The price of Litecoin has remained relatively stable over the past 24 hours despite a strong increase in November. Some experts believe that LTC may have bottomed out and is now on the verge of recovering its $70 level and possibly even heading towards $100.
Currently, the 14th largest cryptocurrency is trading at $65.41 as bulls and bears battle for control of the market trend. Litecoin has a market cap of $4.7 billion, up from $11.33 billion at the start of the year when the price was $163.
How has the price of Litecoin evolved in 2022?
Litecoin price has been trending down across the board since January. The 2022 bear market had a significant impact on LTC, sending its value to a low of around $40.00 in June.
Despite briefly recovering from the Terra (LUNA) crash, Litecoin struggled to break through the $65.00 resistance until recently. Like many other cryptocurrencies, the value of LTC plummeted after the collapse of FTX.
After a downturn, the price of Litecoin gradually recovered above the $65 area, which allowed the bulls to recover the price to around $80. On December 3, Litecoin hit a seven-month high of $84.96, leaving many renegade investors behind.
Despite LTC’s impressive performance in November, the price could not sustain its uptrend any longer after the US Federal Reserve raised interest rates by 0.5% last Wednesday.
Litecoin Price Prediction: Will $65 Support Hold?
Based on the chart below, the price of Litecoin appears to be on an upward trend. This upward move started when LTC bounced off the $40 support. The first major breakout occurred when the bulls managed to breach the resistance at $52 and break the lower trendline.
Traders who took long positions just above this trendline could have made their positions profitable at a potential exit point around $70, as indicated by the 200-day exponential moving average (EMA).
The second bullish confirmation for Litecoin price came as it recovered from the same lower downtrend line and broke the middle trendline at $66.64 in November. This bullish momentum continued until recently as pressure from above weakened the price.
Although many believe that it is now too late to buy Litecoin, support at the mid-fall trendline could offer a suitable entry. However, before triggering their long order, traders should wait for a confirmed break above the 100-day EMA (in blue) at $65.25.
AltcoinSherpa, a popular cryptocurrency analyst and trader, told his 187,800 Twitter followers that Litecoin price may have found a temporary low. However, he clarified that the support at $65 is crucial for the uptrend to resume, at least to $70.
Presales promise faster returns
The price prediction in the cryptocurrency market is quite uncertain, especially given recent events such as the collapse of FTX and the questionable financial situation of Binance, the largest cryptocurrency exchange by daily trading volume. .
Investors interested in riding the waves might consider new tokens currently on presale. The tokens listed here have strong fundamentals and could shape the crypto space.
Fight (FGHT)
FightOut (FGHT) is a fitness app running on the Ethereum blockchain that combines real workouts with Web3. Building on the foundations of previous M2E platforms, it tracks and rewards a variety of workouts, including boxing, weightlifting, and yoga, while also offering integrated and IRL classes.
The token sale started last week and has already Over $2.2 million raised where you can currently buy 60.06 FGHT tokens for 1 dollar.
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Trade Dash 2 (D2T)
Dash 2 Trade, which also runs on Ethereum, is a trade intelligence platform that provides investors with real-time analytics and social trading data, helping them stay ahead of the cryptocurrency market and build more informed portfolios.
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C+Load (CCHG)
Powered by Binance Chain, C+Charge (CCHG) is a new peer-to-peer payment system for electric vehicle (EV) charging stations aimed at expanding access to carbon credits. It has just started presales for its native CCHG token, which will be used within its network by owners of electric vehicles to pay for charging their vehicles.
One of the interesting features of C+Charge is that users are rewarded with carbon credits for charging their electric vehicles at stations. These will be provided in the form of the platform’s Goodness Nature Token (GNT), which is a voluntary carbon credit verified and backed by a16z Crypto, Samsung Next, and Invesco.
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