Litecoin’s (LTC) price has exhibited remarkable stability in the past 24 hours, holding steady at $67.70. This marks a 3% increase over the last week, and while this positive shift comes on the heels of Grayscale’s victorious appeal with the SEC – bringing a modest pump to the broad crypto market – LTC’s performance over the larger span remains down by 25% for the past 30 days and 3% from the beginning of the year. It’s evident that Litecoin’s market, currently humming with an elevated 24-hour trading volume of over $300 million, is well-primed to service potential gains in the near-term.
A glance at LTC’s indicators strengthen this assertion. On the one end, the altcoin’s relative strength index has escalated to 40 from a lowly sub-30 position that held ground for a good part of the last week. On the other, its 30-day moving average has plunged markedly below the 200-day counterpart revealing a severely oversold market scenario.
Thanks to these developments, coupled with a steadily climbing support level since mid-August, the impression that LTC has bottomed out and primed for renewed accumulation grows stronger. An apparent bump in interest in Litecoin this week is evidenced by the trading volume exceeding $300 million and many attribute this to the recent news of the SEC’s mandated re-evaluation of Grayscale’s Bitcoin ETF application. If approved, it could potentially set the stage for a similar Litecoin ETF.
Nevertheless, even with its dodged performance over the year and a dramatic sell-off following its halving event, Litecoin, with its fundamentally sound network, continues to be a steady player in the volatile crypto landscape. Events in the pipeline that could significantly sway its price seem scarce, yet some analysts believe that LTC could potentially touch $100 by this year-end. This bullish outlook signals more gains in the foreseeable future, even potentially reaching $150 in the opening months of the subsequent year.
Meanwhile, as the allure of steady, gradual gains may not necessarily whet the appetite of all investors, fresh entrants in the altcoin market promise hitherto unseen gains. Among the rising stars is a playful ERC-20 meme token, Sonik Coin (SONIK) that kicked off its presale this August. Backed by a vibrant community and exciting benefits like a passive income via staking, SONIK has managed to raise over $800,000 since its presale. The token, currently priced at $0.000014, lists on exchanges shortly, making it one to watch for investors seeking rapid, above-average returns.
Source: Cryptonews
