The Litecoin price has scarcely changed in the past 24 hours, with its move to $69.08 representing a slight 0.2% loss in 24 hours and an 8% fall in a week.
LTC has also gained by 4.5% in a fortnight, yet it remains down by 3% in a month and by 17% in a year, with these declines symptomatic of a disappointing 2023 for the altcoin.
But because its 2023 was so underwhelming, there’s an argument that LTC is starting from a low base and may therefore have a better-than-average 2024.
Litecoin Price Prediction as Bulls Protect Key Support at $68 – Is a Rally Brewing?
Litecoin looks very weak right now, yet the flipside to this fact is that it’s in an oversold position that’s ripe for a recovery.
Most notably, its price and 30-day average (yellow) are both well below its 200-day average (blue), a clear signal of weakness and overselling.
Source: TradingView
Similarly, LTC’s relative strength index (purple) has been below 50 for several days, yet it has just started to inch upwards this morning.
As such, the coin may be on the brink of a rebound of some kind, one which would certainly be overdue.
Interestingly, its 24-hour trading volume has risen a little today, moving from just under $500 million a few days ago to just over $800 million as of writing.
Again, this could mean that traders have decided to take advantage of the big discount LTC is offering right now, with the coin actually up by 0.5% in the past hour.
There has also been some sign in recent weeks that some whales are accumulating LTC at the moment, given how cheap it is.
212,994 #LTC (16,380,023 USD) transferred from #Binance to unknown wallethttps://t.co/UnWPowFWw9
— Whale Alert (@whale_alert) December 28, 2023
However, its volume is modest compared to other major tokens, so it would be a little rash to conclude that a big bounce is due in the near future.
Yet it should arrive sooner or later, with the wider crypto market looking forward to several bullish catalysts in the next few months.
This includes the Bitcoin halving, which is due in April and which could boost market-wide bullishness across the board, including for LTC.
LTC could also benefit in the longer term from the recent Bitcoin ETF approvals, in that a LTC ETF may not be far away.
For such reasons, the Litecoin price is likely to return to $100 in the next few months, before rising higher towards the end of the year.
Diversification with Small Cap Alts
To some extent, LTC may be a victim of its own success, in that its position as an already-established alt may make big, above-average rallies unlikely.
If so, many traders may be tempted to look towards newer altcoins, especially presale tokens that have been raising healthy sums of money and that could therefore rally big soon.
This includes Meme Kombat (MK), an ERC-20 token that has raised $7.1 million in its heavily subscribed presale.
What a beautiful sight to behold!
We reached $7.1 million in the presale pic.twitter.com/bvCfVmhK1h
— Meme Kombat (@Meme_Kombat) January 19, 2024
Due to launch in the next few weeks, Meme Kombat is essentially a social gambling platform will enable users to bet on AI-generated meme battles.
The use of AI will allow for the randomization of battle results, while blockchain will ensure all results are processed transparently.
As for betting, users can wager against themselves or against the platform, with rewards coming in the form of MK tokens.
Users can also stake their MK tokens, earning themselves a regular passive income in addition to any winnings they make.
Meme Kombat has a hard cap of $10 million in its sale, a target which it will likely reach sooner rather than later.
And with its colorful use of memes helping it to go viral, its platform could be big once it launches.
So investors can buy some MK early while they still can by going to the official Meme Kombat website, were MK is available at $0.279 per token.
Given how popular it already is, such a price could rise much higher soon after MK lists.
The post Litecoin Price Prediction as Bulls Protect Key Support at $68 – Is a Rally Brewing? appeared first on Cryptonews.