The crypto market's bullish advancements do not come without a price.
After a fulfilling end to June for the crypto market where several cryptocurrencies shot up by several percentages in just a few days, the market entered a period of stagnancy.
At the time of writing, barely two weeks into June, the crypto market's bulls appear to be weakening.
The crypto market has entered a "slight" dip. Bitcoin price is down by a slight percentage today but is taking a 2.33% beating in price action, over the last seven days.
Ethereum is doing slightly better on a daily perspective but is now down by as much as 4.93% over the last seven days.
LTC, the main focus of this article on the other hand, has had an interesting past few weeks.
In this article, we will jump into how LTC has been performing over the short term, and determine how the so called "digital silver" can hit $300 or higher, if at all.
Taking into consideration the next LTC halving, which is less than a month away, analysts and investors have their eyes glued to Litecoin price.
LTC, as per CoinMarketCap, has been through some rough weather over the last two weeks.
CoinMarketCap data shows that LTC price has entered a 2% dip from the daily perspective, and a whopping 13% dip over the last seven, at the time of writing.
LTC was one of the best-performing altcoins during Bitcoin's bullish price explosion in the last week of June.
The cryptocurrency rose by a whopping 41.6% within a week, from $81.5 to around $114.
LTC was so bullish that it broke the $107 resistance easily, after trying since mid-February this year.
However, the bears soon caught up with it, and LTC is back below the $107 mark again. At the time of writing, $LTC is changing hands at around $95.3.
While Litecoin falling back below the $107 resistance may seem like a bullish thing, it is interesting to know that the cryptocurrency appears to have found resistance somewhere around its 25-day moving average around $91.3.
LTC has printed a long-tailed doji at this zone and is now pushing against the $95 zone again.
Zooming into the 1-hour chart for a look at more near-term perspectives, we can see that LTC is in some kind of descending wedge as illustrated below.
LTC appears to be pushing against the upper resistance of this wedge, as well as its 25-hour moving average.
An analyst on Twitter, @CryptoFaibik, in a Tweet, had something similar to say about Litecoin's price action.
According to @CryptoFaibik, Litecoin's current price action is connected to the upcoming LTC halving, and LTC is poised to explode in price very soon.
All of these and more, signify that the altcoin may very well be on the verge of a full-on breakout, and a retest of $114 may be imminent on the medium to long-term perspectives.
The answer is a little tricky.
LTC has no doubt been one of the best-performing cryptocurrencies of the year.
The cryptocurrency, according to TradingView charts, has risen by as much as 75% since January.
It started the year at around $65 and has risen steadily throughout the months, eventually hitting the $114 yearly high.
For perspective, Bitcoin has risen by 91.5% this year, from around $16,300 to $30,000. Ethereum on the other hand, has risen by 78%.
Because of this, it is safe to say that Litecoin may very likely be one of the best performing digital assets of 2023 so far.
As it turns out, the next LTC halving, which will cut Litecoin mining rewards by half is less than a month away.
If you didn't know what the effects of crypto halvings are, you should know that investors are now buckling up, and Litecoin's price is expected to explode to the upside very soon.
The chart displayed below is that of Litecoin's daily transaction volumes.
Notice the spike in transaction volumes above?
This shows that the number of transactions are rising while funds are being moved at a faster rate.
A cooled-down version of the same chart can be found on Litecoin's daily active addresses as illustrated below.
Sometime in May, LTC boasted a whopping 827 thousand active addresses on average, per day.
LTC also has impressive statistics this year, on almost every other kind of on-chain metric like the Social volumes and Social dominance illustrated below.
Because of these impressive statistics on LTC for 2023, it may be time to ask:
This may happen very soon indeed.
LTC has been through a pretty rough correction over the last week. However, its growth over the last year is now on par with Bitcoin and Ethereum, making it one of the best-performing cryptocurrencies of 2022 and 2023.
LTC's dip below the $100 mark was largely concerning for investors and traders. However, the cryptocurrency's price action still appears strong to a large extent, and it appears to be more than likely to rally again very soon.
As illustrated above, Litecoin is currently testing the $95 zone.
This means that where the cryptocurrency goes next, depends largely on its bulls.
First of all, Litecoin must never be allowed to close with a daily candle below $95. If a close below this level happens, it means that Litecoin bears are now in control.
If Litecoin bounces off this support level, it has a great chance of rallying further upwards to the following major price targets.
Overall, if Litecoin bounces off $95 to the upside, the resulting bullish momentum would be massive, leading to a price explosion to $167 for a start.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.