Peter Brandt, a seasoned trader, has identified a significant breakthrough for Litecoin (LTC). As the price printed a massive daily candlestick on Friday, Litecoin had an incredible movement. From a low of $84 on June 30 to a high of $111, the price of LTC soared. As of the time of writing, LTC reached intraday highs of $112.67. The increase persisted into Saturday.
At the time of writing, LTC had increased by 9% to $110 over the previous day. In the past seven days, the token has increased 20.83%. The market capitalization rankings’ top 10 cryptocurrencies now include Litecoin once again. LTC, which has a $8 billion market value, is ranked ninth.
Brandt sent a snapshot of the daily Litecoin/USD chart showing the significant LTC movement. The seasoned trader points out that it is crucial to get over the $108 crucial level.
This is due to the fact that a deeper examination of Litecoin’s daily chart indicates that this level has been a hindrance to Litecoin over the previous several months. This year, instances were seen in February and April.
LTC halving ahead as eventful quarter closes
The unexpected price increase for Litecoin appears to be caused by an exponentially rising hashrate and growing interest in the upcoming “halving” event. The third Litecoin halving will take place, according to OKLink, on or about August 2, 2023. Litecoin’s current block reward will drop to 6.25 LTC.
With a record-breaking number of transactions, Litecoin had an exciting quarter. The Litecoin network reportedly handled over 500,000 daily transactions for the first time, which is equivalent to the number of daily Bitcoin transactions in May, according to IntoTheBlock. In the most recent quarter, BTC daily transactions surpassed a record 600,000.
Although Litecoin’s recent price movement has traders buzzing, on-chain analytics company Santiment cautions of a local peak formation for LTC as social volume surges. Santiment notes that LTC social volume increases frequently result in a transient peak.
Litecoin’s August 3 halving is still less than five weeks away. Prices for LTC have abruptly increased, soaring by +26% in little more than a day. Watch for mainstream FOMO since, up until the crowds go down, this typically portends local peaks, Santiment stated.
