LTC has been probably the greatest performers within the final seven days and may very well be set for extra rallies over the approaching hours and days.
The cryptocurrency market is slowly recovering from its latest hunch, and Litecoin is main the way in which. LTC, the native coin of the Litecoin blockchain, is the most effective performer amongst the highest 20 cryptocurrencies by market cap.
At press time, the value of Litecoin is $78.90 and will rally towards the $90 resistance degree over the subsequent few hours or days.
What’s driving Litecoin’s value larger immediately?
LTC has been rallying over the previous few days regardless of the poor efficiency of the broader crypto market. The rally started a couple of days in the past after it was revealed that the subsequent Litecoin halving event will happen on August third, 2023.
The Litecoin halving is just like the bitcoin halving occasion, the place the reward issued to miners for unlocking blocks on a community is decreased by 50% after each 4 years.
The Litecoin group is already counting all the way down to the halving occasion, which might see the block reward scale back from 12.5 LTC cash to six.25 cash per block post-halving.
LTC is up by greater than 35% within the final seven days and may very well be set for larger positive factors quickly.
What is the outlook for the Litecoin value?
Litecoin might rally larger over the subsequent few hours and days. Its optimistic efficiency comes because the broader crypto market recovers from its latest hunch, giving Litecoin a lift.
If the bullish momentum is maintained, Litecoin might rally towards the $90 resistance degree over the subsequent few hours or days. A transfer above $100 continues to be potential within the occasion of an prolonged bullish run. It could be the primary time LTC is buying and selling above $100 since June 2022.
Litecoin technical evaluation
The LTC/USD 4-hour chart is bullish, as Litecoin has been performing nicely over the past 24 hours. The technical indicators present that Litecoin is outperforming the broader crypto market.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day RSI of 73 reveals that LTC might quickly enter the overbought area if the optimistic momentum is maintained.
If the rally continues, LTC might surge previous the primary main resistance degree at $89 earlier than the top of the day. Within the occasion of an prolonged optimistic efficiency, LTC might transfer previous the $100 psychological degree for the primary time in practically six months.
How one can purchase Litecoin?
Observe these easy steps to purchase Litecoin:
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Fund the newly-opened eToro account together with your native fiat foreign money. You’ll be able to deposit as a lot as you need.
Step 3: Begin Litecoin buying and selling:
You’ll be able to instantly begin buying and selling Litecoin in opposition to a number of different cryptocurrencies like Bitcoin or in opposition to fiat currencies just like the GBP or USD.
The place to purchase Litecoin now
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