Following this week’s tempestuous turn, Litecoin (LTC) awoke from a chilling dip as low as $88. Despite representing a 2% downfall over the past week and an 8% depreciation fortnight, LTC has remarkably shown its strength by escalating 27% since the start of the year, and an impressive 59% over the last 12 months. This flux in LTC’s trajectory might be stirring an array of mixed emotions, but one cannot overlook the approaching Litecoin’s halving – an event that might rake the odds in favour of a propitious summer.
As LTC wallowed with the broader market this week, a potential hike in the Fed rate exuded a downward pressure, reflected by LTC’s relative strength index plunging to 30. Although, the early signs of resurgence inching it towards 40 suggests that this dip may be a brief occurrence. The scenario further pours in a dose of uncertainty as LTC’s 30-day moving average has stumbled below its 200-day average, nearing a juncture accompanied with a much-awaited rise. However, the recurrent downfall of the support level points towards enduring a bit more agony before the picture improves.
On the brighter side, reaffirmation cascades from the anticipated Litecoin’s halving event on 2nd August. Mirroring the Bitcoin halvings, Litecoin’s block reward destined for miners will be slashed by half from 12.5 LTC, rendering the cryptocurrency scarcer. This is expected to inject an upward thrust to LTC’s price in the longer run, stringing along a potential rally in the days leading up to the halving. With a plausible return to a bullish market, LTC’s current standing at approximately $89 could witness a leap to $100 over the next week and, with luck, might soar to $150 by year’s end, amplifying to $200 or even $250 by mid-2024 during a bull market.
But as LTC’s ascension emerges as likely but gradual, immediate returns might be sought through fresher tokens with a propensity to rally significantly in a shorter timeframe, particularly presale tokens. Standing out amongst recent fast-risers is Evil Pepe (EVILPEPE), an ERC-20 meme coin that escalated its sale last week. This novice token has already raised an astonishing $750,000, earmarking a maximum supply of 6.66 billion, with 90% reserved for the current presale. One could argue that this vast allocation makes EVILPEPE highly decentralized, creating an attractive opportunity to investors by offering a sizeable relative stake in the token. With just seven days remaining, investors can buy discounted EVILPEPE at $0.000333 on the official website, a price that could see exponential growth upon its listing on exchanges soon.
Source: Cryptonews
