Litecoin Price Prediction as $500 Million Trading Volume Comes In – Can LTC Reach $100?

cryptonews.com:

The price of Litecoin (LTC) has dipped by 1% in the past 24 hours, falling to $77.75 as the cryptocurrency market continues to suffer from the effects of the SEC's recent enforcement actions against Coinbase and Binance.

LTC is now down by 13% in a week and by 10% in a month, with the altcoin having risen by 11% since the beginning of January.

Its movements today come as its 24-hour trading volume nears $500 million, suggesting an increase in activity that may translate into gains in the coming days.

LTC's indicators remain in a weak position today. Although, the relative strength index (purple) is showing some signs of improvement, having risen back up to 40 after spending the weekend near 20 (oversold).

The coin's 30-day moving average (yellow) continues to fall further below its 200-day (blue), driven lower by last week's loss of altcoin liquidity on Binance.

However, it looks as though the 30-day average is close to reaching a bottom, meaning that LTC could easily begin rising again in the near future.

This suspicion is reinforced by the fact that LTC's support level (green) has crept up a little over the past few days, indicating that it isn't going to be falling any further.

We may therefore see the altcoin return to $90 in the next few weeks, assuming that the SEC doesn't throw any other regulatory curveballs.

On the subject of the SEC, it's worth pointing out that the regulator has not cited LTC as a security in its recent cases, something which cannot be said for most major altcoins.

With this in mind, LTC could even rise as high as $100 in the next few months, helped by its upcoming halving event, which will reduce the block rewards it pays to miners by 50% (from 12.5 LTC to 6.25 LTC). 

This is due to happen at the