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Litecoin price has been rising for the past 7 consecutive days.
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The coin has more than doubled from its 2022 low.
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Litecoin halving countdown continues.
litecoin No price has been left behind in the ongoing cryptocurrency recovery. LTC has risen for the past seven days in a row and is currently trading at $84.57, its highest since June 10. It is up more than 17% from its low this month.
Litecoin is not a security
There are three main reasons why the LTC price is soaring. First, Litecoin is gearing up for its next halving event, scheduled for August 2nd of this year. A halving is a situation where the total rewards provided to miners are reduced by half.
For Litecoin and Bitcoin, halvings occur every four years. And for most of the time, Bitcoin and Litecoin prices tend to rise ahead of halving events, which explains why LTC surged more than 105% from its 2022 lows.
Second, the price of Litecoin is rising after the launch of the new Wall Street-backed currency. cryptocurrency exchange Coins were included in the offering. The EDX Market, backed by Citadel Markets, Schwab and Fidelity, was launched on Tuesday. Unlike other exchanges, it offers four coins: Bitcoin, Litecoin, Ether and Bitcoin Cash. We also offer non-custodial services. This means that we do not process or store cryptocurrencies.
Third, recent moves by BlackRock and Deutsche Bank have pushed the LTC price higher. Last week, BlackRock announced that it had applied for the iShares Bitcoin Trust, the only spot BTC ETF. Other companies such as WisdomTree and Van Eck have also expressed interest in the fund.
Meanwhile, Deutsche Bank has announced that it has applied for a cryptocurrency custody license. This is notable as it is Germany’s largest bank and Europe’s 9th largest bank.So this is cryptocurrency news It has helped alleviate recent concerns about regulation.
Litecoin price prediction
The daily chart shows that the LTC price has been rising for the past 7 consecutive days. This recovery started when the coin dropped to the critical support level of $71.32, just above the March 11th low.
Litecoin is still below the 25- and 50-day MAs, but the Relative Strength Index (RSI) is above the 50 neutral point. Therefore, I think the coin has a little more upside before it becomes overbought. This means that a rally to the next resistance at $90 is possible. Above $90, it will move to the next level of $100.
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