It is sad to see one of the most popular altcoins completely losing the mojo and going down the ranks. Given the recent astounding success of Chainlink (LINK), Cardano (ADA), and a host of other altcoins, traders will soon see Litecoin (LTC) pushed out of the top 10 by Binance Coin (BNB) and possibly Tezos (XTZ). But the latest developments in the cryptocurrency market that saw Bitcoin (BTC) and many altcoins, most those that belong to the DeFi space, shoot to the upside, while Litecoin also caught some of the bullish drift.
Even though the LTC's yearly gains are still on the negative side: -34.31 against USD; -34.22% in the BTC market; -64.2% against ETH. As you can see, those that once were considered the main rivals of LTC are now leaving it biting the dust, so making a long-term investment in the coin that went from being ranked 4th down to the 9th position would be impractical, to say the least. Despite the 60% bull run during the past month, LTC still remains an inherently weak altcoin, suitable only for intraday trading, although we will also provide the LTC price analysis on the macro scale.
The weekly chart shows that Litecoin had reached the point of recovery from the hugely detrimental market crash only at the tail end of July, whereas most altcoins have done so weeks, if not months, ago.
1-week LTC/USDT chart
Some might say that it is a good sign because now LTC has a lot of upside potential that could translate to swift gains, but the reality is that Litecoin is severely lagging in terms of price action even in comparison to the inherently weaker coins. The chart above shows that even though LTC made it past the recovery point at $50.98, it is already being rejected aggressively upon testing the resistance levels at $57.46 and $65.33. Now we see how the trading volume is shrinking and turning bearish, a glaring sign that the bullish period of price action has run its course. The current weekly candle will most probably close below $57.46 and form a spinning top, which means that the bears are already trying to seize back the control over this market.
Our Litecoin price prediction is that next week is going to be colored red in this market as the sellers will try to restrain the price appreciation and bring it down to the pre-crash level. In general, the cryptocurrency market will also experience a minor decline due to being already overheated, which will add weight to the LTC pullback.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 82% | 31 | $63 862.71 | -0.02% | 0.64% | $1 257 731 421 737 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 81.2% | 30 | $3 137.62 | 0.24% | -4.45% | $376 821 523 629 | ||
3 | USDT | Tether predictions | 92.8% | 1 | $1.000096 | -0.01% | 0.05% | $110 911 640 706 | ||
4 | BNB | Binance Coin predictions | 89.2% | 17 | $586.62 | -0.41% | -2.64% | $86 578 308 359 | ||
5 | SOL | Solana predictions | 69.2% | 59 | $146.56 | 0.08% | 3.80% | $65 576 923 712 | ||
6 | USDC | USD Coin predictions | 90.8% | 1 | $0.999926 | -0.01% | -0.02% | $33 567 936 785 | ||
7 | XRP | XRP predictions | 77.6% | 45 | $0.529494 | -0.90% | 2.39% | $29 247 106 423 | ||
8 | DOGE | Dogecoin predictions | 70.8% | 57 | $0.160954 | 1.93% | 8.31% | $23 203 837 373 | ||
9 | TON | Toncoin predictions | 69.6% | 59 | $5.76 | 0.90% | 5.99% | $20 008 819 541 | ||
10 | ADA | Cardano predictions | 64.8% | 66 | $0.458345 | -2.24% | -2.16% | $16 341 086 102 | ||
11 | SHIB | SHIBA INU predictions | 68.8% | 56 | $0.000025 | -2.86% | 1.04% | $14 592 595 422 | ||
12 | AVAX | Avalanche predictions | 64.8% | 68 | $36.95 | 3.25% | 7.45% | $14 053 508 058 | ||
13 | WTRX | Wrapped TRON predictions | 86% | 21 | $0.121564 | -1.33% | 0.49% | $10 639 525 568 | ||
14 | TRX | TRON predictions | 88% | 22 | $0.121259 | -1.62% | -0.05% | $10 612 787 476 | ||
15 | STETH | Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |
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