Litecoin Price Prediction as $600 Million Trading Volume Comes In – Can LTC Reach $1,000 in 2023?

cryptonews.com:

The litecoin price has gained by 1.4% in the past 24 hours, climbing to $91.34 as the cryptocurrency market continues to weather the effects of the SEC taking enforcement action against Paxos and its BUSD stablecoin. Its current price marks a 5% loss in a week, although the coin remains up by 4% in the last 30 days. 

This appreciation in the past month has been helped by the Litecoin Foundation's announcement that its Mastercard-powered Litecoin Card will be launching in Europe. And with LTC's 24-hour trading volume rising above $600 million, the token could have further gains in store in the coming days.

LTC's indicators continue to suggest that, in the short term, it may be due a fall. Its relative strength index (purple) has dropped down to 50 in the past few days, and may continue to fall along with the coin's price.

In addition, LTC's 30-day moving average (red) has likely peaked in relation to its 200-day (blue). It may therefore start coming down soon, helped by imminent losses.

Indeed, the arrival of greater trading volume could be an indicator of traders preparing to sell, rather than the reverse. As such, holders may need to brace themselves for further movements.

In this respect, the key support level to consider here is $90. If LTC falls below this level -- which has held since the beginning of February -- it could end up seeing returns to $85, which is where it was at the beginning of the year.

However, Litecoin's fundamentals arguably make it one of the best altcoins in the market. As mentioned above, the Litecoin Foundation recently expanded its partnership with Unbanked and Mastercard into Europe, building on the success Litecoin Card has had since launching in the United States some two years ago.

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