Litecoin (LTC) experienced a significant intraday drop with the overall cryptocurrency market on Monday. The decline in value was a result of increased selling pressure triggered by the news that the SEC is suing Binance, Binance.US, and founder Changpeng Zhou (CZ) for offering unregistered securities to the general public in the US and other charges. LTC, the cryptocurrency that powers the Litecoin blockchain, was last trading around the $88 mark, down nearly 7% for the day.
Despite the decline, Litecoin managed to bounce back by approximately 5% from its intraday lows in the $83s. Buyers seemed eager to enter the market when LTC retested its 200-Day Moving Average around $85. Interestingly, although the SEC named several major cryptocurrencies as securities in its recent lawsuit against Binance, such as BNB, Cardano (ADA), Solana (SOL), and Polygon (MATIC), Litecoin was not mentioned.
In terms of price prediction, Litecoin still appears bullish on the charts. The strong rebound from the 200DMA and continued trading above its uptrend since November 2022 could result in a higher valuation over time. Furthermore, optimism surrounding the August halving event, which will cut the LTC inflation rate in half, is likely to keep buyers interested.
However, some investors might seek alternative investment opportunities in the cryptocurrency space to diversify their holdings. One such option is participating in crypto presales, where investors buy tokens of nascent crypto projects to support their development. These tokens are typically sold at a low price, and there is a history of presales providing substantial returns for early investors.
One project that shows strong potential is yPredict, an AI-powered crypto trading and market intelligence platform. The platform aims to offer an institutional-grade crypto price prediction system that allows users to discover the next explosive cryptocurrencies easily. In addition, yPredict is developing a cutting-edge research and trading platform that provides traders and investors access to numerous AI-powered signals, breakouts, pattern recognition, and social/news sentiment features.
To fund the development of the platform, yPredict is running a presale of the native $YPRED token. The presale has been successful, recently hitting the $2 million milestone. Investors still have the opportunity to enter the presale and enjoy potential gains, as $YPRED tokens are currently selling for $0.09 and will be listed across major exchanges for $0.12 later in the year.
However, the demand for yPredict’s $YPRED token means that interested investors need to act quickly before the presale sells out. With a presale hard cap of $6.5 million, the pace of investment suggests that this could be reached within a few weeks.
Source: Cryptonews
