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Litecoin's 1.55% Price Surge to $65.85: Key Takeaways for September 18, 2023

Albert Morgan

— 3 min read

Litecoin experienced a 1.55% price increase over the past hour, bringing its value up to $65.85 at the time of writing. This latest price movement comes after a month of slight declines, with Litecoin dropping 20.90% over the previous 6 months. However, there are some positive signs in the latest data that could indicate a reversal of recent downward trends.

In this technical analysis, we'll break down the key metrics around Litecoin's price, trade volume, and market capitalization. We'll identify trends, support and resistance levels, and make a prediction on where Litecoin could be headed over the next year based on the data insights.

Summarizing the Latest Litecoin Data

Here are the key details on Litecoin's current standing:

  • Price: $65.85
  • Market Capitalization: $4.84B
  • 24 Hour Trading Volume: $225.28M
  • 1 Hour Change: +1.55%
  • 1 Day Change: +2.61%
  • 7 Day Change: +8.15%
  • 1 Month Change: +1.04%
  • 6 Month Change: -20.90%

Litecoin has been able to retrace some of its downward movement over the last month, bouncing back 8.15% over the last 7 days. However, the cryptocurrency is still down substantially from its price 6 months ago due to the overall bear market conditions in 2022 and 2023.

Positively, trading volume has picked up over the last 24 hours compared to previous weeks. Higher volume indicates more active trading and interest in Litecoin at current price levels.

Looking at Litecoin’s 1 hour, 1 day, and 1 week price changes, it appears the cryptocurrency is building positive momentum in the short term. The 8.15% gain over the last week shows bulls are starting to take control after an extended sell-off period.

However, zooming out to the 1 month and 6 month timeframes shows there is still substantial resistance around the $70 level. Litecoin struggled to break above this price in July and August, peaking at $69 in late July before sliding back down.

For Litecoin to confirm a longer term reversal, it will need to break out of the current range between support at $55 and resistance around $70. Holding above the 25-day moving average near $63 is a positive sign of building support. But the 100-day moving average around $75 is still well overhead acting as tough resistance.

Litecoin’s market capitalization of $4.84B puts it firmly in the top 15 cryptocurrencies by market cap. This mid-cap status gives it decent liquidity without exposing it as much to swift capital inflows and outflows.

The 24 hour trading volume of $225.28M is well above Litecoin’s average daily volume over the past month. The higher volume confirms increased interest in LTC at current prices and technically helps validate the upside breakout.

If Litecoin can maintaintrading volumes above $200M per day, it will provide fuel for the rally to potentially continue. But a drop-off in volume would paint a bearish picture.

Making a Litecoin Price Prediction for 2023/2024

Given the conflicting technical signals, my prediction is that Litecoin will trade sideways between $55 and $75 over the next 3-6 months. I don’t see enough bullish momentum for LTC to breakout above the 100-day moving average, but the recent uptrend should prevent it from dropping below $55 support.

Once the overall crypto market starts showing more signs of bottoming in 2023, I expect Litecoin will drift back up towards its previous all-time high around $400. This could occur in late 2023 or early 2024.

The development work being done on the Litecoin network around MimbleWimble and Confidential Transactions should also boost LTC’s utility and price in the long run. But in the near term, Litecoin will likely follow Bitcoin’s lead and trade based on overall investor sentiment in crypto.

Can Litecoin Recover Back to Its All-Time High This Year?

Litecoin hitting a new all-time high in 2023 seems unlikely barring an unexpected crypto frenzy returning. The barriers include:

  • Current macroeconomic conditions weighing on risk assets
  • Loss of bullish momentum after the 2022 crash
  • Struggling to break $75 resistance over the last 2 months

For Litecoin to revisit its high of $410 in 2023, Bitcoin would likely need to break out above $25,000 and trigger renewed FOMO. That scenario appears improbable given the Fed’s hawkish monetary tightening path.

In summary, the data does not support a rapid recovery for Litecoin in 2023 back to ATH. A more realistic scenario is sideways ranging for a few months followed by a gradual climb back towards $400 over the next 1-2 years.

Will Litecoin Go "To The Moon" in 2023?

Given Litecoin’s lackluster price action in 2022, the likelihood of it suddenly surging to new highs in the near term is low. Here are a few reasons why LTC going “to the moon” above $500 in 2023 is improbable:

  • Litecoin has traded flat overall in 2022, lagging larger altcoins. This shows fading interest by traders.
  • Without a clear technical breakout, there’s no sign of major upside momentum building.
  • As a legacy "OG" crypto, Litecoin lacks flashy new features to trigger investor FOMO.

The more measured approach would be to wait for Litecoin to build a base between $50-75 before anticipating any moonshot. It needs to stabilize and prove itself before expectations get ahead of reality. Of course, a rising tide would lift all boats. But LTC still has work to do to spark the next leg of its journey upwards.

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