Litecoin (LTC) worth is up right this moment, outperforming the broader crypto market as merchants proceed to remain bullish about its block reward halving occasion in August.

Litecoin worth hits 14-month excessive

LTC worth jumped about 8.3% on July 2 to $116, its highest since April 2022. Its week-to-date returns climbed to over 30%, making it the most effective week for Litecoin since November 2021.

Merchants have flocked to buying Litecoin within the weeks main as much as its halving on Aug. 3. The occasion will successfully scale back Litecoin community’s mining reward per block from 12.5 LTC to six.25 LTC and theoretically scale back the quantity of latest provide. 

For example, unbiased market analyst Crypto Tony believes Litecoin can rally towards $140 forward of the halving. Michael van de Poppe, one other analyst, expects the value to achieve $200 across the occasion.

Every Litecoin halving preceded a unstable worth rally, suggesting that the same situation is feasible if historical past repeats.

EDX Markets launch, Bitcoin ETF functions 

Along with the halving, Litecoin worth rallied on account of its itemizing on EDX Markets, a brand new institutional crypto alternate backed by corporations together with Citadel Securities, Constancy Digital Property and Charles Schwab Corp.

Moreover, BlackRock’s Bitcoin ETF submitting with the SEC, which prompted different prime monetary establishments to do the identical, has given Litecoin and different crypto belongings a lift. LTC worth has jumped over 60% because the announcement on June 15.

What’s subsequent for LTC worth?

The most recent bout of shopping for within the Litecoin market has left it in an “overbought” state.

Notably, Litecoin’s every day relative energy index (RSI) was above 70 on July 2, elevating possibilities of a correction within the coming days. Suppose it occurs. Then LTC worth might return to $100 as a take a look at of this key help stage. 

A decisive shut under $100 opens the door for a take a look at of its 50-day exponential shifting common (50-day EMA; the crimson wave) close to $90. Conversely, a bounce from $100 positions LTC/USD for extra upside. 

Associated: Why approving a Bitcoin ETF may unleash $18B in sell-pressure

Supported by robust fundamentals, Litecoin might subsequently rise towards $130, a resistance stage from January-April 2022. This stage can also be close to the higher trendline of LTC’s ongoing ascending channel trajectory, as proven within the weekly chart under.

This setup positions LTC bulls for a 20% acquire by late July-early August. 

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.