LTC surged from $87.04 to $95.51 in seven days.
This price increase comes with less than 60 days remaining until the halving.
Litecoin (LTC), the 11th largest crypto asset by market cap, saw a surge as expected by various analysts.
In the last seven days Litecoin price surged from $87.04 to $95.51according to data from CoinMarketCap. This corresponds to an appreciation of almost 10%.
It should be noted that this surge has not been affected by Bitcoin (BTC) behavior as its price has remained hovering around $27,000 for the past three weeks.
This panorama shows that the increase in the LTC price is due to an impulse from its own market. And that has to do with it Approaching your bisection (Halving the payout rate of their coins).
As CriptoNoticias advances, LTC usually increases around 40 days before its halving. And currently there are 57 days left, according to the discoverer NiceHash. Therefore, the proximity to this event could affect the price.
In any case, it is important to remember that no past event is a guarantee that it will happen again. For this reason, before the halving, it is necessary to check whether LTC will continue its upward trend.
According to market analyst Michael van de Poppe Litecoin shows “solid consolidation”. “I would prefer it stays above $83-86 and then we most likely see the pre-halving rally from mid-June to late July.” to express.
The trader is now known as Crypto Tony commented If LTC keeps climbing, I would expect it to hit $140 by August. He clarified that this “sounds like a dream,” but he thinks it’s a possibility given it was a level he’d touched on several times in the past. Such a price zone has acted as support and resistance (minimum and maximum) years ago.