The price of Litecoin ($LTC) recently rebounded from a highly important Fibonacci Retracement level ahead of its block-halving event.
$LTC surged higher at the end of June, allowing it to break $100 as traders tried to front-run the major fundamental block-halving catalyst.
Since then, $LTC has been trending lower in July, but the recent bounce at the Golden Fibonacci Retracement is putting $LTC back into the spotlight as the block-halving draws closer.
As Litecoin rebounds, several other coins are showing bullish price action, largely driven by investors looking for short-term opportunities, while Bitcoin takes a dive beneath $30,000.
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LTC Price Analysis: Litecoin Rebounds at Golden .618 Fib Retracement, Can it Break 2023 Highs?
Litecoin might be down by a steep 22% over the past three weeks, but the recent rebound of the .618 Fibonacci Retracement support is starting to re-spark the market’s bullish prospects.
$LTC exploded in the final days of June as it broke a three-month-old downward-sloping trend line and surged above $100.
It continued to rise until it met resistance at $115 – provided by a 1.272 Fib Extension level. From there, $LTC trended lower in July, falling 22% over the past 22 days.
However, the coin recently hit support at $87.40, provided by a .618 Fib Retracement, and traders believe it has the potential to climb back above $100 from here and set fresh 2023 highs;
Looking ahead, if the buyers can continue to drive the price of $LTC higher, the first level of resistance is expected at $100. This is followed by resistance at $102, $114 (1.272 Fib Extension), $1.20 (1.414 Fib Extension), and $128.55 (1.618 Fib Extension).
Why is Litecoin so Bullish?
Traders are increasingly bullish on Litecoin due to its imminent block-halving event, expected to take place within the next six days.
The block-halving event will reduce the amount of inflation of LTC entering the market through Litecoin miners.
Typically a Litecoin block halving event occurs every four years, and it reduces the block rewards for miners in half.
This latest block halving will cut the reward from 12.5 LTC to 6.25 LTC per block.
As a result, fewer newly minted LTC will enter the market after the event, making the asset more scarce.
Which Other Tokens Are Seeing Bullish Momentum?
It’s not just Litecoin seeing positive price momentum this week as a handful of new crypto projects start to see increased traction.
BTC20 Hits Soft Cap After $1 Million Raised in 24 Hours
BTC20 is an exciting, newly emerging project that seeks to create a stake-to-earn ecosystem in line with the original Bitcoin block rewards schedule.
Investors are rushing to the BTC20 presale as Bitcoin starts to retrace beneath $30,000. As a result, BTC20 managed to raise $1 million in the last 24 hours, pushing it to its soft cap of $3 million.
BTC20 is a green ERC20 version of Bitcoin on the Ethereum blockchain that rewards stakers every time a new Bitcoin block is found on the original chain.
Analysts believe that the intuitive staking mechanism will create an environment of scarcity within the ecosystem as most tokens will be locked away in the staking contract, helping the token price skyrocket.
The project is paying homage to Bitcoin in April 2011, when the asset’s price was $1 with a 6.05 million circulating supply.
Therefore, BTC20 is selling 6.05 million $BTC20 in its presale at a price of $1.
With the soft cap already reached, half of the tokens in the presale have already been snapped up. The team is now selling 3.05 million more $BTC20 at $1 to fulfill the presale supply of 6.05 million $BTC20.
Keeping in line with the Bitcoin inspiration, $BTC20 has a total circulating supply of 21 million. After the presale, the team will lock a minimum of 14.95 $BTC20 into the staking contract – meaning the entire supply is dedicated to the community.
With the presale quickly selling out, investors will need to be quick to get invested in $BTC20 at the $1 price tag – or pay higher prices once the token launches on exchanges and surges.
Wall Street Memes Continue Rampage After Crossing $18 Million.
The Wall Street Memes presale continues to go from strength to strength after crossing the $18 million fundraising milestone this week – demonstrating the sheer level of excitement and hype for this project.
Investors are flocking to get positioned in presale prices as they’re intrigued by the project’s long-term prospects due to its ability to attract a vast cult-like following of over one million people.
In addition, investors are captivated by the project’s meme-based humor, which is central to its ethos.
The entire idea behind Wall Street Memes is to mock the greedy capitalists sitting on Wall Street through a series of memes on its social media profile.
The memes have become so popular that they’re generating over 40 million monthly impressions on Twitter – making the profile the internet’s go-to location for trading and finance-related memes.
Elon Musk has even been seen commenting on the memes on several occasions:
🤣— Elon Musk (@elonmusk) April 22, 2023
Musk is a well-known meme lover, and his interactions with the profile sparked a wave of speculation regarding his involvement in the project.
Furthermore, a string of influencers are getting on board, with some suggesting that $WSM will be at the forefront of the next bull run;
Lastly, investors are satisfied with the community-driven aspect of the project. The team has stated they haven’t allocated any tokens for themselves in the presale – demonstrating the long-term commitment to the project.
Instead, half of the 2 billion $WSM supply is sold in the presale, with the other half reserved for providing community rewards and adding liquidity to exchanges.
Experts believe that exchanges will rush to list $WSM, due to the huge trading volumes associated with its colossal community, with Binance or OKX touted as the first major exchanges to list it.
Overall, Wall Street Memes has set the foundation to become the next meme coin sensation on the market with its unique blend of internet culture, meme-based humor, and decentralized finance.
However, with the presale quickly hitting its final stretch, time is quickly running thin to get positioned in $WSM at presale prices. Once the token hits exchanges, it’s expected to explode and provide at least 20x returns for early adopters.
Evil Pepe Not Slowing Down as Countdown Approaches Final Days
The final project seeing bullish momentum in the altcoin markets is Evil Pepe – a project that represents the dark side of the meme coin sector.
Evil Pepe is allowing degens and traders to embrace their dark side by buying $EVILPEPE.
He’s that voice that drives traders’ shitcoin decisions, forcing them to ape into a potential rug-pull project – even when they know they shouldn’t be.
Evil Pepe is the latest Pepe clone expected to hit the market with a bang and mirror the price of its predecessor – $PEPE – which surged to mainstream audiences in early-May 2023.
The community-driven project is filled with audacious followers who have united under the universal experience of giving into FOMO.
Although Evil Pepe has a wicked nature, he believes in ensuring a fair launch and safe trading environment.
Therefore, he’s selling 90% of the entire token supply for $0.000033 – allowing everybody to get invested on an even playing field.
The remaining 10% is reserved for adding liquidity to the trading pool, which will be locked by Team Finance to ensure Evil Pepe cannot pull the rug on his community.
In addition, the project has a $2 million hard cap limit – leaving room for exceptional growth higher once it launches.
Evil Pepe has a solid marketing team behind him as they aim for a $100 million market cap by teaming up with influential meme-makers and forging alliances with the creative minds in the meme coin sector.
Overall, with such a low market cap, Evil Pepe certainly has the scope to provide at least 10x gains as soon as it launches in the coming days.
However, with the presale expected to end in just five days, investors will need to be quick to get invested or pay higher prices once it hits exchanges.
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