Litecoin (LTC), often dubbed the silver to Bitcoin’s gold, is primed for a massive bull cycle.
With a fully diluted valuation of about $5.78 billion and a daily average traded volume of around $303 million, LTC has been a favorite among investors, boasting more than 9.2 million on-chain holders. With these stats, a 3X of your portfolio couldn’t be a mirage.
Ecosystem Performance and 24h Price Data of LTC. Source: CoinMarketCap
The LTC has been a resilient player in the crypto market for over nine years — consistently ranked among the top 30 cryptocurrencies by market capitalization and No. 20 precisely on crypto’s ecosystem, per CoinMarketCap data. Despite lacking the flashy appeal of some trendier tokens, Litecoin’s solid technical foundation and historical performance make it a contender for long-term investment. The network offers deep liquidity and faster, cheaper transactions than its rivals, including Bitcoin (BTC). This has attracted speculative investors, especially amid the confirmed macro crypto bull run.
Riding on Past Glory for Present Gain
The Litecoin network processes $2.85 billion in transactions valued at more than $100k daily, which is around 50 percent of its market value. This significant activity, fueled by whale traders, indicates rising demand amid its declining supply.
Litecoin processes $2.85 billion in transactions over $100k daily (avg), over 50% of its market cap. This is more than most Layer 1s. For example, Dogecoin sees $590 million in large transactions, despite having roughly 3x Litecoin's market cap. This suggests significant… pic.twitter.com/YpPKIsEMuO
— IntoTheBlock (@intotheblock) July 12, 2024
LTC has undertaken two halvings in the past six years. Despite the underlying value consolidating in a macro triangular pattern, the altcoin is well-positioned to rally beyond its all-time high in this cycle after significantly underperforming in previous cycles.
After a solid breakout of the falling Logarithmic trend earlier this year, Litecoin price has been retesting the support level around $58. This preparation signals a major bull cycle ahead. Litecoin’s daily Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, has continued to hover around oversold levels. This suggests the market could be due for a correction, further fueling the bullish outlook.
Upon examining the daily price chart, it’s evident that Litecoin is currently under a selling strain as it strives to surpass its $70 resistance. At present, the bears are targeting an immediate drop below the Fibonacci channels. Nonetheless, the bulls are persistently exerting pressure on the chart, warding off further drops by stabilizing the price. The 24-hour trading volume has spiked to $303 million, indicating a heightened interest in today’s trading activity. Litecoin is presently trading at $68.82, marking an increase of over 0.88% in the last 24 hours.
Litecoin Price Chart. Source: CoinMarketCap
As LTC Price Sets for a Bullish Breakout, Is 3X Portfolio Impossible?
The highly anticipated altseason, which will be kickstarted by the inevitable reversal in Bitcoin dominance and the final approval of spot Ether ETFs, will significantly benefit the Litecoin price.
Crypto experts predict that the LTC price in July 2024 will range from $71.13 to $76.77, with an average of $73.44. This prediction considers both the performance of Bitcoin and the mood of the market as a whole.
Recent evaluations by Changelly present a diverse set of forecasts, indicating initial bearish trends followed by a bullish reversal later in the month. The projection anticipates an average trading price of $70.56 for LTC in July 2024, with a potential ROI of 19.4% and a temporary decline to approximately $62.55, succeeded by an upswing reaching a zenith of $78.56. In concurrence, CryptoNewsZ forecasts Litecoin’s value to oscillate between $71.13 and $76.77 during July’s trading period, with an average of $73.44. However, their analysis considers Bitcoin’s performance and overall market sentiment.
Beyond mere speculative figures, empirical market data reveals a significant uptick in transactions by large-scale investors, colloquially known as ‘whales.’ A market intelligence platform, IntoTheBlock corroborates this sentiment in an X tweet. This activity is frequently viewed as a harbinger of substantial price fluctuations, suggesting that Litecoin may emerge as an unexpected frontrunner in a forthcoming bullish market phase.
While no prediction is foolproof, Litecoin’s fundamentals and historical performance suggest it’s poised for growth.
The post Litecoin (LTC) Price Prediction July 2024: The Bull Cycle That Could Skyrocket LTC Prices and 3X Your Portfolio! Why You Must Act Fast! appeared first on Coinfomania.