Litecoin price has been in the green for the past few days hinting at a hopeful year for investors. The altcoin has jumped by 8% in the past week and more than 50% in the past six months. LTC’s market capitalization has climbed by more than 7% in the past 24 hours while the total volume of the digital asset traded over the last day is up by 107%.
What is Litecoin?
Litecoin was one of the first cryptocurrencies ever created, founded in 2011 by Charlie Lee, a former Google employee. Lee intended Litecoin to be a ‘lite version’ of Bitcoin in that it features most properties of Bitcoin-albeit lighter in weight.
Litecoin is the second most popular pure cryptocurrency after Bitcoin due to its simplicity and clear utility benefits. As of January 2021, Litecoin was one of the most widely accepted cryptocurrencies in the world and more than 2,000 merchants and stores accept LTC.
Litecoin price has been pointing at a recovery, although a low one. Investors remain skeptical about LTC price in 2023 as there is a lot of volatility associated with the digital asset. The prolonged crypto winter is likely to weigh on Litecoin.
Litecoin Price Forecast
Litecoin price has been on a strong rally in the past week despite fears about the ongoing crypto winter. As of the time of writing, LTC was trading 1.90% higher at $76.16. the altcoin has managed to move above the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) is 2 points closer to the neutral level.
Therefore, Litecoin price is likely to continue rising in the near term as bulls eye the major resistance level at $100. A move below the support at $70 will invalidate this bullish thesis, pushing the price to the crucial support at $61.