Bitcoin (BTH) has surpassed the $50,000 mark, reaching its peak since December 2021 and showing a 7% increase since the start of the year. Ethereum (ETH), which holds the second place in terms of capitalization, has recently marked significant growth, reaching a near four-week high of $2,650, though still not reaching its January peak above $2,700. This upward trend is no accident; with an impressive 92% increase in 2023 and already 12% in 2024, Ethereum (ETH) seems to be relentlessly moving towards reclaiming its previous levels or perhaps setting new standards.
Against the backdrop of an increase in the two largest cryptocurrencies, expectations are rising for a new wave of growth in long-established altcoins like Litecoin (LTC) and Monero (XMR). Will LTC, known for its resilience, follow Bitcoins (BTC) upward trajectory? Mike Ermolaev, the market analyst for FXStreet, believes it has every chance, in contrast to XMR, which saw a significant drop in indicators following its delisting from Binance. But, on the flip side, for privacy coins, everything could magically change as practice shows. Despite the tightening of regulations and a series of delistings, demand for privacy coins subsequently increases.
Monero (XMR) drops sharply after Binance cut – Then up again?
Monero (XMR) has recently faced a significant downturn, marking a decline of about 30% to a 20-month low. This downward trend followed shortly after the announcement by the cryptocurrency exchange Binance that it would delist the privacy-focused coin Monero (XMR) from its trading assets starting February 20, citing the coin’s non-compliance with the exchange’s standards.
As a result, Monero’s (XMR) trading volume reached $244.3 million USD in response to the events. Media attention remains focused on Monero (XMR), as well as on Zcash and Dash , in the context of John McAfee’s statement about the potential government ban on privacy coins.
Monero (XMR) technical analysis
In terms of technical analysis, Monero (XMR) is currently navigating between a support level of $120 and a resistance level of $131. The Moving Average Convergence Divergence (MACD) line at -0.222, with a signal line at 0.057, points out to a current bearish momentum.
However, the Stochastic Oscillator shows a line at 30.46 with a signal line at 30.82, indicating that XMR might be in oversold territory and suggesting the bullish reversal is gathering strength.
Monero (XMR) price prediction
In a bullish scenario, if XMR breaks through the nearest resistance at $131, it will likely increase to $135 and possibly further to $145.
Conversely, the bearish forecast assumes a breakdown of Monero (XMR) below the support level of $120 with a potential downward movement to $114 and $104.
Litecoin (LTC) watches Bitcoin – Where next?
LTC is the native cryptocurrency of the Litecoin (LTC) project which is an open-source project with code copied from Bitcoin . It is often compared to “silver to Bitcoin’s gold.” Litecoin closely monitors the slightest fluctuations of its parent currency. Historically, it tends to rise before the halving event when miner rewards are cut by 50%. And although there is currently a small but steady weekly growth, significant changes in the indicators are likely expected in the near future.
Recent price fluctuations in Litecoin (LTC) have led to its market capitalization reaching $5.37 billion. On February 13, the price of Litecoin (LTC) registered a marginal decline of 1.7%, dropping below $70.
Litecoin (LTC) technical analysis
LTC is trading between a support level at $69 and a resistance level at $74. The Stochastic Oscillator, with a line at 91.6 and a signal line at 88.94, is in the overbought zone, which could signal an ongoing price correction.
But the MACD line at 0.052 and the signal line at -0.104 indicate the presence of upward momentum, supporting the possibility of further price growth for Litecoin (LTC).
Litecoin (LTC) price prediction
In a bullish scenario, if LTC breaks past $74, it will likely keep rising to the targets of $75 and $79.
On the other hand, if a bearish outcome materializes, then Litecoin (LTC) will fall below its current support at $69 to the lower defense line at $66.
Conclusion
The trajectories of Litecoin (LTC) and Monero (XMR) diverge, despite the overall rise of altcoins against the backdrop of Bitcoin’s (BTH) surge. Litecoin’s (LTC) position as the “silver to Bitcoin’s gold” may offer it a more stable path forward, although ultimately everything depends on whether Bitcoin undergoes a significant correction.
Otherwise, optimistic hopes could burst just like a soap bubble. On the other hand, Monero (XMR) faces an even more challenging path, dependent on the market’s reaction to regulatory changes and its ability to regain investor trust after being delisted from Binance. As Mike Ermolaev notes, its future hinges on whether the coin remains true to preserving privacy and security.
