Litecoin (LTC) value is up in the present day, outperforming the broader crypto market as merchants proceed to remain bullish about its block reward halving occasion in August.
Litecoin value hits 14-month excessive
LTC value jumped about 8.3% on July 2 to $116, its highest since April 2022. Its week-to-date returns climbed to over 30%, making it the perfect week for Litecoin since November 2021.
LTC/USD every day value chart. Supply: TradingView
Merchants have flocked to buying Litecoin within the weeks main as much as its halving on Aug. 3. The occasion will successfully cut back Litecoin community’s mining reward per block from 12.5 LTC to six.25 LTC and theoretically cut back the quantity of recent provide.
For example, impartial market analyst Crypto Tony believes Litecoin can rally towards $140 forward of the halving. Michael van de Poppe, one other analyst, expects the value to achieve $200 across the occasion.
Every Litecoin halving preceded a risky value rally, suggesting that an analogous situation is feasible if historical past repeats.
EDX Markets launch, Bitcoin ETF purposes
Along with the halving, Litecoin value rallied because of its itemizing on EDX Markets, a brand new institutional crypto alternate backed by corporations together with Citadel Securities, Constancy Digital Property and Charles Schwab Corp.
Moreover, BlackRock’s Bitcoin ETF submitting with the SEC, which prompted different prime monetary establishments to do the identical, has given Litecoin and different crypto property a lift. LTC value has jumped over 60% because the announcement on June 15.
LTC/USD vs. crypto market cap’s every day chart. Supply: TradingView
What’s subsequent for LTC value?
The newest bout of shopping for within the Litecoin market has left it in an “overbought” state.
Notably, Litecoin’s every day relative energy index (RSI) was above 70 on July 2, elevating probabilities of a correction within the coming days. Suppose it occurs. Then LTC value may return to $100 as a take a look at of this key assist stage.
LTC/USD every day value chart. Supply: TradingView
A decisive shut beneath $100 opens the door for a take a look at of its 50-day exponential shifting common (50-day EMA; the pink wave) close to $90. Conversely, a bounce from $100 positions LTC/USD for extra upside.
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Supported by sturdy fundamentals, Litecoin may subsequently rise towards $130, a resistance stage from January-April 2022. This stage can be close to the higher trendline of LTC’s ongoing ascending channel trajectory, as proven within the weekly chart beneath.
This setup positions LTC bulls for a 20% acquire by late July-early August.
LTC/USD weekly value chart. Supply: TradingView
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.
