Litecoin Price Prediction as LTC Rallies 38% From Recent Bottom – Can LTC Reach $100 in 2023?

cryptonews.com:

Litecoin (LTC), the cryptocurrency that power’s the payment-focused Litecoin blockchain that was born out of a hard fork of the Bitcoin blockchain back in 2011, has pulled lower from earlier session highs in the $96 area on Friday and was last changing hands close to $91.

That means the cryptocurrency, the world’s 13th largest by market capitalization according to CoinGecko, is down around 3.0% on the day and is lower by around 2% in the last 24 hours. Nonetheless, price predictions remain upbeat.

Litecoin’s pullback from earlier session highs, which aren’t far below earlier monthly highs around $98, comes as sentiment in the broader crypto market eases.

Bitcoin hit fresh nine-month highs earlier in the day but is also 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.

Still, Litecoin is trading around 38% above earlier monthly lows in the $65 area.

Cryptocurrency markets, led by Bitcoin, saw an aggressive rebound from earlier monthly lows as investors looked for safe-haven assets outside of the traditional finance system and as expectations for Fed tightening were rapidly pared.

Despite its intra-day pullback, LTC is still holding to the north of its 50-day Moving Average, meaning the cryptocurrency has broken back to the north of all of its major moving averages.

That, combined with the fact that Litecoin has also managed to break to the north of the downtrend in play since mid-February means that the cryptocurrency’s short-term outlook is good.

A retest of recent highs in the $106 area is thus on the cards, assuming broader crypto market sentiment remains robust.

Given its