Expert Trader Reveals Litecoin Breakout Trigger & Marks Lows

Litecoin’s doubtless utility and halving anticipation brings the OG blockchain back to the spotlight.

People trying to get to Litecoin, but there are some traps ahead.
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  • Veteran altcoin Litecoin is nearing its historical halving event.
  • LTC hits record social mentions driven by halving anticipation.
  • Top trader Michaël van de Poppe indicates booster for LTC price.

Litecoin faces market correction this week after reclaiming the $100 mark earlier this month. However, the on-chain metrics suggest a strong foundation for another bullish breakout amid towering LTC halving anticipation from the crypto community.

According to  Michaël van de Poppe, Litecoin’s price would be heading for a breakout if $LTC is accepted at the sensitive price range of $98.50 – $99.50. Crypto’s digital silver traded above the $100 fundamental support threshold for the first week of July, topping $113 on July 3rd, 2023. Since then, the OG altcoin lost 6.2% of its value and now trades at $97.39 with a further 0.4% daily downturn, according to CoinGecko

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The veteran crypto trader with 660,000 followers on Twitter marks “a nice sweep of the low,” calculating a high probability of Litecoin’s price boost in case it breaks through $99.50, getting a clear path to the northbound upper support line, which could set a new yearly high for the PoW altcoin.

OG Season: Litecoin Doubles Up in One Year

Litecoin, brought to life from a modified code of Bitcoin, has reclaimed prominence in a competitive cryptocurrency market. The average crypto trader’s behavior has shifted since last year’s Terra Luna financial fiasco.

Crypto traders have started looking for safer, time-tested payment systems, resulting in skyrocketing social mentions for Litecoin and XRP. The trend has persisted throughout the year and correlates with newly registered wallets on the network, as previously pointed out by Glassnode.

Moreover, the search trend for Litecoin just hit a yearly low, according to blockchain analytics platform IntoTheBlock. Slated for August 3rd, 2023, the Litecoin halving event is meant to slice Litecoin miners’ rewards from 12.5 LTC to 6.25 LTC. The upgrade will kick in at a block height of 2,140,000.

On the Flipside

  • Live on-chain signals for Litecoin suggest a slight decrease in network growth and nearly 2% in large transactions, indicating cautious behavior from top LTC whales.

Why This Matters

Litecoin shares a codebase with the leading crypto asset Bitcoin but is chosen by many crypto traders for cheaper payments.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.