The cryptocurrency industry is still feeling the pressure from the collapse of FTX, formerly known as one of the largest crypto exchanges in the world, but some assets, including Litecoin (LTC), are outperforming others.
Claim: LTC can see $100!
Litecoin received an influx of $500 million over the previous week with its market cap rising 10.99% from $4.55 billion seven days ago to $5.05 billion. (According to CoinMarketCap data received on Dec. 26)
Litecoin 7-day market cap chart. Source: CoinMarketCap
At the same time, the price of LTC increased by 10.74% and changed hands at $70.29 at the time of publication; this is a 6.93% increase in the previous 24 hours, but still a 10.66% decrease from 30 days ago, as the graphs show.
Litecoin 7 day price chart. Source: Finbold
Bulls vs Bears
Meanwhile, crypto trading expert and analyst Michaël van de Poppe has observed Litecoin’s rise and stated that it will “probably continue to show strength”, hitting the “$69 range for some scalp trades” followed by $66.75 for long-term trades. He said he “targets $78 and $84 later.”
Litecoin price action analysis and forecast. Source: Michaël van de Poppe
For the turn of the year, self-learning machine tech CoinPriceForecast predicts Litecoin will reach $73.87 by the end of 2023, with a modest 7% increase to $75.63, eventually reaching $100 by mid-2026. It predicts that it will break above and then there will be more bullish movements.
Litecoin 2022-2026 price target. Source: CoinPriceForecast
LTC most recently managed to break the $100 barrier in May, reaching $106.26 on May 5, followed by a decline from which it has yet to recover, causing the decentralized finance (DeFi) token to surge. 52.18% loss since the beginning of 2022.
However, the machine learning algorithms at PricePredictions are a bit on the bearish side, seeing Litecoin at a price of $69.69 on January 1, 2023, which if proven correct would represent a 0.85% drop in the price of LTC .
Meanwhile, the crypto community on CoinMarketCap is also bearish, with 408 member votes predicting Litecoin’s price on January 31, 2023 to average $66.37, while forecasts for the end of February stand at $63.53.
If Litecoin manages to maintain its current momentum, coupled with positive broad market and macroeconomic sentiment, the bulls may indeed be right and look forward to breaking the psychological $100 barrier in the future.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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