Litecoin Soars 38% – Can LTC Reach $100 in 2023?

• Litecoin (LTC) has increased by 38% from its monthly lows of $65.
• Sentiment in the broader crypto market is easing and Litecoin has broken to the north of all its major moving averages as well as its mid-February downtrend.
• Analysts are optimistic that Litecoin can break convincingly above $100 in 2023, with catalysts such as a partnership with Mastercard contributing to potential upside.

Litecoin Price Prediction

The cryptocurrency world’s 13th largest by market capitalization according to CoinGecko, Litecoin (LTC), has experienced an impressive rally of 38% from earlier monthly lows in the $65 area on Friday and was last changing hands close to $91. Despite its intra-day pullback, LTC is still holding above its 50-day Moving Average and has broken back to the north of all of its major moving averages.

Crypto Market Sentiment

Sentiment in the broader crypto market is easing as traders fret about expected US Securities and Exchange Commission enforcement action against Coinbase and as bank crisis concerns resurface amid fears about European behemoth Deutsche Bank. Bitcoin hit fresh nine-month highs earlier in the day but is also easing accordingly.

Litecoin Outlook

Given its proximity to the key $100 level, it’s not far-fetched to think that Litecoin can muster a lasting break into triple-digit territory. The outlook for major cryptocurrencies has improved significantly due to rising US (and global) bank risks and expectations for Fed tightening being rapidly pared; these factors alone could help Litecoin push towards next major resistance levels in the $133-42 area.

Potential Catalysts For Upside

Analysts are also pointing to several potential catalysts that could contribute further upside for LTC; this includes Litecoin’s recent partnership with Mastercard which is expected to bring greater usage accessibility for digital payments platforms using cryptocurrency technology like litecoin via debit cards or prepaid cards linked directly with user’s wallets on their mobile devices.

Conclusion

In conclusion, while sentiment in the wider crypto market may be cooling off at present, analysts remain upbeat regarding litecoins’ price prediction over time; especially given potential future catalysts such as partnerships with payment companies like Mastercard which could help increase LTC usage amongst mainstream users who may have previously been deterred by process complexities associated with cryptocurrency transactions prior to now.