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Litecoin’s price has remained relatively stable over the past 24 hours, despite experiencing a surge in November. Some experts believe that LTC may have reached its lowest point and is now ready to reclaim its value of $70 and potentially even move toward $100.
Currently, the 14th largest cryptocurrency is trading at $65.41 as bulls and bears compete for control of the market trend. Litecoin has a market capitalization of $4.7 billion, compared to the $11.33 billion it had at the beginning of the year when it was trading at around $163.
How Did Litecoin Price Perform In 2022?
Litecoin’s price has generally been trending downward since January. The bear market in 2022 had a significant impact on LTC, causing its value to drop to a low of around $40.00 in June.
Despite a brief recovery following the crash of Terra (LUNA), Litecoin struggled to break through resistance at $65.00 until recently. Like many other cryptocurrencies, LTC’s value also declined after the collapse of FTX.
After experiencing a downturn, Litecoin’s price began to recover above the $65 zone, allowing bulls to push the price back up to around $80. On December 3, Litecoin reached a seven-month high of $84.96, leaving many sidelined investors behind.
Despite LTC’s impressive performance in November, it could no longer sustain the uptrend after the United States Federal Reserve hiked interest rates by 0.5% on Wednesday last week.
Litecoin Price Prediction: Will Support At $65 Hold?
Based on the chart below, it appears that a bullish trend may be developing for Litecoin’s price. This upward movement began when LTC rebounded from support at $40. Its first major breakout occurred when bulls were able to push past resistance at $52 and break through the lower trend line.
Traders who entered long positions slightly above this trend line may have seen their positions become profitable with a potential exit point at around $70, as indicated by the 200-day Exponential Moving Average (EMA).
The second bullish confirmation for Litecoin’s price occurred when it rebounded from the same lower falling trend line and broke through the middle trend line at $66.64 in November. This bullish momentum continued until recently when overhead pressure caused it to weaken.
Although many may believe it’s now too late to buy Litecoin, support at the middle falling trend line could offer a suitable entry. However, before firing up their long orders, traders must wait for a confirmed break above the 100-day EMA (in blue) at $65.25.
Notably, AltcoinSherpa, a popular cryptocurrency analyst and trader, told his 187,800 followers on Twitter that Litecoin price may have found a temporary bottom. However, he clarified that support at $65 was crucial for resuming the uptrend, at least to $70.
Presales Promising Quicker Returns
Price prediction in the cryptocurrency market is quite uncertain, especially with recent events like the collapse of FTX and the questionable financial state of Binance, the largest cryptocurrency exchange by daily traded volume.
Investors interested in riding above the waves could consider newer tokens currently in their presales. The tokens listed here have strong fundamentals and could shape the crypto space.
FightOut (FGHT)
FightOut (FGHT) is a move-to-earn fitness app that, running on the Ethereum blockchain, combines real-life workouts with Web3. Building on the foundations laid by earlier M2E platforms, it tracks and rewards a wide variety of workouts, including boxing, weightlifting and yoga, while also offering in-app and IRL courses.
Launched last week, its token sale has already raised over $2.2 million, with $1 currently buying you 60.06 FGHT tokens.
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Dash 2 Trade (D2T)
Also running on Ethereum, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping them to stay ahead of the cryptocurrency market and build more informed portfolios.
The sale of its D2T token has raised over $10.3 million and is now in its final stage. It has also announced listings on BitMart, Changelly Pro and LBANK Exchange for early 2023, with the first due on January 11.
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C+Charge (CCHG)
Based on Binance Chain, C+Charge (CCHG) is a new peer-to-peer payment system for electric vehicle (EV) charging stations, having the aim of widening access to carbon credits. It has just launched the presale for its native CCHG token, which is used within its network by EV owners to pay to charge their vehicles.
One of the interesting features of C+Charge is that it will also reward users with carbon credits for charging their EVs at its stations. These will be provided in the form of the platform’s Goodness Nature Token (GNT), which represents a verified voluntary carbon credit, backed by a16z Crypto, Samsung Next, and Invesco.
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