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Over the past 24 hours, the Litecoin price has seen a -7.99% local retracement after reaching $106.66, but despite the downshift, Litecoin has still outperformed the market in recent weeks, climbing +9.12% MoM and pumping on April’s market open – dig into LTC price analysis and find out why you should watch this crypto coin in the month ahead.
The past week has witnessed a +13% uptick from $93.85, inching closer to a breakout amid heightened volatility as LTC price attempts to consolidate recent gains. Moreover, trading volume has spiked by +115% over the last week, highlighting growing investor interest across the market.
Despite the lack of an LTC price pump until now, Litecoin has shown impressive metrics in active and new addresses, hash rate, and overall network activity. It’s becoming an increasingly preferred option on payment processors, signaling mass adoption mirrored in its current market performance.
(LTCUSDT)
Big institutional investments have bought into Bitcoin, leaving Litecoin in the shadows. Yet, the true believers in Litecoin’s potential are steadfast, and it is finally paying off. Our question is, will Litecoin’s price keep going up?
Here’s Why Litecoin is Set For Major Recovery Year
Launched in October 2011 by former Coinbase employee – Charlie Lee, Litecoin is a fork of Bitcoin – with the philosophical vision of becoming the silver to Bitcoin’s gold.
While useful at first, Litecoin’s price dipped so low it went into the Earth’s crust – the Guardian labelled it a “Greater Fool’s Gold.”
Not to mention Charlie Lee sold his entire Litecoin stack in 2017, and a 2021 report published by the Bank for International Settlements found that people who own Litecoin (LTC) were the least educated in the crypto space. Triple ouch!
“Among the various cryptocurrencies, owners of ether and xrp have the highest income and educational levels, while those owning Litecoin are the least educated,” said Lee at the time.
The situation became so bad that sometimes Google would autocorrect your “Litecoin” searches to “Bitcoin”, but now all that is changing for crypto’s silver standard.
2024 Litecoin Sets To Revamp Project Performance
Core v0.21.3, the latest update for Litecoin, was released in March 2024. The main focus of this update is to enhance the adoption of MWEB (MimbleWimble Extension Blocks) and introduce an optional confidentiality layer for transactions, with the aim of improving both fungibility and scalability.
In laymans’ terms – Litecoin is not just upgrading; it’s also simplifying.
The new update makes accessing MWEB through mobile wallets easier, promising a more seamless experience for users.
Additionally, there’s talk of fully supporting MWEB transactions in mobile wallets later this year, making Litecoin one of the most fungible digital currencies.
The Commodity Futures Trading Commission (CFTC) also recently classified Litecoin as a commodity, giving it a boost.
LTC Price Analysis: Litecoin’s Bull Case In The Year Ahead
Most people think $70,000 is too expensive to invest in Bitcoin – and the general public’s understanding of fractionalization is limited.
So, while Bitcoin’s high price may discourage everyday use or investment, this gives Litecoin a chance to shine as a more accessible alternative.
What’s more? The chart is shaping up for a major breakout run in the year ahead, especially with markets looking forward to a Bitcoin Halving event in late April.
A closer look at LTC price analysis reveals that Litecoin is in strong form, currently trading at $98.81 at the time of writing, with solid footing as consolidation holds strong despite the volatile localized retracement move throughout Wednesday, April 3.
(LTCUSDT)
The RSI indicator is now suggesting that price action has cooled off sufficiently for another swing high, reading at 54.67, this could set the stage for LTC’s next move.
This receives further confirmation from a bullish MACD indicator, which is reading at 0.32 and suggests that momentum is sustained to the upside.
Overall, Litecoin could make a big splash in peer-to-peer transactions this year, and it’s clear that markets are taking notice as price action sits in bullish form awaiting its next leg-up.
A new all-time high could also be triggered if Litecoin gets its own Spot ETF, a move that could supercharge Litecoin to become one of 2024’s biggest outperformers.
EXPLORE: What is DePIN? Here Are 3 DePIN Crypto To Watch – March 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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