Litecoin (LTC), the cryptocurrency that powers the decentralized payments-focused Litecoin blockchain, has pulled back from the more than one-year highs it hit earlier this week in the $115 area.
LTC/USD was last exchanging for around $101 across major cryptocurrency exchanges, with LTC down about 2.5% on the day as the broader crypto market pulls back a little.
But LTC is still looking healthy.
At current levels above $100, the cryptocurrency is still up over 40% versus June’s lows near $70.
And in the past seven days, LTC is still up over 20%.
Broader cryptocurrencies remain buoyed amid optimism about the potential approval of spot bitcoin ETFs.
Moreover, Litecoin continues to benefit from tailwinds relating to its listing on much-hyped new US cryptocurrency exchange EDX Markets and bullish sentiment ahead of August’s halving event.
For reference, EDX Markets is backed by a number of major US financial institutions and is differentiating itself from its competitors as the most regulation compliant/friendly US exchange.
Meanwhile, the August halving event, which takes place in just under 30 days, will see Litecoin’s issuance rate halved from 12.5 LTC tokens per block to 6.25 LTC.
Whilst not always the case for Litecoin, halvings in bitcoin have historically been bullish and traders appear to be betting that the upcoming halving will be a bullish event for LTC.
Is it Too Late to Buy Litecoin (LTC)?
In wake of the 40% rally from June’s lows, some traders might be wondering whether they missed their chance to buy the dip.
Is it now too late to buy Litecoin?
The short answer: no, it probably isn’t.
That’s because the Litecoin price outlook is strong, suggesting that those who invest at current price levels above $100 still stand a very good chance of generating strong near-term gains.
That’s because, even when forgetting about the bullish tailwinds of strength in the broader crypto market (i.e. bitcoin close to yearly highs), the EDX Markets listing and the upcoming halving, Litecoin is looking great on the charts.
The bounce from June lows confirmed LTC remains in a solid uptrend since the 2022 lows.
Moreover, the recent pump highs that saw LTC move above all of its major moving averages once again also resulted in a bullish pennant structure break out.
While a dip to sub-$100 levels is a strong possibility, dip buyers could quickly force a rebound and push LTC into the mid-$100s.
Litecoin (LTC) Alternative to Consider – yPredict (YPRED)
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
One such project that they think has a lot of potential is an artificial intelligence (AI) powered web3 start-up called yPredict.
The platform is best known for its first-of-its-kind, institutional-grade financial price prediction system.
Observers think the tool, which is built on yPredict’s in-house deep data analysis, will help crypto investors discover the next explosive crypto with ease.
The best part, yPredict’s crypto price prediction system will remain free and open for all users to access – the price predictions will be made publicly available and require no login to see, the project’s Whitepaper explains.
But yPredict offers investors much more than just crypto price predictions.
The project is “building a cutting-edge crypto research and trading platform that provides traders and investors access to dozens of AI-powered signals, breakouts, pattern recognition, and social/news sentiment features”, the start-up says in yPredict’s Litepaper.
The platform is also building a host of other AI-powered tools, including a ground-breaking content management system.
As AI continues to make waves in the crypto industry and beyond, projects like yPredict are expected to attract significant interest.
That’s why many industry observers are tipping AI cryptos like yPredict’s native $YPRED token, currently available via presale, to be amongst the next best-performing coins.
The $YPRED presale has been flying through the stages.
As of the 5th of July, the project has raised more than $2.7 million.
Investors need to move quickly to get in ahead of the next price rise when the presale hits $2.98 million.
Whether or not it is too late to buy Litecoin is a question that only you can answer. There are a number of factors to consider, including your investment goals, risk tolerance, and the overall state of the cryptocurrency market.
That said, there are a few reasons why you might consider buying Litecoin now. First, the price of Litecoin has been on the rise in recent weeks, and it is currently trading near its all-time high. This suggests that there is still some upside potential in the short term.
Second, Litecoin is a well-established cryptocurrency with a strong track record. It has been around for over a decade and has a large and active community. This makes it a relatively safe investment, especially compared to some of the newer and more volatile cryptocurrencies.
Finally, Litecoin is a relatively cheap cryptocurrency. At the time of writing, it is trading for around $100 per coin. This means that you can buy a large number of Litecoin for a relatively small amount of money.
Of course, there are also some risks to consider before buying Litecoin. The cryptocurrency market is volatile, and the price of Litecoin could go down as well as up. Additionally, Litecoin is facing increasing competition from other cryptocurrencies, such as Bitcoin Cash and Ethereum.
Ultimately, the decision of whether or not to buy Litecoin is up to you. However, if you are looking for a relatively safe and cheap cryptocurrency with some upside potential, then Litecoin may be a good option for you.
Here are some additional things to consider before buying Litecoin:
- The halving: Litecoin is scheduled to undergo its next halving in August 2023. This means that the block reward for mining Litecoin will be cut in half, which could lead to an increase in the price of the cryptocurrency.
- The overall state of the cryptocurrency market: The cryptocurrency market is currently in a bull market, and Litecoin is following suit. However, it is important to remember that the market could turn bearish at any time, so it is important to do your own research before investing.
- Your investment goals: What are your investment goals for Litecoin? Are you looking to hold it for the long term, or are you hoping to make a quick profit? Your investment goals will help you determine how much you should invest and when you should sell.
First, Litecoin has been on a bit of a tear lately, with the price up over 20% in the past week. This is likely due to a number of factors, including the recent halving event, which reduced the block reward by half. The halving is a scheduled event that occurs every four years, and it is designed to reduce the inflation rate of Litecoin.
Second, there is a growing amount of interest in Litecoin from institutional investors. A number of large investment firms have recently announced that they are allocating capital to Litecoin, and this is likely to further drive up the token’s price.
Third, Litecoin is a well-established cryptocurrency with a large and active community. This makes it a relatively safe investment, as there is a good chance that it will continue to be traded and used in the future.
Of course, there are also some risks associated with investing in Litecoin. The cryptocurrency market is volatile, and the price of Litecoin could go down as well as up. Additionally, Litecoin is facing competition from other cryptocurrencies, such as Bitcoin and Ethereum.
Overall, whether or not it is too late to buy Litecoin is a decision that you should make based on your own individual circumstances. However, the factors mentioned above suggest that Litecoin could be a good investment for the long term.
Here are some additional things to consider before investing in Litecoin:
- Your investment goals: What are you hoping to achieve by investing in Litecoin? Are you looking for short-term gains or long-term growth?
- Your risk tolerance: How much risk are you comfortable taking with your investment? Litecoin is a volatile asset, so you should only invest if you can afford to lose some or all of your money.
- Your investment horizon: How long do you plan to hold your Litecoin investment? If you are planning to sell it in the short term, you should be prepared for the possibility that the price could go down. However, if you are planning to hold it for the long term, you are more likely to see gains.
Here are some things to think about:
- Litecoin has been on a bit of a bull run lately, and the price has already risen significantly from its lows in 2022. This means that you may be buying into an asset that is already overvalued.
- However, Litecoin is still a relatively small cryptocurrency, and it has the potential to grow significantly in the future. If you believe in the long-term potential of Litecoin, then now may be a good time to buy.
- The cryptocurrency market is still very volatile, and there is always the risk of losing money. If you are not comfortable with this risk, then you may want to wait until the market stabilizes before investing in Litecoin.
Ultimately, the decision of whether or not to buy Litecoin is up to you. Do your own research and make a decision that is right for you.
Here are some additional factors to consider:
- The upcoming halving event. Litecoin is scheduled to undergo its next halving event in August 2023. This event will reduce the block reward by half, which could lead to a decrease in supply and an increase in price.
- The overall state of the cryptocurrency market. The cryptocurrency market is currently experiencing a bull market, and Litecoin is following suit. However, the market is also very volatile, and there is always the risk of a correction.
If you decide to buy Litecoin, I recommend that you do so in a small amount and dollar-cost average your purchases. This will help you to reduce your risk and maximize your potential gains.