The cryptocurrency sector is still feeling pressure from the collapse of FTX, which was once known as one of the largest cryptocurrency exchanges in the world, but some of its assets are doing better than others, including Litecoin (LTC).
In the previous week, Litecoin saw an inflow of $500 million to its market capitalization, which grew by 10.99%, up from $4.55 billion seven days ago to $5.05 billion. At the time of publication, according to CoinMarketCap Data retrieved by Coinphony on Dec 26.
Meanwhile, LTC price is up 10.74% to trade in hands at $70.29 at press time, up 6.93% over the past 24 hours but still down 10.66% from the previous 30 days, the chart shows. .
Bulls versus bears
Meanwhile, cryptocurrency trading expert and analyst Michael Van de Poppe notice Litecoin is bullish, indicating that it is “likely to continue to show strength,” indicating a “$69 range for some scalp trades,” followed by $66.75 for long positions, “targeting $78 and $84 after that.”
By the end of the year machine self-learning technology Currency forecast Litecoin expects to reach $73.87, by the end of 2023 to witness a modest 7% advance all the way to $75.63, finally breaking $100 in mid-2026, followed by more upward moves.
The last time LTC managed to break the $100 barrier was in May, when it reached a price of $106.26 on May 5, followed by a decline from which it has yet to recover, adding to the decentralized finance (DeFi) token’s losses of 52.18% since the start of 2022. .
However, the machine learning algorithms are over price forecast Slightly on the downside and you see Litecoin at $69.69 on January 1, 2023, which, if proven correct, would represent a 0.85% decline for LTC’s price currently.
Meanwhile, the crypto community has come to an end CoinMarketCap Also bearish, with 408 member votes predicting Litecoin price on January 31, 2023 to reach an average of $66.37, while the end-February forecast is at $63.53.
On the other hand, the one-day technical analysis of LTC is summarized on TradingViews The gauges indicate a “buy” sentiment at 12, as a result of oscillators being “neutral” at 9, and moving averages (MAs) indicating “strong buy” at 11.
If Litecoin can maintain its current momentum, along with the positive broader market and macro sentiment, the bulls may actually be right and look to break the psychological $100 mark sometime in the future.
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posted $500 million in inflows to Litecoin in one week; LTC hit $100? It first appeared on Coinphony.