LTC went from trading at USD 87.04 to USD 95.51 in seven days.
This price increase occurs while there are less than 60 days left for its halving.
Litecoin (LTC), which is the 11th largest crypto asset with the largest market capitalization, experienced a rise as various analysts expected.
In the last seven days, the price of litecoin went from USD 87.04 to USD 95.51according to data from CoinMarketCap. This reflects an appreciation of almost 10%.
It should be noted that this rise was not influenced by the behavior of bitcoin (BTC), since its price has remained lateralizing around USD 27,000 for the last three weeks.
This panorama shows that the rise in the price of LTC comes from an impulse of its own market. And this has to do with approximation of your halving (halving the issuance rate of their coins).
As CriptoNoticias has advanced, LTC usually goes up around 40 days before its halving. And currently 57 days to go, according to the explorer NiceHash. Therefore, the proximity to this event may be driving its price.
In any case, it should be borne in mind that no past event is a guarantee that it will be repeated. That is why it will be necessary to see if LTC continues its upward trend prior to its halving.
According to market analyst Michael van de Poppe, Litecoin is showing “solid consolidation”. “I would prefer it to stay above $83-86 and then most likely we get the pre-halving rally from mid-June to late July,” express.
Meanwhile, the trader known as Crypto Tony commented that if LTC continues to rise, I would expect it to hit $140 by August. He clarified that this “sounds like a dream,” but he thinks it’s a possibility since it’s been a level she’s touched several times in the past. Such a price zone has worked years before as support and resistance (minimum and maximum).