As of writing, LTC ranks 10th on CoinMarketCap with a market cap of $7,683,001,696.
LTC Daily Timeframe
Here’s the daily timeframe of the LTC price chart.
Since the beginning of 2023, this digital asset has demonstrated a stable growth, although it went through several significant downward corrections. The maximum price dip reached over 40%, but the cryptocurrency quickly recovered from it.
After a prolonged accumulation phase lasting for 160 days, the asset showed an upward trend, rising from a price of $49 to $115; that's why the coin is a part of a market uncertainty portfolio. The increase amounted to an impressive 113%. It is also worth noting the change in the volume point of control (POC) level from $53.76 to $88.10, indicating sustained market interest in this asset.
LTC Price Prediction
Despite the 113% growth since the beginning of the year, investors continue to accumulate long-term positions in hopes of further price appreciation.
It is important to mention that LTC's popularity was also fuelled by a lawsuit filed by the SEC against several crypto assets.
The future situation may involve the continuation of the accumulation phase near the POC volume level at $88.10, with a possible upward movement and breaking the $104.64 mark. The following price targets would then be $142 and $185. However, it is important to consider the possibility of prolonged asset corrections and take them into account when trading.
It is also worth considering the possibility of a return to the previous volume level at $53.76 (or even lower) to gather liquidity that has accumulated below that level. Such a movement could be triggered by potential increased regulatory pressure from the SEC.
Our skilled SimpleSwap analyst offers a trading scenario with LTC on TradingView.
Users can get LTC for fiat or crypto on SimpleSwap.
