Litecoin’s price tag strike its maximum amount in around a calendar year on Monday.
The world’s fourth biggest cryptocurrency as for every current market capitalization rose to $128.07 at 12:00 UTC on Coinbase – the maximum amount since May possibly 23, 2018 – and was past observed investing at $126, representing a 10 per cent obtain on a 24-hour basis.
Notably, the recent price tag action suggests LTC is primary the broader current market higher. The cryptocurrency is at this time up a lot more than 30 per cent from the small of $97 observed on June 4.
Meanwhile, bitcoin, the world’s primary cryptocurrency by current market worth has gained just 7 per cent during the exact time body.
LTC’s outperformance could be involved with the mining reward halving thanks in significantly less than 60 times. On Aug. 8, the reward for mining on litecoin’s blockchain will be halved from 25 coins to 12.5 coins for every block.
The cryptocurrency rallied a lot more than 500 per cent in 3 months right before the prior reward halving, which took put on Aug. 25, 2015.
The price tag increased from all-around $1.5 in May possibly 2015 to strike a large of $7.00 in July 2015 right before slipping back to $3.00 article-halving, in accordance to historical data.
If history is a guide, LTC continues to increase around the future 4 weeks right before witnessing a bout of profit getting ahead of the Aug. 6 party.
It is well worth noting that litecoin’s non-price tag metrics are also witnessing good expansion. For instance, the hash price has strike a new lifetime large of around 400 trillion hashes for every next these days, in accordance to bitinfocharts.com.
LTC continues to chart bullish higher lows and higher highs with the significant going averages aligned in favor of the bulls – the 50-working day MA is located higher than the 100-working day MA, which is keeping higher than the 200-working day MA. All 3 averages are trending north, indicating a bullish setup.
More, the relative toughness index (RSI) is breaking higher from the consolidation, signaling a continuation of the rally from the price tag small of $66 observed at the end of April.
Extra importantly, the indicator is perfectly brief of the large of 86.00 observed in the to start with week of May possibly, indicating there is loads of room for price tag rally in the weeks primary up to the reward halving.
All-in-all, LTC seems set to examination the psychological resistance of $150 in the brief-time period. The rally to $150, nonetheless, may well not occur if BTC tanks, dragging the broader current market lessen.
Even so, even in that case, LTC’s BTC-denominated exchange price may well do perfectly. LTC/BTC is at this time investing at 15,910 sats, the maximum amount since April 15, in accordance to Binance data.
Disclosure: The writer retains no cryptocurrency assets at the time of creating.