- Litecoin price has surged ahead of its anticipated halving event, showing a performance exceeding the wider crypto market.
- Additional bullish momentum comes from the coin’s listing on EDX Markets, and the knock-on effects of BlackRock’s Bitcoin ETF filing.
Today, the cryptocurrency world is buzzing with excitement as Litecoin’s (LTC) price soars in anticipation of its upcoming halving event. The event, slated for August, will effectively halve the mining reward per block from 12.5 LTC to 6.25 LTC. This has prompted traders to adopt a bullish stance, pushing the price to its highest point since April 2022.
In a notable market trend, Litecoin outpaced the wider crypto market, seeing an impressive 8.3% jump on July 2. This brought LTC to a peak of $116, with week-to-date returns climbing over 30%. This stands as the best week for Litecoin since November 2021, demonstrating the powerful impact of halving events on the price of crypto assets.
Crypto analysts hold a positive outlook, with independent market analyst Crypto Tony predicting Litecoin to rally towards $140 ahead of the halving. This optimism is not baseless; each Litecoin halving has previously sparked a volatile price rally, and it’s plausible history might repeat itself.
Adding to Litecoin’s bullish momentum is its listing on EDX Markets, an institutional crypto exchange backed by major firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. Moreover, the Bitcoin ETF filing by BlackRock has spurred a positive sentiment across the crypto sector, further propelling the LTC price.
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As the market anticipates the Litecoin halving, there are predictions of potential price corrections. Given that the Litecoin market is currently in an “overbought” state with its daily relative strength index (RSI) above 70, chances of a price correction in the upcoming days are high. In such a case, the LTC price could drop to around $100, a key support level.
Conversely, if the price successfully bounces from $100, LTC might see further upside. Anchored by strong fundamentals, Litecoin might ascend towards $130, a resistance level from early 2022. This ascension aligns with LTC’s ongoing upward channel trajectory, potentially positioning the coin for a 20% gain by early August.
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