Bitcoin-inspired decentralized Peer-to-Peer (P2P) cryptocurrency, Litecoin (LTC), could be on the verge of reclaiming its glory days with $300 as a potential price target, according to some key metrics, suggesting that investors delve into the project now to avoid missing out of the juicy earnings that would result from revisiting the highlighted target.
At the time of writing, Litecoin’s price readings on CoinGecko revealed that the token is changing hands at about $78.15, reflecting a minute 0.9% decline in the past 24 hours. Notedly, the coin has been on a declining spree, evidenced by its 7-day to-date, 14-day to-date, and month-to-date statistics, which registered declines of about 7.9%, 6.8%, and 0.3%, respectively.
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Notably, the recurring declines recorded in LTC’s market statistics, as highlighted above, stemmed from the general market outlook, which has not been impressive for quite some time. Hence, it explains Litcoin’s present predicament, which makes LTC’s $300 price expansion potential an attainable feat.
Macroeconomic Flux Spews Buying LTC Amid Negative Market Impacts
Aside from the poor general crypto market outlook, macroeconomic variables have not been favorable. However, investors seem confident about the propensity of the market to correct itself amid mixed economic signals that have forced the United States Federal Reserve (Fed) to delay interest rate cuts.
According to the CME FedWatch tool, a variable that measures market expectations for fed fund rates charges, traders should anticipate a 48% chance of market variables remaining the same until September, marking a marked increase from the 39% recorded in the previous month.
Meanwhile, Citigroup’s head of U.S. equity trading strategy, Stuart Kaiser, has asserted that a Consumer Price Index (CPI) spiking above 0.4% relative to the previous month is capable of eliciting a broader market sell-off actions, with the potential to drop the S&P 500 by about 1.5% to 2.5%. Going further, Kaiser warmed about the propensity of the S&P 500, registering its highest single-day movement since March 2023.
If Litecoin Reclaims $300 – Possible Implications?
While attaining $300 from Litecoin’s current $78.15 price will imply an increment, ranging about 283.88%, the spike value does not appear far-fetched, considering that LTC attained a $410.26 all-time high (ATH) in May 2021.
After attaining the $410 peak price in May 2021, the closest LTC has ever been to reclaiming its ATH was in November 2021, when it struck levels above $250. Since then, the coin has been declining gradually, culminating in Litecoin dropping below $50 in June 2022.
Considering LTC’s price trajectory described in this insight, it becomes relatively safe to say that the token is recovering despite the declines. In addition, attaining $300 remains a feasible target, which would most likely play out at the peak of the anticipated bull run.
Price Prediction Analysis Project LTC’s $300 Price Expansion Potential In 2025
While LTC’s $300 price expansion potential might seem speculative, our price prediction tool on Crypto2Community appears to agree that the coin’s growth potential is imminent.
Per our price prediction analysis, LTC will conclude 2024 with $87 and $200 as the coins’ possible low and high price estimates, respectively. Going further, $180 and $340 were highlighted as potential low and high targets, respectively, in 2025. Hence, it supports the initial claims, advocating for LTC accumulation now, as the coin has shown massive growth potential.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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