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DailyBubble News

Is Litecoin (LTC) Heading to $63? Indicators Shows Bearish Trend

The Litecoin network is gearing up for its 2024 summit in July, where web3 developers and industry innovators will come together to discuss the future of LTC. However, the Litecoin price has been struggling to break above the weekly 50 MA, signaling further bearish pressure.

Litecoin (LTC) is the third largest proof-of-work (POW) secured blockchain with a total hash rate of approximately 969.52 TH/s. Over the years, Litecoin has received mixed opinions due to its macro consolidation. While some believe it is a sleeping giant waiting to reach new all-time highs, others see it as a underperforming altcoin in the current bull cycle.

Despite undergoing a halving earlier this year, which reduced miners’ rewards, the LTC price has not surpassed its 2018 all-time high. In the past two years, Litecoin has struggled to rally beyond $111. It has also underperformed compared to larger altcoins like Solana, BNB, and Ethereum.

As the Litecoin community prepares for the upcoming summit, on-chain data shows that whale investors are actively accumulating LTC. There has been a notable increase in active addresses, which could trigger bullish sentiments in the near term.

The Litecoin network has lagged behind in the current crypto bull cycle due to its lack of supporting smart contracts. While other blockchains are focusing on web3 scalability and interoperability, Litecoin remains focused on payments and crypto speculations. It may need to adopt a similar consensus method with Ethereum to support web3 development.

In terms of price action, Litecoin has been consolidating in a macro triangular pattern and is currently near the apex. The LTC price against the US dollar may continue to have a bearish outlook in the midterm before the bulls regain control. If the current support level fails to hold, the price could drop further towards $63.

Overall, the Litecoin network is facing challenges but remains an important player in the crypto space. The upcoming summit and whale accumulation may bring positive developments for LTC in the future.

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