Why Litecoin’s Latest Move is Turning Heads in the Crypto World?

Key Points:

• Litecoin’s visibility boosted by the LTC20 standard and hype around upcoming halving.
• LTC price maintained resilience against the downside in the last five days.
• Contrary to top cryptocurrencies which continued slipping lower

Litecoin has two primary reasons behind its recent hype. One of them being the LTC20 standard, which has resulted in an increase in address activity.

This has created more visibility for Litecoin and has also supported its price action. Another reason is the upcoming halving event which is expected to take place in August.

It is worth noting that Litecoin’s price has maintained its resilience against the downside in the last five days, which is a noteworthy feat. The top cryptocurrencies, on the other hand, have been slipping lower. This has led some experts to question whether Litecoin can continue to sustain this resistance against the downside.

While the upcoming halving event has undoubtedly contributed to LTC’s recent price surge, it is not the only reason behind its upside. The cryptocurrency’s price action has been trading at a long-term support level, which means that investors are likely to avoid selling. This support level has been instrumental in Litecoin’s ability to hold its ground at the current price level of $80.95, at press time.

Litecoin’s recent success can be attributed to its increased visibility due to the LTC20 standard and the hype around the upcoming halving event. Additionally, the cryptocurrency’s price action has been trading at a long-term support level which has helped it sustain its recent price surge. While the hype around the halving event will eventually run its course, Litecoin’s long-term support level is likely to continue providing stability to its price action.

Although Litecoin’s current support seems to be holding up well, there is still a chance that the price could fall below its current support level. This is because the halving event, which will decrease the supply of Litecoin, is still over two months away. During this time, market momentum could shift and investors may become hesitant, causing the price to decrease. If the price does fall below support, it could lead to a potential buying opportunity for investors who are looking to enter the market at a lower price point. As always, it’s important to keep an eye on market trends and news that could impact LTC’s price in the coming weeks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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