The Litecoin price has seen a modest decline by 0.5% in the last 24 hours in addition to a 14% droop over the past month, placing the altcoin value at a troubling $82.98. Interestingly, this dip in price coincides with last week’s Litecoin halving, a seemingly anticlimax event that did not stimulate the cryptocurrency market as expected. This scenario might affectionately be labelled a ‘sell the news’ event in crypto circles, where traders offload their holdings following an anticipated event that fails to surge the market.
As such, the LTC may continue to teeter on decline, albeit with subtle indications of upcoming growth. However, the coin’s indicators continue to telegraph a potential weakness. For instance, the altcoin’s relative strength index has failed to cross the 50 mark, an indication of dwindling buying interest and momentum loss. Additionally, its 30-day moving average has stagnated relative to its 200-day average, a sign of flattening that curtails hopes of a price surge.
While there have been reassurances that the altcoin’s support level, after consecutive falls since mid-July, seems stabilised in the recent past, the lack of market-shaking fundamentals on the horizon for LTC shackles hopes of a price liftoff. The coin, despite being the 14th largest cryptocurrency by market cap, has not unveiled any significant upcoming events that could cause a rally.
One factor that might have doused hopes of LTC’s price growth is the less-than-captivating response to its recent halving. Traders might have expected a dramatic price increase from this event, and their disappointment could have triggered a coin offload to cut potential losses. However, not all is doldrums for the future of LTC.
Despite these gloomy outlooks, prospects of modest growth loom, given LTC’s display of subtle growth trends. For instance, Gate.io recently listed LITE, an LTC-based token that heralds Litecoin’s evolution beyond just a currency-focused cryptocurrency. Although this seems relatively minor compared to Ethereum’s $24 billion value, it paints a picture of future increased Litecoin usage. On these grounds, LTC might see a steady increase after nearing $80, potentially rising to $85-$90 within a few months.
While LTC prospects seem modest, new alternative coins sport higher impact potentials. One shining example is XRP20, an ERC-20 token that has raked over $1.9 million within weeks. Its most attractive feature is its affordable price of $0.000092, a level similar to the original XRP price in 2014. Coupled with deflationary tokenomics such as 10% token burn over time, this new coin might steadily gain value over time. Potential investors can join this promising venture by visiting XRP20’s official website and connecting their software wallets.
However, investing in cryptocurrency carries a high risk; you could potentially lose your entire capital. This information offers an insight on the Litecoin and cryptocurrency market situation and should not stand as investment advice.
Source: Cryptonews
