The Litecoin price is in a strong uptrend a few weeks before the halving, which will cut miners’ rewards.
During the past few days, the price of Litecoin is placed in the mist of a solid upward trend, being the fourth time that this digital currency has attempted to hold above the key resistance of $100 per unit. According to experts from various portals, if the currency successfully stays above that mark, the next step would be $130. Otherwise, if it goes down to $70 again, the pullback could put it in the $50 range.
One element that generates hope among the holders of this cryptocurrency is the proximity of the halving, an event of the rewards for miners on that network expected to occur in August.
Litecoin Price on Load
The Litecoin price is positioned very close to $105 dollars per unit and generates hope among its holders. In the last seven days, the currency marks a positive streak of 19.79% and could soon maintain the increase.
Although analysts know that the price of the coin will have an upward trend, they do not know the reason for this sudden increase in the last few hours. In one day, the crypto had a growth of close to +25% to reach the current range of the exchange value.
Among the possible factors behind the currency’s recent rise is that the SEC passed over it. Unlike other assets, US regulators did not classify the LTC token as an unregistered security subject to sanctions.
Litecoin emerged as a hard fork of Bitcoin. This implies that the chances of it being classified as a security are remote. For the coin this may be as significant as investors looking at it as an optional asset.
Either way, the Litecoin price remains on a streak that is difficult to gauge in terms of length or length. If the sentiment around it holds up, this is probably a good opportunity to invest in the wait for $130.
Litecoin’s Long-Term Strength
The Litecoin price and market capitalization is a reflection of what was once one of the most influential digital currencies. Its importance plummeted with the rise in popularity of multi-purpose chains such as Ethereum or Cardano.
Before that, the LTC token was considered the silver of cryptocurrencies, assuming that Bitcoin was gold. Investors saw it as an alternative with similar qualities to Bitcoin, but with additional advantages for trading, such as low transaction fees.
In fact, Bitcoin savers, in times of network congestion, used to move their funds in LTC to send them to other wallets. However, the coin’s glory days are over, and attempts to revive it have so far failed to find a way out.
The new situation with the regulators could give a new opportunity to this valuable project, which is one of the oldest digital currencies in the entire market, its launch dating back to 2011.
Since then, the Litecoin Blockchain has worked flawlessly and has never experienced an outage. Surely, these qualities are going to be valued by investors in this new stage. In that sense, in the best of scenarios, the Litecoin price could just be at the beginning of a rally of considerable proportions.
By Audy Castaneda
