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Market News LTC Back on the Map with the Bulls Eying $120 on Halving Event

LTC Back on the Map with the Bulls Eying $120 on Halving Event

After consolidating on Saturday, LTC was again in motion this morning. As the halve event draws near, the bulls are now in the lead.

TOP1Markets Analyst

2023-07-03

8930

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On Saturday, Litecoin (LTC) decreased by 1.39%. LTC finished the day at $107.17, somewhat erasing a breakout of 28.29% from the previous Friday. LTC avoided falling below $100 for the first time since April 2022 despite the gloomy session.

LTC experienced a negative start to the day, dropping to a low of $102.95 in the morning. LTC increased to a high of $112.74 in the middle of the morning, avoiding the First Major Support Level (S1) at $91.5. LTC dropped down to below $1.00 before day's conclusion, closing at $107.17, although it fell short of the First Major Resistance Level (R1) at $118.7.

LTC Reclaims the Spotlight LTC made a comeback on Friday ahead of the Litecoin Halving Event, with a 28% surge putting LTC through the $100 handle for the first time since mid-April 2023.

Investors focused on LTC ahead of the next Litecoin Halving Event scheduled on August 2 at 1701 GMT. On August 5, 2019, the prior having date occurred.

LTC rose to a peak of $160.62 in June prior to the second halving event of 2019 before a pre-halving event drop was caused by profit-taking. Significantly, from January's low of $29.09 to June's high of $160.62, Litecoin experienced a six-month winning streak.

Even if the caveat about prior performance often applies, crypto halving occurrences have a history of doing so. LTC has been profitable for the past two months, and this month, the bulls are probably looking for a comeback to $150.

The news of a significant increase in daily transactions was also positive for LTC. According to IntoTheBlock, in May, daily transactions on the Litecoin network surpassed daily transactions on the Bitcoin (BTC) network. For the first time, daily Litecoin transactions allegedly exceeded 500,000 in the second quarter.

Investors' thoughts will also be on the clock to the Bitcoin halving. According to Binance, there will be a halving of Bitcoin in 291 days and 23 hours from the time this article is published.