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.
Visit yPredict Here
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