoin is still looking bullish on the charts and, as such, price predictions remain bullish.
The strong rebound from the 200DMA is a good sign, and Litecoin continues to trade strongly above its uptrend from the November 2022 lows.
Continued optimism ahead of the August halving, which will see the LTC inflation rate half, is likely to keep buyers eager.
And with the cryptocurrency currently still in the process of carving out a bullish ascending triangle pattern, a run higher into the mid-$100s sometime later this year remains a strong likelihood.
While Litecoin could be a fantastic investment for those willing to hold it for a few years, investors should always be on the lookout to diversify their
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