Litecoin price rising despite the market-wide dip: here’s why
- At press time Litecoin (LTC/USD) was trading at $88.39, up 9.41% over the past 24 hours.
- Litecoin halving will be taking place soon.
- The global crypto market cap had dropped 1.50% to $1.16T.
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Litecoin price (LTC/USD) has been on a bullish trend since March 11 despite slight pullbacks along the way. But it is its price surge over the past two days that has caught the attention of crypto traders and investors seeing that it comes as the rest of the crypto market takes a break from its market recovery.
The LTC price is rising while a majority of the other major cryptocurrencies seem to consolidate and pull back. According to our latest Litecoin price prediction and data from several other sources, the price of LTC coin is forecast to keep rising for the next five months. Data from CoinLore also shows that 11 out of 17 technical indicators show LTC is bullish with the first major resistance level forecast at $140.33.
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Why is the Litecoin price rising?
The current Litecoin price surge is mainly attributed to the upcoming Litecoin halving 2023. Crypto trader and analyst Rekt Capital today shared a post on Twitter saying that people should keep in mind that it is “Important not to forget about the #LTC Halving this coming August 2023.”
Well, while some may argue the LTC halving is quite far seeing that it is 133 days away, the event is quite a session for proof-of-work (PoW) blockchains like Litecoin and Bitcoin because it boosts the blockchains’ native tokens’ scarcity by slowing down mining.
In the case of LTC, the Litecoin community is already preparing for the halving seeing that almost 91% of the blocks required for the halving to take place have already been produced. Current projections put the LTC halving at a block height of 2,520,000.
At press time about 77,000 blocks were remaining to hit the required block height.
Analysts expect LTC to build on the current bullish momentum amid the Litecoin halving 2023 anticipation. Also, there has been a general crypto market recovery since January although that has since withered out over the past few days.
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