Countdown to the Litecoin (LTC) Halving: Rising Trader Enthusiasm
With just 12 days left until the Litecoin (LTC) halving event, trader enthusiasm is on the rise. The on-chain analytic platform Santiment has observed a significant increase in the number of Litecoin addresses holding a minimum of 100 LTC in the past 24 weeks. This surge in interest and enthusiasm indicates a growing bullish sentiment towards LTC.
🗲 #Litecoin’s upcoming #halving on August 2nd is still bringing increased trader enthusiasm. In the past 24 weeks, as more have become aware of it, 1,185 more addresses have been created that own at least 100 $LTC. Most expect this to be a #bullish event. https://t.co/r52R73DkiA pic.twitter.com/LcaFyBJGhS
— Santiment (@santimentfeed) July 21, 2023
The Current State of Litecoin (LTC)
According to data from Santiment, there has been an increase of 1,185 LTC addresses holding at least 100 LTC. This brings the total number of wallets owning a minimum of 100 LTC to approximately 36.8K. This development is a strong indicator of heightened interest and confidence in LTC ahead of its halving event.
- LTC’s price increase: CoinMarketCap reports a 2% increase in LTC price in the past 24 hours.
- LTC’s trading price: The current trading price for LTC is $94.48, slightly higher than its 24-hour low of $91.96 but lower than its daily high of $96.15.
- LTC’s 24-hour trading volume: The trading volume of LTC decreased by 6.45% over the past day, with the total volume reaching $516,422,670.
Daily chart for LTC/USDT (Source: TradingView)
Performance and Market Position of Litecoin
Despite the recent uptick in LTC price, the cryptocurrency has seen a -0.90% decrease in weekly performance. The total market cap of LTC currently stands at $6,940,033,001, making Litecoin the 12th largest cryptocurrency by market cap. It closely follows Polygon (MATIC), which has a market cap of $7,203,810,793.
Emerging Market Trends and Price Movements for Litecoin
- LTC has shown resilience at a major resistance level of $95.
- A short-term bullish technical flag is expected, with the 9-day EMA line poised to cross above the 20-day EMA line. This may be interpreted as a bullish signal favoring LTC.
- If LTC can turn the $95 resistance into support, an upward move towards the $105 level could be expected in the coming days.
- A failed attempt to break the $95 hurdle suggests bearish pressure and may result in a price fall towards the critical support level of $89.
Disclaimer:
The views, opinions, and information shared in this price analysis are published in good faith. Readers are advised to conduct their own research and due diligence. Any actions taken by the reader are done so at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
