Litecoin's 1.75% Bounce to $92.03: Key Takeaways for July 20, 2023

Litecoin's LTC token has seen a 1.75% increase over the past 24 hours, bringing the price to $92.03. This continues the positive momentum of the past week where LTC has gained 4.46% over the last 7 days.

Overview of Recent Litecoin Price Activity

  • LTC is up 4.46% over the past 7 days, showing sustained buying pressure
  • 24-hour trading volume is $442 million
  • Market capitalization stands at $6.75 billion with 73.4 million LTC in circulation
  • Litecoin saw a bounce this month after finding support around $70

After hitting a low of $69 on July 1st, Litecoin has trended progressively higher over the past few weeks. The bounce from under $70 reaffirmed buyer support and helped LTC regain upside impetus in the near-term.

Litecoin Price Analysis and Prediction

Analyzing Litecoin's daily chart, we can see the formation of higher highs and higher lows since the start of July. This demonstrates a bullish trend. LTC also found support near the 50-day moving average last week before turning up.

The 50-day MA is trending above the 200-day, signaling a bullish posture. However, LTC remains stuck under resistance around $100 and will need to clear this level to open the door for more material upside.

Oscillators like the RSI have room to rise before being overbought, indicating the bullish momentum may have further to run. The first target for Litecoin bulls would be the March highs around $125. Beyond that, the 2022 peak near $150 is resistance.

My outlook is bullish on LTC above the 50-day MA, currently around $85. A daily close under $85 would invalidate the short-term uptrend.

Can Litecoin Gain Traction in 2023?

After a brutal 2022 bear market, Litecoin has shown signs of life in recent weeks. But an important question is whether LTC can build on this momentum for the remainder of 2023.

Litecoin benefits from strong market liquidity and has proven itself over the years as a top altcoin behind Ethereum and Bitcoin. If the crypto sector returns to a bull cycle, LTC may attract renewed investor interest.

However, Litecoin faces stiff competition from newer networks with faster transaction speeds and more functionality. It will need to continue evolving through upgrades and integrations to maintain relevance.

Macroeconomic challenges could also limit upside if investors turn more risk-off. But if crypto markets stabilize and resume adoption trends, Litecoin appears poised to ride any rising tide.

Overall, I think Litecoin has potential for further gains this year, but it may continue to lag behind the highest upside opportunities in the space. Patience and discipline will be required.

What Key Levels Should LTC Bulls Focus On?

In the near-term, Litecoin bulls need to see LTC maintain support at the 50-day MA near $85. As long as this level holds, further upside appears likely.

Above $92, the first target is the psychological $100 level. Beyond that, the March swing high around $125 would come into focus.

For confirmation of a new bull trend, Litecoin would need to break decisively above the 2022 high near $150. This would likely open the door to a rapid price appreciation phase.

On the downside, a break below the 50-day MA would invalidate the short-term uptrend. In that scenario, LTC could quickly drop to retest support around $70.

In summary, Litecoin bulls want to see LTC hold above $85 and target resistance around $100 initially. Breaking $150 would confirm a new bull run, while violating $85 support could lead to $70. Discipline around these levels is key.

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