LTC price soars by 35% this week: Is Litecoin a good investment?

LTC has been the best performer in the past seven days and is likely to rise further in the coming hours and days.

The crypto market is slowly recovering from its recent downturn, with Litecoin leading the charge. LTC, the native coin of the Litecoin blockchain, has the best performance among the top 20 cryptocurrencies by market capitalization.

At press time, litecoin price It is currently at $78.90 and could move towards the $90 resistance in the coming hours or days.

What is driving the price of Litecoin up today?

LTC has been rising in recent days despite the overall weak performance of the crypto market. The rally began a few days ago, after it was announced that the next one would be held. Litecoin halving event will be held on August 3, 2023.

The halving period for Litecoin is as follows: Bitcoin halving In this event, the rewards issued to miners who unlock blocks on the network will be reduced by 50% every four years.

The Litecoin community is already counting down to the halving event, which will see the block reward reduced from 12.5 LTC coins to 6.25 coins per block after the halving.

LTC is up over 35% in the past 7 days and could rise further in the near future.

What is the outlook for Litecoin price?

Litecoin could rise further in the coming hours and days. Its strong performance comes as the overall cryptocurrency market is recovering from the recent downturn, giving momentum to Litecoin.

If this bullish momentum holds, Litecoin could rise towards the $90 resistance level in the coming hours or days. A break above $100 is still possible if the bull market extends. This is the first time since June 2022 that LTC has traded above $100.

Litecoin technical analysis

The 4-hour chart for LTC/USD is bullish as Litecoin has performed well over the past 24 hours. Technical indicators show that Litecoin is outperforming the broader cryptocurrency market.

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 73 indicates that LTC could soon enter overbought territory if this positive momentum holds.

If the rally continues, LTC could soar above the first major resistance level at $89 by the end of the day. If the strong performance continues, LTC could surpass the psychological level of $100 for the first time in about six months.

How to purchase Litecoin?

To buy Litecoin, follow these simple steps.

Step 1: Open your eToro account.

Visit eToro’s official website and open an account within minutes.

Step 2: Fund your account:

Fund your newly opened eToro account in your local fiat currency. You can deposit as much as you like.

Step 3: Start trading Litecoin:

You can immediately start trading Litecoin against many other cryptocurrencies such as Bitcoin, or fiat currencies such as Pound Sterling or US Dollar.

Where can I buy Litecoin now?

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