Over the week, Litecoin’s (LTC) price showed a slight uptick of 2.5%, although it experienced a dip to $65.81 in the last 24 hours. With an impressive leap of 25% over the past year, this year’s performance has been somewhat mixed, with the token’s halving not significantly pushing its price upward. Despite hovering in an oversold and undervalued state, there’s optimism for Litecoin in the coming weeks, provided the broader market keeps its momentum.
On the technical side of things, LTC’s position is rather precarious. Its relative strength index, when failing to exceed 60, suggests the token could lack the energy to climb higher. Simultaneously, LTC’s 30-day moving average has flattened, indicating the possibility of a forthcoming rise for the altcoin. In contrast, recent market slippages have thrown a spanner in the works, threatening further decline.
The resilience of LTC’s support level to resist falling below $65.50 holds paramount importance in the hours ahead. LTC’s potential to rebound lies in its ability to resist significant drops; a fall instead could trigger a deeper selloff.
Whale activity, often a harbinger of a cryptocurrency’s future trajectory, seems almost silent concerning LTC since mid-September. This lack of interest from larger traders could pave the way for further dips, unless a market-wide rally is on the horizon.
In terms of fundamentals, after the halving event earlier this year, LTC hasn’t had significant adoption news or development updates, which could explain its struggling price performance. However, recent overselling could potentially set the stage for a significant rebound in the coming weeks.
When it comes to seeking diversification, savvy traders might consider high-potential altcoins. A rapidly growing new token called TG.Casino (TGC) holds promise, having attracted over $350,000 within weeks of its opening sale. This online casino and gaming platform also integrates with Telegram, creating a social element that could give it an edge over the competition.
TG.Casino, unlike many presale coins, has already hit the market. It offers a wide selection of online games and gambling experiences, rewarding users with its native TGC token. With a capped supply of 100 million tokens and a strong use case, investors can anticipate a price increase once the token lists on exchanges later this year.
Thus, while LTC undergoes its current market challenges, newer, high-potential altcoins such as TG.Casino might provide intriguing opportunities. However, remember that cryptocurrency investments carry a high level of risk – always perform your due diligence and invest wisely.
Source: Cryptonews
