- 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.
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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