Litentry Price Prediction as the Polkadot Parachain Soars
Litentry price has done well in the past few days as investors buy the coin’s dip. LIT jumped to a high of $1.07, which was the highest level since August 10. It has risen by more than 150% from its lowest level this year. According to CoinMarketCap, the coin has a total market cap of more than $36 million.
What is Litentry and why is it rising?
Litentry is a parachain that is known for it cross-chain identity aggregation services. It was developed on Polkadot’s ecosystem and actually won slot #15 in the most recent parachain auctions. It raised 943,842 DOT, which is now worth more than $6 million. As part of its development, the developers also launched Litmus, a similar project but on Kusama. Litmus won slot 18 in Kusama’s auctions.
In all, Litentry provides decentralized Identity Aggregator services that make it possible to link user identities across multiple blockchains like Solana and Ethereum.
Litentry price has bounced back recently as investors cheer the growth of the network’s ecosystem. Already, three Web3 projects have joined the network: Web3Go, AdMeta, and TDF Labs. Web3Go is a multi-chain all-in-one data network that provides products like Go Analytics and Go ID.
AdMeta, on the other hand, is an advertising company that focuses on Web3 and the metaverse. Finally, TDF Labs aims to bring more companies to Web3.
Litentry price prediction
The daily chart shows that Litentry price went vertical this week. As it rose, it managed to move above the upper side of the symmetrical triangle that is shown in yellow. It also moved slightly above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) moved above the overbought level.
Therefore, while more gains are likely, LIT price will likely pull back as buyers start taking profits. If this happens, the coin will likely retest the support at $0.80 and then resume the bullish trend.