Litecoin (LTC), a leading cryptocurrency in the market, recently saw a notable increase of 8%, pushing its price from $70 to the current $77. This bullish movement has fueled speculation among investors who are questioning whether Litecoin could reach the $1,000 milestone by 2023. Although experiencing an upward trend, data and market conditions show no signs of Litecoin hitting the $1,000 mark within this timeframe.
Looking at the technical outlook, Litecoin has broken its support level of around $84; a strong bearish engulfing candle below the 50-day exponential moving average suggests a continuing downtrend. The triple bottom pattern near $77.85 was invalidated, highlighting the prevailing bearish sentiment. It was expected that Litecoin’s price would continue its fall, targeting the next support level of approximately $65.457 before potentially triggering further selling pressure with a downside near $63.
However, Litecoin found support at about $72.20 and reverted, currently trading close to the $77.18 level. If it sees a bullish breakout above this level, there’s a chance it could go towards $82.40. The $72.20 level could act as significant support, possibly contributing to a robust recovery in Litecoin’s price. Traders need to pay close attention to this level as oversold indicators, such as RSI and MACD, signal a potential price retracement. Based on these factors, Litecoin has a support zone around $65 and resistance near $82.40. If it surpasses this level, it may face resistance around $88.44 with a substantial barrier at $84.
Given that a $1,000 Litecoin price in 2023 seems unlikely, investors might consider seeking alternative investment opportunities within the cryptocurrency market. One emerging option that might provide diversification and growth is Wall Street Memes (WSM). The online community has reached a milestone with the highly viral presale of its meme coin, $WSM, amassing over $8 million in a few weeks. This rapid success has captured crypto investors’ attention, as $WSM may offer similar potential to other popular meme coins such as Pepe, Dogecoin, or Shiba Inu.
The current presale stage offers $WSM for $0.0295; as the presale continues, the price will increase to $0.0337, giving investors an estimated 14% guaranteed paper gains if they participate at this stage. This presents an opportunity for individuals to join the $WSM presale and potentially capitalize on its growth potential.
Source: Cryptonews
