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Litecoin Price: LTC Halving Event is 100 Days Away; What to Expect

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Litecoin price was trading higher on Monday, wiping some of its losses from its previous trading session. The coin’s market cap has increased by 2.59% over the last day, while the total volume of LTC traded jumped 39.96% higher. The altcoin was trading 1.37% higher at $89.94% at the time of writing. Litecoin is currently the 13th largest cryptocurrency by market capitalization, after Binance USD and ahead of Shiba Inu.

Fundamentals

Litecoin price has been under intense pressure for the past few days, plunging more than 12% in the past week. The altcoin has dropped more than 17% from its highest level this year but remains 34% above its lowest point in 2023.

Most altcoins, including Litecoin, have been in the red for the past few days amid a sharp decline by Bitcoin. Bitcoin, the largest cryptocurrency by market cap, has posted a 9% plunge over the past week, dropping below $27,500. As the largest cryptocurrency, many altcoins tend to move in tandem with its performance. BTC’s total market cap has crashed to $529 billion over the past few days, with its dominance in the crypto market declining.

The recent downtrend in the crypto market has also seen most altcoins decline over the past week with XRP, Cardano, Dogecoin, and Polygon, falling by 9.44%, 12%, 14.52%, and 14.55%, respectively. Concerns over macroeconomic factors have been pushing crypto prices lower. Markets have been in jitters ahead of the Fed’s next monetary policy meeting in May as traders price in a 25-basis point. Hints that the US Central Bank might approve another interest rate hike in June after the one expected in May, may continue weighing on the LTC price.

Even so, Litecoin’s third halving event slated for August 2, 2023, might pump the coin’s price higher. The halving event is a programmed change in the supply rate of new coins in a cryptocurrency’s blockchain. Historically, LTC’s halving events have always seen the Litecoin price skyrocket. In the run-up to its last halving event in 2019, the LTC price soared by 375%. If history repeats itself, LTC price could start gaining with its halving event almost 100 days away. However, macroeconomic factors could come into play and affect the price of the asset.

Litecoin Price Forecast

The daily chart shows that the Litecoin price has been on a steep decline for the past few days, falling 12% in the past week. The altcoin has managed to drop below the 50-day and 100-day moving averages, while moving below and above the 50-day and 200-day exponential moving averages, respectively. The Moving Average Convergence Divergence (MACD) indicator is bearish.

I expect the Litecoin price to tick higher in the medium term as buyers eye the next resistance levels at $93.50 and $100. On the flipside, a move below the crucial support level at $83.30 will invalidate my bullish thesis.

LTC Price Chart

 

 

 

Altcoins

Ethereum Price: ETH Has Managed to Flip Major Hurdle at $1,800

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Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.

Fundamental Analysis

Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.

The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.

Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…

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Polkadot Price is in Consolidation Mode: What Next?

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Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.

Is the Worst Yet to Come?

Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.

The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.

Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.

Two…

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Ethereum Price Tilts Slightly Higher as Focus Shifts to Fed Speakers

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Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.

Fundamentals

Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.

Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.

The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…

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