Bitcoin’s little brother, also known as Litecoin (LTC), is making significant moves under the radar as the rest of the crypto industry focuses on the FTX contagion.
Litecoin Edges out Shiba Inu (SHIB) and Solana (SOL)
A quick glance at Coinmarketcap.com reveals that Litecoin has been on an upward trajectory in the cryptocurrency ranking. The digital asset is now ranked thirteenth after edging out the popular meme-coin Shiba Inu (SHIB), Solana (SOL), Tron (TRX) and Uniswap (UNI).
Litecoin Needs to Break $104 to Reenter the Top 10
Further doing the math and using Polygon’s (MATIC) current market capitalization of around $7.52 billion, Litecoin (LTC) needs to be valued at $104 to reenter the top 10 digital assets on Coinmarketcap.com.
The one-day LTC/USDT chart below, courtesy of Tradingview, provides a bullish picture of Litecoin. The digital asset is firmly trading above the 50-day (white), 100-day (yellow) and 200-day (green) moving averages. At its current trajectory, Litecoin seems set to retest its 200-week (red) moving average around the $100 price area.
However, the daily MFI (green), MACD and RSI (red) hint at an overbought scenario that could result in Litecoin either consolidating at current levels below the $80 resistance or a short-term pullback to the $73 price area.
Has the Litecoin Halving Effect Begun?
Also worth mentioning is that Litecoin has a halving event estimated to occur sometime in August 2023. As is usually the case with any digital asset with a halving, Litecoin’s bullishness could be partly due to its mining rewards decreasing by 50% to 6.25 LTC per block.
Consequently, the hype has most likely started, and Litecoin could begin to pull away from the rest in the crypto markets as the event draws nearer.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.