LTC has gained by 1% in the past 24 hours, with the Litecoin price’s jump to $96.44 also marking a 21% increase in the past week.
The altcoin has also posted a 33% gain in the last 30 days, but with it appreciating by only 40% in the past year, it still has plenty of space left to rise if it wants to catch up with other major tokens.
It has had a good week, yet it isn’t the only promising alt in the market, with a new Solana- and Ethereum-based meme token – Smog (SMOG) – reaching 100,000 holders after listing last month.
SMOG has rallied by over 13,000% since going live, and with the market becoming increasingly bullish in recent weeks, it could witness even bigger surges as it lists on new trading platforms.
Litecoin Price Soars 21%
Litecoin has lost a little momentum today after having a great weekend, with the coin’s indicators suggesting that it may correct before rallying again.
Its 30-day average (yellow) has potentially peaked in relation to its 200-day (blue), with its current price being well above both averages.
Source: TradingView
Also portending a dive is LTC’s relative strength index (purple), which is dropping towards 60 after passing 70 a few days ago.
It therefore seems that LTC (like many other tokens) is cooling off for a period before rising again, with the alt due more gains in the medium- and long-term.
Its trading volume remains encouraging at $1.8 billion, up from $500 million only a few days ago.
This suggests sustained interest in the coin, with Litecoin remaining a moderately popular alt among larger investors, as suggested by CoinShares’ recent Digital Asset Fund Flows report.
As one of the few remaining proof-of-work cryptocurrencies, LTC continues to hold an attraction as a store of value and means of payment.
In fact, the most recent available data from CoinGate reveals that Litecoin accounts for roughly 10% of all payments made through the processor.
$LTC has successfully retested its multi-year Macro Downtrend as new support on the Weekly timeframe
This is an essential technical step in confirming a new Macro Uptrend#LTC #Crypto #Litecoin https://t.co/O6JbgXfXU9 pic.twitter.com/pxsbHhdoff
— Rekt Capital (@rektcapital) March 12, 2024
Other than that, LTC lives somewhat in Bitcoin’s shadow, yet the increasingly bullish market has helped pushed it forwards in recent weeks.
And it will continue to do so in the near future, with the Litecoin price potentially on course to reach $150 by the end of spring.
Solana Meme Coin Hits 100,000 Holders – Is It Too Late to Buy?
Because Litecoin is likely to rise more modestly than certain other major coins, many traders will be likely to turn to other alts.
There are numerous promising new coins in the market right now, including a mix of bullish presale coins and newly launched tokens that may rise big as they list on exchanges.
A great example from the latter category is provided by Smog (SMOG), an Ethereum- and Solana-based token that has gained by over 13,000% since listing on Birdeye and Jupiter at the beginning of February.
Source: Birdeye/TradingView
This performance is hugely impressive for such a new and under-the-radar meme coin, with SMOG outperforming and outlasting most other new Solana-based meme coins, which tend to pump and dump very quickly.
The main reason for SMOG’s longevity is that it features a novel and very bullish airdrop system, which encourages more long-term holding.
That is, its regular drops distribute more tokens to investors with the largest SMOG holdings, thereby giving investors a reason to buy up more of the coin.
On top of this, SMOG’s staking system offers a yield of 42% APY, providing another incentive to buy up more coins and hold them for longer periods.
Buy or stake your ERC-20 $SMOG #Tokens through our platform.
Staked tokens are securely locked for 90 days, with rewards available for withdrawal at your convenience.
Every token purchased via our service is automatically staked for you.
— SMOG (@SMOGToken) February 22, 2024
SMOG’s price could therefore increase substantially in the coming months, helped by its growing online community, with Smog’s Twitter account now boasting more than 37,000 followers.
Investors can buy the token now by visiting the official Smog website, or by going to the Jupiter and Birdeye DEX aggregators.
It’s also likely to list on other trading platforms in the next few weeks, something which could propel its price even higher soon enough.
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