Coinbry

  • Market Cap: $2,480,859,759,776.79
  • 24h Vol: $140,569,667,481.24
  • BTC Dominance: 51.77%
What is the reason behind the increase in Litecoin price today?

What is the reason behind the increase in Litecoin price today?

The price of Litecoin (LTC) is experiencing an upward trend as traders remain optimistic about the upcoming halving event in August. LTC has reached its highest price since April 2022, with a jump of 8.3% on July 2. Traders have been buying Litecoin in anticipation of the halving, which will reduce the mining reward per block and potentially decrease the new supply. Analysts predict that Litecoin could rally towards $140 or even $200 around the event. The recent listing of Litecoin on EDX Markets and the filing of a Bitcoin ETF by BlackRock have also contributed to the price increase. However, the market is currently overbought, and a correction could lead to a test of the $100 support level. A decisive close below $100 could result in a further decline towards the 50-day exponential moving average near $90. On the other hand, a bounce from $100 could signal more upside potential. Supported by strong fundamentals, Litecoin could rise towards the $130 resistance level and potentially gain 20% by late July or early August.

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