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Litecoin price drifted upwards in the few sessions as investors buy the dip and as First Republic Bank (FRC) challenges continue. The coin jumped to a high of $92, the highest point since April 20th of this year. It has jumped by more than 7% from the lowest point this year. Bitcoin has also bounced back and moved above the key resistance point at $28,000. This performance bodes well for AltSignals, which has already raised $644k in its token sale.
First Republic Bank could implode
The main catalyst for the current Litecoin price rally is the rising fear that First Republic Bank could implode. On Monday, the bank announced that its business was on the verge as customers withdrew more than $104 billion. As a result, the management said that they were exploring options, including selling the bank.
On Tuesday, the firm said that it was considering raising capital to boost its balance sheet. As a result, the FRC stock price crashed by more than 40%, which could lead to more withdrawals by customers. The company now has two options. First, it can move to FDIC protection, where the insurance agency will have an orderly liquidation. Second, the biggest American banks can take a stake in the company and help save it.
The potential First Republic Bank collapse is a positive catalyst for Bitcoin and Litecoin, which explains why the two drifted upwards even as the broader stock market dropped. That’s because investors believe that cryptocurrencies are safe havens in periods of banking turmoil.
Analysts are bullish on crypto
Meanwhile, Litecoin price is rising as investors remain optimistic about cryptocurrency prices. As I wrote on Tuesday here, analysts at Standard Chartered predicted that Bitcoin will jump to $100k by 2024. He cited the rush for safety amid the banking crisis and the potential Federal Reserve pivot.
He is not alone. On Sunday, I wrote that a Bloomberg analyst also believes that Bitcoin price will jump to $50,000 in the coming months. He also cited the next halving scheduled for 2024 as the main catalyst. Also, there is a general view that Bitcoin has become a good safe-haven asset.
If these views are accurate, then it means that Litecoin price will also benefit since it tends to have a close correlation with Bitcoin.
Litecoin price prediction
The bearish trend of LTC capitulated when the coin dropped to $84.53 on Monday. It formed a double-bottom pattern at that price. The coin has now moved above the 25-day and 50-day exponential moving averages while oscillators have drifted upwards. Therefore, there is a likelihood that the coin will rise to the next key resistance at $100 in the coming days.
AltSignals token sale gains steam
Meanwhile, AltSignals continued gaining traction as the token sale accelerated. The stage one of the token sale has already raised $644k of the $1.08 million target. This amount is equivalent to 59.71% of the total sales.
For starters, AltSignals is a leading platform that provides signals on key assets like cryptocurrencies and forex. It already serves thousands of customers from around the world who have given it excellent reviews. These signals come from technical indicators like the MACD and the Relative Strength Index.
As part of its growth strategy, AltSignals is now working to incorporate artificial intelligence in its platform. The new version will have key technologies like natural language processing and machine learning. Below these pillar technologies, the platform will have other technologies like regression, predictive modelling, AutoML, and natural language API.
The goal of this upgrade will be to leverage AI capabilities to deliver the best results. This AI layer will be powered by the ASI token, which will be used for payment purposes. According to its white paper, it will power the Actualize AI and be used for the membership club and trading tournaments.
Is ASI a good investment?
Therefore, the bullish prediction of Bitcoin and other cryptocurrencies bodes well for AltSignals, whose token sale is doing well. The developers have already raised over $644k in the past few weeks. With the token selling for just $0.015, it means that anyone can take part in the capital raise.
I believe that the ASI token will do well when it gets listed in key exchanges later this year since it will happen in a time when cryptocurrencies are rising. Recently, we have seen many tokens like Metacade and Pepe jump after being listed. Therefore, it makes sense to allocate a small amount of money on ASI now.
Some of the future catalysts for the token will be exchange listings and the success of AltSigals as a platform.
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