The price of Litecoin (LTC) has experienced a slight dip of 1% in the past 24 hours, landing at $77.75 as the cryptocurrency market faces challenges due to the SEC’s recent enforcement actions against Coinbase and Binance. In broader terms, LTC has seen a decrease of 13% in a week and 10% in a month, yet it has still risen by 11% since the beginning of January.
Recent activity in the market has been high, with a 24-hour trading volume nearing $500 million, potentially leading to gains in the near term. Despite the current weak position indicated by LTC’s relative strength index and the coin’s 30-day moving average falling further below its 200-day, the 30-day average is approaching a bottom, which could signal a rise for LTC in the near future.
Though LTC isn’t cited as a security in the SEC’s recent cases – unlike other major altcoins – the upcoming halving event set to occur at the start of August has not yet significantly impacted market interest. This event will reduce the block rewards issued to miners by 50%. However, the current lack of impact may provide investors with the opportunity to buy LTC at a discount before any potential rally.
It is essential to exercise caution, as the smaller size of Litecoin’s halving event may not have as substantial an effect on LTC’s price as next year’s Bitcoin halving will have on BTC. With that said, LTC could still reach near $150 or $200 by the end of the year and a possible bull market in the following year could push it even higher.
In recent developments, new altcoins with strong fundamentals have emerged this year, such as yPredict – a Polygon-based platform utilizing AI to provide users with trading intelligence. With its presale of the native YPRED token launched a few weeks ago, yPredict has already raised over $2.3 million. Furthermore, yPredict recently launched its first AI-powered predictive trading model – a significant milestone as it continues developing its AI-based prediction tools and a marketplace for developers of forecasting and analytical models to sell services to traders.
With the volatility of the cryptocurrency market, the timely appearance of yPredict could prove quite useful for retail traders looking to optimize their trades with the help of the platform’s features. The utility offered by the platform could account for the presale already surpassing $2 million in raised funds. However, it remains to be seen how the new altcoin will perform once listed on exchanges and whether it will attract sufficient market interest.
Source: Cryptonews
