•The cryptocurrency Litecoin (LTC) is currently trading around $91 after a 38% rally from earlier monthly lows.
•Sentiment in the broader crypto market has eased, although Litecoin is still above its 50-day Moving Average and has broken past its mid-February downtrend.
•Analysts are expecting LTC to reach triple-digit territory in the future, with catalysts such as its recent partnership with Mastercard helping to contribute to upside.
Overview of Litecoin (LTC)
Litecoin (LTC), the cryptocurrency that power’s the payment-focused Litecoin blockchain that was born out of a hard fork of the Bitcoin blockchain back in 2011, is currently trading close to $91. It is down around 3.0% on the day and is lower by around 2% in the last 24 hours. Despite this pullback, price predictions remain upbeat and analysts are expecting LTC to reach triple-digit territory in the future.
Recent Price Movements
Litecoin’s pullback from earlier session highs comes as sentiment in the broader crypto market eases. Bitcoin hit fresh nine-month highs earlier in the day but is also easing as traders fret about expected US Securities and Exchange Commission enforcement action against Coinbase and as bank crisis concerns resurface amid fears about European behemoth Deutsche Bank. Nonetheless, Litecoin is trading around 38% above earlier monthly lows in the $65 area, due to investors looking for safe-haven assets outside of traditional finance systems combined with expectations for Fed tightening being rapidly pared back.
Can LTC Break Convincingly Above $100?
Given its proximity to the key $100 level, it’s not far-fetched to think that Litecoin can muster a lasting break into triple-digit territory. The outlook for major cryptocurrencies has improved as US (and global) bank risks rise and as traders start betting more and more on an incoming rate-cutting cycle from major central banks. That alone could help Litecoin push to the next major resistance levels in the $133-42 area. But analysts are also pointing to Litecoin specific catalysts that could contribute to upside, including its recent partnership with Mastercard which will allow customers all over Europe access digital asset payments through Mastercard’s network of partners via their virtual cards or physical debit cards linked directly to their wallets containing coins like litecoins or bitcoins etc…
Positive Outlook
Despite its intra-day pullback, LTC is still holding north of its 50-day Moving Average, meaning it has broken back north of all major moving averages. This combined with breaking past its mid February downtrend means that litecoins short term outlook looks good with a potential retest of recent highs near $106 possible if broader crypto market sentiment remains robust .
Conclusion
In conclusion , litecoins current pullback should not be considered too bearish given how well it has done recently , backed up by positive news both within litecoins own sphere such as partnerships but also externally such as rising bank risk contributing factors . All these factors should help litecoin surge into triple digit territory soon enough if current conditions persist .
