Litecoin $100 Milestone Indicates Promising Bullish Trends – Here’s Why

Christian Encila

Last Updated: July 3, 2023 1:07 pm

3 mins read

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Litecoin (LTC) has been on a remarkable run in the past three days, emerging as one of the most impressive performers among cryptocurrencies this week. But what’s causing this sudden surge in its price?

The answer lies in the anticipation of a major event that’s just around the corner: the impending halving of Litecoin, set to take place on August 2. Similar to Bitcoin, Litecoin undergoes halvings after a specific number of blocks are mined, roughly every four years.

As the halving approaches, investors and enthusiasts are left wondering: will Litecoin’s price continue to soar, or is there more to this story than meets the eye?

LTC trading at $112.35. Source: Coingecko

Litecoin Price Rally And Resistance Breakthrough

LTC has demonstrated a strong performance in recent days, currently trading at $112.35 according to CoinGecko. Over the past 24 hours, LTC experienced a notable rally of 5.1%, and within a seven-day timeframe, it surged by an astonishing 29.0%.

Over the weekend, LTC managed to surpass the crucial $100 mark, and since then, it has sustained trading above this key level of resistance. This resilience indicates bullish tendencies and raises the possibility of a significant breakthrough, with the potential for the $100 resistance to transform into support.

Such a development could pave the way for a sustained bull run, potentially propelling the token to reach $130 in the near future.

Social Activity Volume And Halving Event Hype

The surge in LTC’s price has coincided with heightened social activity volume, as observed by the blockchain analytics firm Santiment.

This suggests a correlation between price spikes and increased interest and engagement surrounding the crypto.

LTC market cap nears the $8 billion level. Chart: TradingView.com

The anticipation of Litecoin’s upcoming halving event has generated a surge in demand for the asset, driving its price upward.

⚡ #Litecoin is under 5 weeks away from its #halving, taking place on August 3rd. Prices have suddenly soared for $LTC, blasting off for a +26% in just over a day. Watch for mainstream #FOMO, as this usually foreshadows local tops until crowds calm down. https://t.co/KljBpjVy3C pic.twitter.com/7kDqEpyZjz

— Santiment (@santimentfeed) July 1, 2023

Litecoin’s halving events have historically been associated with significant price movements. In the months leading up to previous halvings, Litecoin experienced notable price surges.

These halvings have been pivotal moments for the crypto asset, often triggering a period of increased market activity and bullish sentiment.

The underlying principle behind the price surge observed before halving events is the anticipation of reduced supply coupled with sustained or growing demand.

As the number of new coins entering the market decreases, if demand remains steady or increases, the scarcity of Litecoin can drive up its price.

This scarcity narrative has been a driving force behind the previous bull runs experienced by Litecoin, and the upcoming halving event is expected to generate similar dynamics.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Master The Crypto

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.