Litecoin is one of the oldest altcoins, based on a similar model to Bitcoin with improved transaction speed and lower costs. Here’s a look at the most notable current developments and factors influencing them:
Current performance
I witnessed$LTC It recently broke the resistance level at $115, indicating a potential new bullish phase. This level has been a resistance for 18 months. The coin is currently trading in a range between $115 and $150, with the potential for further gains if additional resistance levels at $150 and $300 are breached.
Influencing factors
Reducing rewards
The last reward halving occurred in August 2023, which reduced mining rewards by 50%. This type of event reduces the available supply and usually leads to price increases in the long run due to increased demand.
Institutional interest
There is speculation that an exchange-traded fund could be launched for Litecoin. If this happens, it could attract institutional investors and increase trading volume and market cap.
Technical activity
Currency futures saw a 37% increase in open trading volume, reflecting increased interest from traders.
Expectations
It is estimated that the average price of the coin could reach $150 in 2024, with the possibility of achieving highs of up to $300 or even $420 if the positive indicators continue.
Risks
Cryptocurrencies are highly volatile, which can lead to sharp price drops due to market or legislative changes.
Investment advice
Before making any investment decision, it is advisable to follow the news and developments carefully and conduct additional market analysis to ensure informed decisions.
