Litecoin Price Prediction as New Report Suggests LTC is Top 4 Most Popular Crypto for Shopping – LTC to the Moon?

cryptonews.com:

LTC, the ticker for Litecoin, the cryptocurrency that powers the crypto-payments-focused Litecoin blockchain, was last trading around 3.5% lower on Thursday in the $94 area, having pulled back to the south of its 21-Day Moving Average at $95.50 and from earlier weekly highs in the $98.50 area. The cryptocurrency’s latest pullback comes in tandem with a broader easing of crypto prices after fresh US data (weekly jobless claims) pointed at a still-hot labor market and economy, pressuring risk assets and supporting Fed tightening bets.

Technical selling is likely also playing a role. Since falling below an uptrend that had been in play since last November at the end of last week, Litecoin has been grinding higher, but has consistently been unable to break to the north of the uptrend that had previously been offering support. Litecoin failed to break back above it again on Wednesday, contributing to Thursday’s reversal, though the 50DMA at $93 may offer support.

Litecoin’s latest reversal comes despite fresh evidence of the cryptocurrency’s adoption as a mainstream means of payment. According to a recent report published by CoinGate.com, LTC payments account for 9.5% of total crypto payments made to CoinGate merchants. That’s impressive, given Litecoin only accounts for around 0.6% of the cryptocurrency market’s total capitalization. Its market cap is currently around $6.8 billion versus a total crypto market cap of around $1.06 trillion.

With LTC having dipped below its uptrend from November 2022, it may be more of a struggle to get back above $100 in the short term. Tests of recent lows in the $88-$90 are probably more likely. But if the broader cryptocurrency market continues to maintain its composure and gradually rise in